Macroeconomics Midterm 2 Chapter 15

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minimum wage creates unemployment in markets where they create a

surplus of labor. Unemployment of this type is called structural

the labor force participation rate measures the percentage of the

total adult population that is in the labor force

if all workers and all jobs were the same such that all workers were equally well suited for all jobs, then there would be no

frictional unemployment

workers search for jobs that best suit them is most closely associated with

frictional unemployment

suppose some country had an adult population of about 50 million a labor force participation rate of 60% and an unemployment rate of 5% how many people were unemployed

1.5 million

how many people were employed in Baltivia in 2009

11000

what is the adult population of Meditor

240 million

How many in the sample are unemployed

3

the labor force population rate of Aridia in 2011 was

63.3%

If the government imposes a min wage of $4, then unemployment will increase by

0

measuring unemployment is the job of the

BLS

Four employers have justified their actions as follows. Whose logic is not consistent with the logic of efficiency wage theory?

Kay pays her workers less than the equilibrium wage so they won't have the time or money to look for work somewhere else.

Matt is waiting to be recalled to a job from which he was laid off. David was fired but hasn't looked for work during the last two months. Who does the BLS count as unemployed?

Matt but not David

Who is not included in the labor force by the BLS

Michael , who has retired and is not looking for work

Just after world war 2 the labor force participation rate of men was

about 87% and in 2009 it was about 72%

according to 2009 data on the US population which of the following was correct

adults had higher labor force participation rates and lower rates of unemployment compared to teens

Matilda just graduated from college. In order to devote all her efforts to college, she didn't hold a job. She is going to tour around the country on her motorcycle for a month before she starts looking for work. Other things the same, the unemployment rate

and the labor force participation rate are both unaffected

the natural unemployment rate includes

both frictional and structural unemployment

Suppose that efficiency wages become more common in the economy . Imposing efficiency wages

decreases the quantity demanded and increases the quantity supplied of labor

Danielle did not work last week because flooding forced an evacuation of her workplace. The Bureau of Labor Statistics counts Danielle as

employed and in the labor force

The Bureau of Labor Statistics predicts that the number of jobs for dental hygienists will grow faster than most occupations while the number of jobs for bookbinders will decline. This change in the labor market could lead to

frictional unemployment created by sectoral shifts

People who are unemployed because of job search are best classified as

frictionally unemployed

Efficiency wage theory suggests that paying

high wages might be profitable because they raise the efficiency of a firms workers

Suppose that computer factory workers and cell phone factory workers have no unions. Now suppose that cell phone factory workers form unions. What does this do the labor supply of and wages of workers in computer factories?

it increases the labor supply and decreases the wages of computer factory workers

Which of the following causes unemployment if not associated with a wage rate above the market equilibrium level

job search

which of the following does not create unemployment by keeping wages above equilibrium point

job search

which of the following is an explanation of the existence of frictional unemployment

job search

the BLS produces data on unemployment

monthly

June 2009 the BLS reported a U.S. foreign-born population of 35.3 million. Of these, 22.7 million were employed and 1.4 million were unemployed. Based on these numbers what were the unemployment rate and the labor-force participation rate of the foreign-born U.S. population?

none of the above

in the 1990s Ireland made unemployment benefits less generous. This change would likely have

reduced frictional unemployment and the natural rate of unemployment


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