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First exam - First exam Name Date Multiple choice questions...

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First exam Name: __________________________ Date: _____________ Multiple choice questions - circle the best answer - 2 pts each 1. In a steady state: A) no hiring or firings are occurring. B) the number of people finding jobs equals the number of people losing jobs. C) the number of people finding jobs exceeds the number of people losing jobs. D) the number of people losing jobs exceeds the number of people finding jobs. 2. If the fraction of employed workers who lose their jobs each month (the rate of job separation) is 0.01 and the fraction of the unemployed who find a job each month is 0.09 (the rate of job findings), then the natural rate of unemployment is: 3. Which of the following is an example of frictional unemployment? 4. Unions contribute to structural unemployment when collective bargaining results in wages: 5. When Henry Ford paid his workers $5 per day when the prevailing wage was between $2 and $3 a day: A) it greatly increased his company's costs. B) workers reduced their work efforts because they felt they “had it made.” C) Ford proved the efficiency-wage theory was wrong. D) it raised the efficiency of his workers. Page 1
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