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Exam 10: Unemployment and Its Natural Rate

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Question 101

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The theory of efficiency wages explains why

A) setting wages at the equilibrium level may increase unemployment.
B) it may be in the best interest of firms to offer wages that are above the equilibrium level.
C) the most efficient way to pay workers is to pay them according to their skills.
D) it is efficient for firms to set wages at the equilibrium level.

E) C) and D)
F) B) and D)

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Question 102

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The adult population in the town of Bedrock is 75 thousand. Within Bedrock, 5 thousand are unemployed, and 40 thousand are employed. Calculate the number of people not in the labor force.

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Question 103

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Ignoring the differences across states, explain the benefit provided to the typical worker in the United States from unemployment insurance.

Table 28-4 2010 Labor Data for Adults ages 16 and older) in Meditor -Refer to Table 28-4. What is the adult female labor force in Meditor?

Figure 28-1 Refer to Figure 28-1. Which of the following correctly identifies lines A and B?

The Bureau of Labor Statistics' household survey and establishment survey both yield the same results about total employment.

Today, unions play a larger role in Europe than they do in the U.S.

When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the result is a shortage of labor.

Table 28-5 Labor Force Statistics by Age Suppose people in the adult population in a small country are classified based on their age. -Refer to Table 28-5. In the proper order, which age group has the highest unemployment rate and which has the highest participation rate?

Give an historical example of an efficiency wage that was considered by the firm to be "one of the finest cost­ cutting moves we ever made."

Figure 28-7 -Refer to Figure 28-7. At a minimum wage of $125, how much is the surplus of labor?

List the four types of efficiency-wage theory.

Policies that reduce the time it takes unemployed workers to find new jobs can reduce the economy's natural rate of unemployment.

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

The labor-force participation rate equals the percentage of the labor force that is either employed or unemployed.

Which of the following was not among the four industries with the largest employment in the United States a century ago?

People who report being unemployed but who, in fact, are working for "under the table" pay to avoid taxes on their earnings are really employed and therefore cause the reported unemployment rate to be higher than it would otherwise be.

Table 28-2 Labor Data for Aridia -Refer to Table 28-2. The labor-force participation rate of Aridia in 2011 was

Table 28-9 The table below lists the number of people by labor force classification for the country of Shelbyville. -Refer to Table 28-9. What is the size of the labor force, and the size of the adult population?

U.S. Department of Labor data show that minimum-wage workers tend to be young, less educated, more likely to be working part time, and concentrated in the leisure and hospitality industry.