macro ch15 quiz
Collective bargaining refers to
the process by which unions and firms agree on the terms of employment
In the long run, the unemployment rate equals
the natural rate of unemployment
Suppose that some country had an adult population of about 47 million, a labor-force participation rate of 123.4 percent, and an unemployment rate of 31.0 percent. How many people were unemployed?
18 million
The natural rate of unemployment includes
both frictional and structural unemployment
Public policy
can reduce both frictional unemployment and the natural rate of 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
Right-to-work laws
give workers in a unionized firm the right to choose whether to join the union
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