11758656.pdf - Assignment 3 of Basic Macroeconomics ECON2021C CUHK Deadline 9 a.m on 1 Multiple Choice Questions 1 Which of the following is considered

11758656.pdf - Assignment 3 of Basic Macroeconomics...

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Assignment 3 of Basic MacroeconomicsECON2021C, CUHKDeadline: 9 a.m. on April 27, 20201.Multiple Choice Questions 1. Which of the following is considered out of the labor force? (a) the unemployed(b) those temporarily laid off who will soon be recalled(c) those who worked full time, but in a family business(d) those individuals who have started searching for employment for the firsttime(e) none of the above Use the information provided below to answer the following questions.The non-institutional civilian population is 250 million, of which 100 million areemployed and 10 million are unemployed.2. Based on the information above, the unemployment rate is 3. Based on the information above, the labor force participation rate is 1
4. Which of the following variables is most directly determined in the labor market? 5. Efficiency wage theory suggests that (a) workers will be paid less than their reservation wage.(b) productivity might drop if the wage rate is too low.(c) the government can only set tax rates so high before people will prefer notto work.(d) unskilled workers will have a lower turnover rate than skilled workers.(e) firms will be more resistant to wage increases as the labor market tightens. 6. In the wage setting relationW=PeF(u,z), the variablezdoes NOT includewhich of the following variables? 7. Labor productivity is represented by which of the following? 8. The natural rate of unemployment is the rate of unemployment 2

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