ECON chapter 15

When a union raises the wage above the equilibrium level,

the quantity of labor supplied and unemployment both rise

Tom was laid off and is expecting to be recalled. He has not looked for work since being laid off. Bill is not employed and not laid off. Who is counted as unemployed in the U.S. labor force statistics?

tom and bill if he has looked for work during the previous 4 weeks

the labor-force participation rate measures the percentage of the

total adult population that is in the labor force

collective bargaining refers to

the process by which unions and firms agree on the terms of employment

the national labor relations board

enforces workers' rights to unionize

Unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills is called

frictional unemployment

frictional unemployment results from

job searching. It is often thought to explain relatively short spells of unemployment.

the bureau of labor statistics counts a member of a surveyed household as an adult if that person is at least

16 years old

Economists at the Congressional Budget Office estimated that for 2009, the U.S. natural rate of unemployment was

5.0 percent

the bureau of labor statistics produces data on unemployment and other aspects of the labor market from a regular survey of about

60,000 households

Measuring unemployment is the job of the

Bureau of Labor Statistics

the Bureau of Labor Statistics is part of the US Department of

Labor

The reported unemployment rate should be viewed as

a useful but imperfect measure of joblessness

which of the following is a source of frictional unemployment

changes in the composition of demand among industries or regions

efficiency wages

create a surplus of labor, and so raise unemployment.

Over the past several decades, the difference between the labor-force participation rates of men and women in the U.S. has

gradually decreased

the labor-force participation rate tells us the fraction of the population that

has chosen to participate in the labor market

the Bureau of Labor Statistics produces data on unemployment

monthly

Unemployment numbers reported by the Bureau of Labor Statistics are reported based on a

monthly survey of about 60,000 households

Meredith recently graduated from college but has not yet started working. To be counted as unemployed she

must have looked for work no more than 4 weeks ago

which of the following is correct

people working part time are counted as employed by the BLS

when a union raises the wage above the equilibrium level, it

raises the quantity of labor supplied and reduces the quantity of labor demanded

who of the following is counted as unemployed by the BLS?

someone on temporary layoff

Unemployment that results because the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one is called

structural unemployment

Mario was laid off two months ago. He has not searched for other work because he is expecting to be recalled to work. In the U.S. labor force statistics Mario is counted as

unemployed and in the labor force

US department of labor data show that minimum-wage workers tend to be

young and less educated