unemployment
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unemployment

Course Number: ECO 001, Fall 2006

College/University: Lehigh

Word Count: 1063

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UNEMPLOYMENT 1. The natural rate of unemployment is the a. unemployment rate that would prevail with zero inflation. b. rate associated with the highest possible level of GDP. c. difference between the long-run and short-run unemployment rates. d. amount of unemployment that the economy normally experiences. Cyclical unemployment refers to a. the relation between the probability of unemployment and a worker's...

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natural UNEMPLOYMENT 1. The rate of unemployment is the a. unemployment rate that would prevail with zero inflation. b. rate associated with the highest possible level of GDP. c. difference between the long-run and short-run unemployment rates. d. amount of unemployment that the economy normally experiences. Cyclical unemployment refers to a. the relation between the probability of unemployment and a worker's changing level of experience. b. how often a worker is likely to be employed during her lifetime c. year-to-year fluctuations of unemployment around its natural rate. d. long-term trends in unemployment Cyclical unemployment is closely associated with a. long-term economic growth. b. short-run ups and downs of the economy. c. fluctuations in the natural rate of unemployment. d. seasonal fluctuations in spending. 2. 3. 4. a. b. c. d. Which of the following is correct? Some degree of unemployment is inevitable. Other things the same an increase in the number of people who are unemployed decreases real GDP. Cyclical unemployment is inversely related to short-run economic fluctuations. All of the above are correct. 5. Data on unemployment is reported a. weekly. b. monthly. c. quarterly. d. yearly. Unemployment data is collected a. from unemployment insurance claims. b. through a regular survey of about 60,000 households. c. through a regular survey of about 200,000 firms. d. Unemployment data is collected using all of the above. The labor force equals the a. number of people who are employed. b. number of people who are unemployed. c. number of people employed plus the number of people unemployed. d. adult population. Sally is on a temporary layoff from the factory where she makes plastic tableware. If Sally participates in the BLS survey, she will be classified as a. unemployed and in the labor force. b. unemployed and out of the labor force. c. employed and in the labor force. d. employed and out of the labor force. Which of the following definitions is correct? a. Labor force = number of employed. b. Labor force = population number of unemployed. c. Unemployment Rate = (number of unemployed [number of employed + number of unemployed]) d. Unemployment Rate = (number of unemployed adult population) 100. 6. 7. 8. 9. 100. 10. A few years ago, based on concepts similar to those used to estimate U.S. employment figures, the Canadian adult non-institutionalized population was 24 million, the labor force was 16 million, and the number of people employed was 14 million. According to these numbers, the Canadian labor-force participation rate and unemployment rate were about a. 67 percent and 8.3 percent. b. 67 percent and 12.5 percent. c. 58 percent and 8.3 percent. d. 58 percent and 12.5 percent. The labor-force participation rate of the U.S. adult population (ages 16 and over) is about a. 47 percent. b. 55 percent. c. 67 percent. d. 75 percent. 11. 12. Since 1950, the labor force participation rate of women has a. increased. This can be attributed to longer lives. b. increased. This can be attributed partly to advances in birth control. c. decreased. This can be attributed partly to longer schooling. d. decreased. This can be attributed partly to increases in the minimum wage. Discouraged workers 13. a. b. c. d. 14. are not counted either as part of the adult population or part as of the labor force. are counted as part of the adult population, but not as part of the labor force. are counted as part of the adult population, and as unemployed. None the above are correct. The reported unemployment rate should be viewed as a. a useful but imperfect measure of joblessness. b. clearly smaller than the true unemployment rate. c. clearly larger than the true unemployment rate. d. being very close to the true unemployment rate. Tom is looking for work after school, but everywhere he fills out an application he is told that so have lots of others. Simon has a law degree. Several firms have made him offers, but he thinks he might be able to find a firm where his talents could be put to better use. a. Tom and Simon are both frictionally unemployed. b. Tom and Simon are both structurally unemployed. c. Tom is frictionally unemployed, and Simon is structurally unemployed. d. Tom is structurally unemployed, and Simon is frictionally unemployed. Frictional unemployment can be the consequence of a. workers leaving existing jobs to find ones they like better. b. an industry declining while another is growing. c. changes in the working conditions offered by competing firms. d. All of the above are correct. An increase in the world price of oil would create a sectoral shift that would likely a. decrease unemployment, and the decrease would be greater in a country with unemployment insurance than in one without. b. decrease unemployment, but the decrease would be smaller in a country with unemployment insurance than in one without. c. increase unemployment, and the increase would be greater in a country with unemployment insurance than in one without. d. increase unemployment, but the increase would be smaller in a country with unemployment insurance than in one without. Minimum-wage laws a. are the major cause of natural unemployment. b. probably reduce teenage employment. c. mainly affect skilled workers. d. None of the above are correct.' 15. 16. 17. 18. Use the graph below to answer the following four questions. 19. If the minimum wage is $5, the number of people unemployed is a. 40 and if the minimum wage is $6 it is 0. b. 20 and if the minimum wage is $6 it is 20. c. 40 and if the minimum wage is $6 it is 20. d. 0 and if the minimum wage is $6 it is 0. If the minimum wage fell from $7 to $5 a. unemployment would fall by 20. b. unemployment would fall by 40. c. unemployment would be unchanged. d. unemployment would rise by 20. If the minimum wage rose from $5 to $7, unemployment would a. rise by 40. b. rise by 20. c. fall by 20. d. fall by 40. If the minimum wage rose from $6 to $7, unemployment would a. rise by 40. b. rise by 20. c. fall by 20. d. fall by 40. When a union bargains successfully with an employer, in that industry a. unemployment and wages increase. b. unemployment and wages decrease. c. unemployment decreases and wages increase. d. unemployment increases and wages decrease. 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 20. 21. 22. 23 24.

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