Macro Econ Chapter 10
1. Which of the following is not an explanation for the existence of structural unemployment? a. efficiency wages b. job search c. minimum-wage laws d. unions
B
1. Discouraged workers are included in a. the number of unemployed. c. frictional unemployment. b. the labor force. d. None of the above is correct.
D
1. Frictional unemployment results from a. job searching. It is often thought to explain relatively short spells of unemployment. b. job searching. It is often thought to explain relatively long spells of unemployment c. a surplus in the some labor markets. It is often thought to explain relatively short spells of unemployment. d. a surplus in some labor markets. It is often thought to explain relatively long spells of unemployment.
A
1. The Bureau of Labor Statistics reported in 2005 that there were 28.19 million people over age 25 who had no high school degree or its equivalent, 11.73 million of whom were employed and 1.04 million of whom were unemployed. What were the labor-force participation rate and the unemployment rate for this group? a. 45.3% and 3.7% b. 45.3% and 8.1% c. 41.6% and 3.7% d. 41.6% and 8.1%
B
1. The Bureau of Labor Statistics (BLS) announced that in January 2014, of all adult Americans, 145,092,000 were employed, 10,192,000 were unemployed, and 91,630,000 were not in the labor force. Find a. Total adult population ____________ b. Labor force ____________________ c. Labor force participation rate _______________ d. Unemployment rate ______________
A. 246,914,000 B. 155,284,000 C. 62.9% D. 6.56%
1. The population of Ectenia is 1000 people: 500 work full-time, 150 work half-time but would prefer to work full-time, 150 are looking for a job, 100 would like to work but are so discouraged they have given up looking, 50 are not interested in working because they are full-time students, and 50 are retired. Find a. the number of employed ______________ b. the number of unemployed _____________ c. the labor force _____________________ d. the unemployment rate ______________
A. 650 B. 150 C. 800 D. 150/800*100% = 18.8%
1. John is a stockbroker. He has had several job offers, but he has turned them down because he thinks he can find a firm that better matches his tastes and skills. Curtis has looked for work as an accountant for some time. While the demand for accountants does not appear to be falling, there seems to be more people applying than jobs available. a. John and Curtis are both frictionally unemployed. b. John and Curtis are both structurally unemployed. c. John is frictionally unemployed, and Curtis is structurally unemployed. d. John is structurally unemployed, and Curtis is frictionally unemployed.
C
1. Which of the following is not an explanation for the existence of unemployment in the long run? a. it takes time for workers to search for the jobs that are best suited for them b. minimum-wage laws c. the business cycle d. unions
C
1. In the 1990's Ireland made unemployment benefits less generous. This change would likely have reduced a. both structural unemployment and the natural rate of unemployment. b. structural unemployment but not the natural rate of unemployment. c. both frictional unemployment and the natural rate of unemployment. d. frictional unemployment but not the natural rate of unemployment.
D