Macroeconomics Ch.6
The value of marginal product of labor is the ____________________ generated by hiring an additional worker.
additional revenue
International trade leads to
lower wages and lower employment
The length of an unemployment spell is known as its__________.
Duration
Minimum wage laws are generally thought to__________unemployment.
increase
How do you calculate labor force participation rate?
(Labor Force/working-age population) x 100
How do I calculate labor force?
Add the unemployed people with the employed people.
What are the 2 stages of employment that do not get counted in the unemployment rate?
Involuntary part-time workers and discouraged workers
How do I calculate unemployment rate?
The # of unemployed people/the labor force
Reservation Price
The minimum level of compensation that leaves someone indifferent between working and not working.
How do I get the marginal product of adding another employee?
The output difference between say 4 workers and 3 is the marginal product.
People who say that they would like to have a job but have not made an effort in the past 4 weeks to get one are known as
discouraged workers
The labor force is known as the total number of __________ and ___________.
employed and unemployed
____-_____ technological change is defined as technological change that affects the marginal products of higher-skilled workers differently from those of lower-skilled workers
skill-biased
A period during which an individual is continuously unemployed is known as an....
unemployment spell
