macro ch15 quiz

Collective bargaining refers to

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

In the long run, the unemployment rate equals

the natural rate of unemployment

Suppose that some country had an adult population of about 47 million, a labor-force participation rate of 123.4 percent, and an unemployment rate of 31.0 percent. How many people were unemployed?

18 million

The natural rate of unemployment includes

both frictional and structural unemployment

Public policy

can reduce both frictional unemployment and the natural rate of unemployment

The unemployment rate is computed as the number of unemployed

divided by the labor force, all times 100

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

Right-to-work laws

give workers in a unionized firm the right to choose whether to join the union

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