ECO 201 Ch 10

Which of the following is correct?

Both a and b are correct

The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of households called the

Current Population Survey

Which of the following is correct?

People working part time are counted as "employed" by the Bureau of Labor Statistics

Which of the following is correct?

Unemployment Rate = number of unemployed (number of employed + number of unemployed) 100

Every month, the Bureau of Labor Statistics surveys 160,000 business establishments to help determine the

number of jobs the economy has gained or lost

Refer to Figure 28-4. If 8,000 workers are unemployed, then the minimum wage must be

$14

Refer to Figure 28-4. If 12,000 workers are unemployed, then the minimum wage must be

$16

Refer to Figure 28-4. If the government imposes a minimum wage of $10, how many workers will be unemployed?

0

Refer to Table 28-7. If the local government imposed a minimum wage of $6 in Productionville, how many people would be unemployed?

0

Suppose that some country had an adult population of about 25 million, a labor-force participation rate of 60 percent, and an unemployment rate of 6 percent. How many people were unemployed?

0.9 million

Refer to Table 28-2. The labor force of Aridia in 2011 was

1,900

Suppose that some country had an adult population of about 50 million, a labor-force participation rate of 60 percent, and an unemployment rate of 5 percent. How many people were unemployed?

1.5 million

Spells of unemployment end about

1/2 of the time with the person leaving the labor force

Refer to Table 28-3. How many people were in Baltivia's labor force in 2009?

12,600

The Bureau of Labor Statistics counts a member of a surveyed household as an adult if that person is at least

16 years old

Suppose that some country had an adult population of about 46 million, a labor-force participation rate of 75 percent, and an unemployment rate of 8 percent. How many people were unemployed?

2.76 million

Suppose that the adult population in the country of Atlantis is 115 million. If 80 million people are employed and 5 million are unemployed, then

30 million are not in the labor force

Refer to Table 28-2. The unemployment rate of Aridia in 2011 was

31.6%

Since 1960, the natural rate of unemployment in the US has been between

5% and 6%

Refer to Table 28-4. What is the adult female labor force in Meditor?

70 million

Who of the following are included in the Bureau of Labor Statistics' "employed" category?

All of the above are correct

John is a stockbroker. He has had several job offers, but he has turned them down because he thinks he can find a firm that better matches his tastes and skills. Curtis has looked for work as an accountant for some time. While the demand for accountants does not appear to be falling, there seems to be more people applying than jobs available.

John is frictionally unemployed, and Curtis is structurally unemployed

Minimum-wage laws can keep wages

above equilibrium and cause a surplus of labor

Suppose there are a large number of men who used to work or seek work who now no longer do either. Other things the same, this makes

both the number of people unemployed and the labor force fall

The unemployment rate is computed as the number of unemployed

divided by the labor force, all times 100

Teenagers have more frequent unemployment spells so, on average, they spend more time searching for jobs. Other thing the same, this means that teenagers have a

higher unemployment rate. If a larger portion of the adult population were teenaged, the natural rate of unemployment would be higher

An increase in the minimum wage

increases structural unemployment

The Bureau of Labor Statistics produces data on unemployment

monthly

Anna recently graduated from college with a degree in electrical engineering, but she has not yet started working. To be counted as "unemployed" she

must have looked for work no more than four weeks ago

Who in the adult population is counted as "employed" in US labor statistics?

people who are temporarily absent from their job and people who work without pay in a family member's business

Cyclical unemployment is closely associated with

short-run ups and downs of the economy

Wages in excess of their equilibrium level help explain

structural but not frictional unemployment

Refer to Figure 28-5. If the minimum wage is set at $125, then

the quantity of labor supplied will equal 35

Unemployment data are collected

through a regular survey of about 60,000 households

Which of the following is not one of the categories into which the Bureau of Labor Statistics places each adult of each surveyed household?

underemployed