Unemployment

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_____ shifts displace some workers, who must search for new _____ appropriate for their skills & tastes

sectoral, jobs

If minimum-wage laws, unions, efficiency wages, and all other factors that could prevent wages from reaching equilibrium were eliminated, then there would be no ________

structural unemployment.

labor force

total # of workers, including 0 the employed and unemployed

Benefits of UI is Gives the unemployed more time to search, resulting in better job matches and thus higher productivity

T

Frictional unemployment results from the process of matching workers and jobs.

T

Structural unemployment results when the number of jobs is insufficient for the number of workers.

T

Unemployment rate

100 x # of unemployed labor force / labor force

Labor force participation rate

100 x labor force/adult population

Unemployed: people not working who have looked for work during previous _________ weeks

4

BLS divides population into 3 groups

Employed: paid employees, self-employed, and unpaid workers in a family business Unemployed Not in the labor force: everyone else

Unemployment insurance decreases frictional unemployment

F

The economy is always changing, so some ______ unemployment is inevitable

Frictional

Firms voluntarily pay above-equilibrium wages to boost worker productivity

The theory of efficiency wages

Sectoral shifts are changes in the composition of ______ across industries or regions of the country

demand

Structural unemployment occurs when not ____________ to go around because wage is above ____

enough jobs, eq'm

Two types of unemployment

frictional and structural

Three reasons for above-equilibrium wages include

minimum wage laws, unions, and efficiency wages

Structural

occurs when there are fewer jobs than workers usually longer-term

Frictional

occurs when workers spend time searching for the jobs that best suit their skills and tastes, short-term for most workers(optimal)

Cyclical unemployment

the deviation of unemployment from its natural rate

Natural rate of unemployment

the normal rate of unemployment around which the actual unemployment rate fluctuates


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