Chapter 7--MacroTB - CHAPTER 7 The Labor Market, Wages, and...

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63 The Labor Market, Wages, and Unemployment CHAPTER 7 MULTIPLE-CHOICE 1. The quote “It’s a recession when your neighbor loses his job; it’s a depression when you lose yours” is attributed to a. Karl Marx. b. Franklin D. Roosevelt. c. John Maynard Keynes. d. Harry S. Truman. e. Alan Greenspan Answer: d. Section: 7.1 2. Over the course of his or her lifetime, the average American worker will spend __________ hours on the job. a. 40,000 b. 1 million c. 90,000 d. 100,000 e. 35,000 Answer: c. Section: 7.1 3. The labor market determines a. structural unemployment. b. the equilibrium quantity of employment. c. the equilibrium wage and the quantity of employment. d. the number of unemployed. e. the minimum wage. Answer: c. Section: 7.2 4. If the U.S. real output is growing and labor income accounts for about two-thirds of this, a. the unemployment rate is falling. b. on average, capital is getting poorer over time. c. income inequality is decreasing. d. on average, workers are getting richer over time. e. we are not getting any better off. Answer: d. Section: 7.2 5. Over the past 50 years or so, a. the employment-population ratio always has been rising. b. the employment-population ratio generally has been falling. c. the unemployment-population ratio generally has been rising d. the employment-population ratio generally has been rising. e. None of the above is correct. Answer: d. Section: 7.2 6. Over the past 50 years or so, a. the male employment-population ratio always has been rising. b. the female employment-population ratio generally has been falling. c. the male employment-population ratio generally has been rising d. the female employment-population ratio generally has been rising. e. None of the above is correct. Answer: d. Section: 7.2
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64 | Chapter 7 7. Consider Table 7.1. In December 2006, the unemployment rate was a. about 3.0 percent. b. about 4.5 percent. c. about 33.8 percent. d. about 63.4 percent. e. about 4.7 percent. Answer: b. Section: 7.2 Table 7.1: U.S. Employment Status (in thousands) Status Dec. 2006 Jan. 2007 Civilian noninstitutional population 230,108 230,650 Civilian labor force 152,775 152,974 Employed 145,926 145,957 Unemployed 6,849 7,017 Not in labor force 77,676 78,050 8. Consider Table 7.1. In January 2007, the unemployment rate was a. about 4.8 percent. b. about 4.6 percent. c. about 33.8 percent. d. about 3.0 percent. e. about 9.0 percent. Answer: b, Section: 7.2 9. Consider Table 7.1. Between December 2006 and January 2007, the unemployment rate _______________ and the labor participation rate _______________ (rounded to 1 decimal point). a. rose; fell b. rose; rose c. rose; was about the same d. fell; fell e. Not enough information is given. Answer: c. Section: 7.2 10. Generally, during a recession a. inflation rises. b. the natural rate of unemployment rises. c. the employment rate rises. d. the unemployment rate rises e. there is no change in the unemployment rate. Answer: d. Section: 7.2 11. Using Figure 7.1, which depicts the U.S. unemployment rate, which of the following year(s) are the trough of a recession?
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This note was uploaded on 01/20/2011 for the course ACCT ACCT 3371 taught by Professor Smart during the Spring '10 term at Rensselaer Polytechnic Institute.

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Chapter 7--MacroTB - CHAPTER 7 The Labor Market, Wages, and...

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