econ ch 15
An increase in the minimum wage a) decreases the quantity of labor demanded but increases the quantity of labor supplied b) decreases both the quantity of labor demanded and the quantity of labor supplied c) increases the quantity of labor demanded but decreases the quantity of labor supplied d) increases both the quantity of labor demanded and the quantity of labor supplied
a) decreases the quantity of labor demanded but increases the quantity of labor supplied
Over the past several decades, the difference between the labor force participation rates between men and women in the US has a) gradually decreased b) been eliminated c) gradually increased d) remained constant
a) gradually decreased
When a union raises the wage above the equilibrium level: a) both the quantity of labor supplied and unemployment fall b) both the quantity of labor supplied and unemployment rise c) the quantity of labor supplied falls and unemployment rises d) the quantity of labor supplied rises and unemployment falls
b) both the quantity of labor supplied and unemployment rise
Michael decides to hire some additional workers for his roofing company. The equilibrium wage is $17 per hour. Efficiency wage theory suggests that it is reasonable for Michael to offer a) $17 per hour b) more than $17 an hour in order to attract a better pool of applicants c) less than $17 an hour because some are willing to work for less d) less than $17 an hour to prevent shirking
b) more than $17 an hour in order to attract a better pool of applicants
Which of the following does not help reduce frictional unemployment? a) public training programs b) unemployment insurance c) government run employment agencies d) all of the above help reduce frictional unemployment
b) unemployment insurance
If a union raises the wage in its industry above equilibrium, then there is an increase in a) frictional unemployment which is part of the natural rate of unemployment b) frictional unemployment which is part of cyclical unemployment c) structural unemployment which is part of the natural rate of unemployment d) structural unemployment which is part of cyclical unemployment
c) structural unemployment which is part of the natural rate of unemployment
Efficiency wages create a labor a) shortage, and so increase unemployment b) shortage, and so decrease unemployment c) surplus, and so increase unemployment d) surplus, and so decrease unemployment
c) surplus, and so increase unemployment
A person who is counted as "unemployed" by the bureau of labor statistics a) must recently have looked for work or be on temporary layoff b) is also in labor force c) must be at least 16 d) all of the above
d) all of the above
Efficiency wages: a) may increase productivity b) may improve worker health c) will increase unemployment d) all of the above
d) all of the above
Minimum wage laws, unions, and efficiency wages contribute to a) the natural rate of unemployment, but not structural b) structural unemployment, but not the natural rate c) neither structural or the natural rate d) both structural and the natural rate
d) both structural and the natural rate
Measuring unemployment is the job of the a) council of economic affairs b) congressional budget office c) department of commerce d) bureau of labor statistics
d) bureau of labor statistics
Gwen is an unpaid worker in her family's restaurant. The Bureau of Labor Statistics counts Gwen as a) employed and not in the labor force b) unemployed and not in the labor force c) unemployed and in the labor force d) employed and in the labor force
d) employed and in the labor force
People in the process of changing jobs voluntarily are included in which of the following types of unemployment? a) structural b) cyclical c) none of the above d) frictional
d) frictional
