ECO201 CH15
When a union raises the wage above the equilibrium level,
the quantity of labor supplied and unemployment both rise.
The labor-force participation rate measures the percentage of the
total adult population that is in the labor force.
Which of the following is not one of the categories into which the Bureau of Labor Statistics places each adult of each surveyed household?
underemployed
The National Labor Relations Board
enforces workers' rights to unionize.
The labor-force participation rate is computed as
(Labor Force mc019-5.jpg Adult Population) mc019-6.jpg 100.
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 deviation of unemployment from its natural rate is called
cyclical 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.
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.
Efficiency wages
increase productivity but increase unemployment create a surplus of labor, and so raise unemployment.
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.
Cyclical unemployment is caused by
neither frictional nor structural unemployment
The labor force equals the
number of people employed plus the number of people unemployed.
When a minimum-wage law forces the wage to remain above the level that balances supply and demand, it
raises the quantity of labor supplied and reduces the quantity of labor demanded compared to the equilibrium level.
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.
Minimum wages create unemployment in markets where they create a
surplus of labor. Minimum wage laws are not the predominant reason for unemployment in the U.S.
Minimum wages create unemployment in markets where they create a
surplus of labor. Unemployment of this type is called structural.
The Bureau of Labor Statistics defines the unemployment rate as the percentage of
the labor force that is unemployed.
U.S. Department of Labor data show that minimum-wage workers tend to be
young and less educated.