Econ: Homework 4 Unemployment

Below is data about the labor market in the city of Productionville. Wage: $8; $7; $6; $5; $4 Quantity Demanded: 6,000; 9,000; 12,000; 15,000; 18,000 Quantity Supplied: 16,000; 14,000; 12,000; 10,000; 8,000 Refer to Table 28-7. If the local government imposed a minimum wage of $5 in Productionville, how many people would be unemployed?

0

Refer to Figure 28-4. If the government imposes a minimum wage of $4, how many workers will be unemployed?

0

Suppose that some country had an adult population of about 50 million, a labor-force participation rate of 60 percent, and an unemployment rate of 5 percent. How many people were unemployed?

1.5 million

Table 28-3 2009 Labor Data for Baltivia Number of adults: 20,000 Number of adults who are paid employees: 8,000 Number of adults who work in their own businesses: 1,600 Number of adults who are unpaid workers in a family member's business: 1,000 Number of adults who were temporarily absent from their jobs because of an earthquake: 400 Number of adults who were waiting to be recalled to a job from which they had been laid off: 200 Number of adults who do not have a job, are available for work, and have tried to find a job within the past four weeks: 1,400 Number of adults who do not have a job, are available for work, but have not tried to find a job within the past four weeks: 780 Number of adults who are full-time students: 3,000 Number of adults who are homemakers or retirees: 3,620 Refer to Table 28-3. How many people were employed in Baltivia in 2009?

11,000

Refer to Figure 28-4. If the government imposes a minimum wage of $16, how many workers will be unemployed?

12,000

Table 28-4 2010 Labor Data for Adults (ages 16 and older) in Meditor Males not in labor force: 45 million Females not in labor force: 35 million Males unemployed: 5 million Females unemployed: 5 million Males employed: 85 million Females employed: 65 million Refer to Table 28-4. What is the adult male population in Meditor?

135 million

Refer to Figure 28-3. If the government imposes a minimum wage of $8, then how many workers will be employed?

3,000

Labor Data for Aridia Year: 2010; 2011; 2012 Adult population: 2,000; 3,000; 3,200 Number of employed: 1,400; 1,300; 1,600 Number of unemployed: 200; 600; 200 Refer to Table 28-2. The number of adults not in the labor force of Aridia in 2010 was

400

In 2015 the Japanese adult non-institutionalized population was 110.7 million, the labor force was 66 million, and the number of people employed was 63.7 million. According to these numbers, the Japanese labor-force participation rate and unemployment rate were about

59.6% and 3.5%

Table 28-4 2010 Labor Data for Adults (ages 16 and older) in Meditor Males not in labor force: 45 million Females not in labor force: 35 million Males unemployed: 5 million Females unemployed: 5 million Males employed: 85 million Females employed: 65 million Refer to Table 28-4. What is the adult male labor-force participation rate in Meditor?

66.7%

Table 28-4 2010 Labor Data for Adults (ages 16 and older) in Meditor Males not in labor force: 45 million Females not in labor force: 35 million Males unemployed: 5 million Females unemployed: 5 million Males employed: 85 million Females employed: 65 million What is the adult female unemployment rate in Meditor?

7.1%

A person who is counted as "unemployed" by the Bureau of Labor Statistics

All of the above are correct

Which of the following is correct?

All of the above are correct.

Who of the following would be included in the Bureau of Labor Statistics' "unemployed" category?

Kevin, who is on temporary layoff

Who is not included in the labor force by the Bureau of Labor Statistics?

Lauren, who has retired and is not looking for work

Workers searching for jobs that best suit them is most closely associated with

frictional unemployment.

Sandy has graduated from college and is devoting her time to searching for a job. She has seen plenty of openings but has not yet been offered one that best suits her tastes and skills. Sandy is

frictionally unemployed. Frictional unemployment exists in the short run for most workers.

The efficiency-wage theory of worker turnover suggests that firms with higher turnover will have

higher production costs and lower profits

Efficiency wages

increase productivity but increase unemployment.

If the minimum wage is currently above the equilibrium wage, then a decrease in the minimum wage

increases the quantity of labor demanded but decreases the quantity of labor supplied

Sheamous loses his job and decides to sit on the beach rather than look for work during the next few months. Other things the same, the unemployment rate

increases, and the labor-force participation rate decreases

Christopher is an unpaid, stay-at-home father who works as a volunteer at the local Habitat for Humanity chapter. Currently, Christopher is not looking for a paid job. The Bureau of Labor Statistics counts Christopher as

neither in the labor force nor unemployed.

Rafael is the newly-appointed plant manager for a company that manufactures head phones. Rafael's senior supervisors told him that the output the firm produces, given the number of workers employed, indicates that some workers may be shirking. According to efficiency wage theory, what should he do?

pay all workers more than the equilibrium wage rate

Suppose that college professors at public universities are unionized. If public university college professors change their minds and vote not to be unionized, the quantity of public university college professors demanded will

rise. The supply of workers in other similar professions will fall

Sam has no job but keeps applying to get a job with a business that is unionized. He is qualified and he finds the pay attractive, but the firm is not hiring. Sam is

structurally unemployed. Structural unemployment exists even in the long run.