Macroeconomics Chapter 15 - All
Start of the multiple-choice. The amount of unemployment that the economy normally experiences is known as:
D. The natural rate of unemployment.
Outsiders
Those not employed in union jobs
A minimum wage law tends to:
B. Create more unemployment in low skill job markets then in high school job markets.
Unions might increase efficiency in the case where they:
B. Offset the market power of a large firm in a company town.
If unemployment insurance were so generous that it paid laid off workers 95% of their regular salary,
B. The official unemployment rate would probably be over state true unemployment.
Insiders
The employed in the union jobs
Efficiency wages
Wages voluntarily paid in excess of the competitive equilibrium wage to increase worker productivity
Which one of the following types of unemployment results from wages being held above the competitive equilibrium wage?
Eight. Structural unemployment
Which of the following types of unemployment will exist even if the wage is at the competitive equilibrium?
D. Frictional unemployment
Which of the following government policies would feel to lower the unemployment rate?
D. Raise the minimum-wage
Unemployment insurance
A government program that pays laid off workers a portion of their original salary
Union
A worker association that bargains with an employers over wages, benefits, and working conditions
Sectoral shifts tend to raise which type of unemployment?
A. Frictional unemployment
Which of the following statements is true?
A. Women ages 20 and older tend to have somewhat lower unemployment rates compared to men.
Strike
An organized withdrawal of labor from the firm
The labor force is:
B. 98 million.
sectoral shifts
Changes in the composition of demand across industries or regions
The labor force participation rate is:
D. 70.2%
Which of the following statements about efficiency wage theory is true?
Deep. Pinger above the competitive equilibrium wage may improve worker health, lower work or turnover, improve worker quality, an increase work or effort.
Which of the following is an example of a reason why firms might pay efficiency wages?
E. All the above are true.
A minimum wage is likely to have a greater impact on the market for skilled workers stand on the market for unskilled workers.
False
And efficiency wage is like a minimum wage in that firms are required by legislation to pay it.
False
Due to the existence of discouraged workers, the official unemployment rate may overstate true unemployment.
False
If the unemployment rate falls, we can be certain that more workers have jobs.
False
If wages were always at the competitive equilibrium, there would be a absolutely no unemployment.
False
Paying efficiency wages tends to increase worker turnover because Rickers can get continually higher wages if they job hop.
False
The presence of unemployment insurance tends to decrease the unemployment rate because recipients of unemployment benefits are counted in the labor force.
False
The unemployment rate is about the same for various demographics groups: man, woman, black, white, young, old.
False
Unions tend to increase Disparity in pay between insiders and outsiders by:
Increase in the wage and the unionized sector, which may create a increase in the supply of workers in the non-unionized sector.
Right to work laws
Legislation that makes it illegal to require union membership for employment
Natural rate of unemployment
Normal rate of unemployment about which the unemployment rate fluctuate
Labor force participation rate
Percentage of the adult population in the labor force
Unemployment rate
Percentage of the labor force that is unemployed
The unemployment rate is:
See. 5.8%.
Which of the following is not a characteristic of minimum-wage workers? They tend to be:
See. Full-time
According to the Bureau of Labor Statistics, a husband who chooses to stay home and take care of the household is:
See. Not in the labor force
An accountant with a CPA designation who has it been unable to find work for so long that she has stopped looking for work is considered to be:
See. Not in the labor force.
If, for any reason, the wage is held above the competitive equilibrium wage,
See. The quantity of labor supplied will exceed the quantity of labor demanded and there will be unemployment.
Some frictional unemployment is in evitable because:
See. There are changes in the demand for labor among different firms.
Cyclical unemployment
The deviation of the unemployment rate from its natural rate
Labor force
The net total number of workers, which is the song of the employee need and the unemployed
Collective-bargaining
The process by which unions and firms agree on labor contracts
Job search
The process by which workers find appropriate jobs given their taste and skills
Advocates of unions argue that unions may increase efficiency in some circumstances because they decrease the cost of bargaining between labor and management.
True
Firms may voluntarily pay wages above the level that balances the supply and demand for workers because the higher wage it improves the average quality of workers that apply for employment.
True
In post World War II United States, the labor force participation rate has been rising for women and has been falling for men
True
The natural rate of unemployment is the amount of unemployment that won't go away on its own, even in the long run
True
The presence of the union tends to raise the wage for insiders and Laura the wage for outsiders.
True
The union is a labor cartel
True
Whenever the wages rise above the competitive equilibrium, regardless of the source, the result is additional unemployment.
True
Frictional unemployment
Unemployment due to the time it takes for workers to search for jobs that best suits their tastes and skills
structural unemployment
Unemployment that results because the number of jobs available in some labor markets is insufficient for everyone who wants a job to get one
Discouraged workers
Workers who stop looking for work due to an unsuccessful search