Microsoft Word - Quiz3_ans

Microsoft Word - Quiz3_ans - Quiz 3 (1) The natural rate of...

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Quiz 3 (1) The natural rate of unemployment is: a. The average rate of unemployment around which the economy fluctuates b. About 15% of the labor force c. A rate that never changes d. The transition of individuals between employment and unemployment (2) One reason for unemployment is that: a. All jobs are identical b. The labor market is always in equilibrium c. It takes time to match workers and job d. A laid-off worker can immediately find a new job at the market wage (3) Unemployment caused by the time it takes workers to search for a job is called: a. Insider unemployment b. Voluntary unemployment c. Frictional unemployment d. Efficiency unemployment (4) When there is structural unemployment, the real wage is: a. Rigid at a level below the market-clearing level b. Rigid at a level above the market-clearing level c. flexible d. Rigid at the market-clearing level (5) Unemployment would decline in the face of rising productivity if: a. Real wages only increased sluggishly b. Real wages adjust instantaneously
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This note was uploaded on 11/17/2009 for the course ECO 121212 taught by Professor Smith during the Spring '09 term at Culver-Stockton.

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Microsoft Word - Quiz3_ans - Quiz 3 (1) The natural rate of...

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