macroeconomics ch 10

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The efficiency-wage theory of worker quality suggests that if firms respond to a surplus of labor by reducing the wage, then highly qualified workers will be

Answer

 

a.

less likely to apply, and unemployment will increase.

 

b.

more likely to apply, and unemployment will decrease.

 

c.

less likely to apply, and unemployment will increase.

 

d.

more likely to apply, and unemployment will increase.

Unions contribute to

Answer

 

a.

frictional unemployment.

 

b.

structural unemployment.

 

c.

seasonal unemployment.

 

d.

cyclical unemployment.

In the early 1900s, Henry Ford introduced

Answer

 

a.

a low-wage policy, and this policy produced many of the effects predicted by efficiency-wage theory.

 

b.

a high-wage policy, and this policy produced many of the effects predicted by efficiency-wage theory.

 

c.

a high-wage policy, and this policy produced none of the effects predicted by efficiency-wage theory.

 

d.

a low-wage policy, and this policy produced none of the effects predicted by efficiency-wage theory.

Which of the following includes everyone in the adult population that the Bureau of Labor Statistics counts as unemployed?

Answer

 

a.

anyone who is not employed

 

b.

anyone who is not employed, is available for work, and has looked for work in the past 4 weeks

 

c.

anyone who is not employed, is available for work, has looked for work in the past 4 weeks, and anyone who is waiting to be recalled from a job from which they have been laid off

 

d.

anyone who is not employed, is available for work, has looked for work in the past 4 weeks, anyone who is waiting to be recalled from a job from which they have been laid off, and anyone who is employed part time and has searched for full time employment in the past 4 weeks

Jenna is searching for a job that suits her tastes about where to live.  Mary is looking for a job that makes best use of her skills.

Answer

 

a.

Jenna is structurally unemployed, and Mary is frictionally unemployed.

 

b.

Jenna and Mary are both structurally unemployed.

 

c.

Jenna is frictionally unemployed, and Mary is structurally unemployed.

 

d.

Jenna and Mary are both frictionally unemployed.

Providing training for unemployed individuals is primarily intended to reduce

Answer

 

a.

frictional unemployment.

 

b.

seasonal unemployment.

 

c.

structural unemployment.

 

d.

cyclical unemployment.

When a minimum-wage law forces the wage to remain above the level that balances supply and demand, it

Answer

 

a.

raises the quantity of labor supplied and reduces the quantity of labor demanded compared to the equilibrium level.

 

b.

raises the quantity of labor supplied and raises the quantity of labor demanded compared to the equilibrium level.

 

c.

reduces the quantity of labor supplied and reduces the quantity of labor demanded compared to the equilibrium level.

 

d.

reduces the quantity of labor supplied and raises the quantity of labor demanded compared to the equilibrium level.

In order, which group has the highest participation rate and which has the higher unemployment rate?

Answer

 

a.

white males, black males

 

b.

white males, white males

 

c.

black males, black males

 

d.

black males, white males

Jason works part-time as a babysitter.  The Bureau of Labor Statistics counts Jason as

Answer

 

a.

employed and not in the labor force.

 

b.

employed and in the labor force.

 

c.

unemployed and in the labor force.

 

d.

unemployed and not in the labor force.

Minimum-wage laws, unions, and efficiency wages contribute to

Answer

 

a.

the natural rate of unemployment, but not structural unemployment.

 

b.

structural unemployment, but not the natural rate of unemployment.

 

c.

neither structural unemployment nor the natural rate of unemployment.

 

d.

both structural unemployment and the natural rate of unemployment.

Suppose the demand for construction workers increased and the demands for textile and steel workers diminished.  This is an example of

Answer

 

a.

structural unemployment created by sectoral shifts.

 

b.

frictional unemployment created by efficiency wages.

 

c.

frictional unemployment created by sectoral shifts.

 

d.

structural unemployment created by efficiency wages.

Table 28-32010 Labor Data for Adults (age 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 28-3.  What is the adult female labor-force participation rate in Meditor?

Answer

 

a.

61.9 percent

 

b.

66.7 percent

 

c.

38.1 percent

 

d.

95.2 percent

The Bureau of Labor Statistics produces data on unemployment

Answer

 

a.

yearly.

 

b.

quarterly.

 

c.

monthly.

 

d.

weekly.

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

Answer

 

a.

is unaffected and the labor-force participation rate decreases.

 

b.

increases and the labor-force participation rate decreases.

 

c.

increases and the labor-force participation rate is unaffected.

 

d.

and the labor-force participation rate are both unaffected.

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