econ 9
The labor force is:
the total of people employed and unemployed.
(Figure: Labor Market) The equilibrium wage rate is:
$15.
If a country has a working-age population of 200 million, 135 million people with jobs, and 15 million people unemployed and seeking employment, then its unemployment rate is:
10%.
(Figure: Labor Market) If this is the entire labor market, at the equilibrium wage rate the size of the labor force is:
100,000.
(Figure: Labor Market) The level of employment at the equilibrium wage rate is:
100,000.
(Figure: Labor Market) At an efficiency wage of $16, what is the size of the labor force?
110,000
If a country has a working-age population of 200 million, 135 million people with jobs, and 15 million people unemployed and seeking employment, then its labor force is:
150 million.
(Scenario: Employment Rate) For this group, the unemployment rate is:
20%.
A survey reveals that on a small island, 100 people have jobs, 25 people are looking for jobs, and 45 people are neither working nor looking for work. The unemployment rate on the island is:
20.0%.
(Figure: Labor Market) At an efficiency wage of $16, what is the unemployment rate?
27%
(Figure: Labor Market) If firms decide to pay an efficiency wage of $16, what will be the level of employment?
80,000
(Scenario: Employment Rate) For this group, the labor force participation rate is:
B) 50%.
(Figure: Minimum Wage) When the government introduces the binding minimum wage of P3, the quantity of labor demanded falls by:
C) Q2 - Q1.
A person who is not working and is not looking for work is:
D) not counted in the unemployment statistics.
Suppose that 8 million people in an economy are looking for jobs during one month. The following month, 2 million of those stopped looking for work. What will happen to the unemployment rate, all other things unchanged?
It will fall.
A survey reveals that on a small island, initially 40 people have jobs, 10 people are looking for jobs, and 30 people are neither working nor looking for work. Suppose that 10 of the 30 people who weren't looking for work now begin looking for work. There are now 20 people looking for work and 40 people working. What happens to the unemployment rate?
It rises to 33.3%.
Figure: Minimum Wage) A binding minimum wage would be:
P3.
Which of the following is a likely response to inflation?
People tend to make more transactions.
(Figure: Minimum Wage) When the government introduces the binding minimum wage of P3, the quantity of labor supplied rises by:
Q4 - Q2.
Which of the following is (are) true?
The labor force is the total number of people working plus those who are unemployed.
Jim has a part-time job and would prefer to have a full-time job, but has been unable to find full-time work. Jim's labor market status is classified as:
an underemployed worker.
Menu costs of inflation are the:
costs associated with businesses changing prices.
Unemployment that occurs because it takes workers and employees time to find each other is called:
frictional unemployment.
Over the last year, Eli has been working very hard and his employer has taken notice by giving him a 6% raise in his salary. During this last year, overall prices in the economy have increased by 4%. Given this information, Eli's real wage has:
increased by 2%.
When inflation rises quickly:
lenders will be hurt and borrowers will benefit.
In order to be officially unemployed, a person must be:
looking for work but not currently employed.
An example of frictional unemployment is a(n):
real estate agent who leaves a job in California and searches for a similar, higher paying job in Texas.
Sally works 20 hours a week for an accounting firm. She would like to work full time and expects that she will in the future. Sally is a(n):
underemployed worker
(Scenario: Employment Rate) For this group, if the discouraged workers became active job searchers, then the:
unemployment rate and the labor force participation rate would rise.
The costs arising from the way inflation makes money a less reliable unit of measurement are known as:
unit-of-account costs.
