MacroChapter 15

MacroChapter 15 - Chapter 15 Chapter Review The Bureau of...

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Chapter 15 Chapter Review The Bureau of Labor Statistics measures unemployment by: surveying households. The Bureau of Labor Statistics surveys households to determine whether the interviewees are: employed, unemployed or not in the labor force. The labor force is the: sum of the employed and the unemployed. The unemployment rate is the: percentage of the labor force that is unemployed. The normal rate of unemployment around which the unemployment rate fluctuates is called the ________ rate of unemployment. Natural The unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills is called ________ unemployment. Frictional Which of the following statements is true? It is impossible for an economy to eliminate unemployment completely. Which of the following policies would be most effective in reducing the unemployment rate? Reduce the benefits to the unemployed (unemployment insurance). All of the following make it difficult for wages to go down when necessary, EXCEPT: job search time. Definition of natural rate of unemployment: Page 313. The normal rate of unemployment around which the unemployment rate fluctuates. According to the Bureau of Labor Statistics a husband who choose to stay home and take care of the household is: (Hint:Page 313; first sentence with the bullet). Not in the labor force Know the calculation of Labor Force from the Table ( Hint: Labor Force = Number of employed + Number of unemployed ). Know the calculation of Unemployment Rate from the Table ( See the Formula of Unemployment Rate on Page 311). Unemployment Rate = Number of Unemployed/ Labor Force x 100 Know the calculation of Labor - force Participation Rate from the Table: ( See the formula of Labor-force Participation Rate on Page 311). Labor Force Participation Rate = Labor Force/Adult Population x 100 An accountant with CPA designation who has been unable to find work for so long that she has stopped looking for work is considered to be: (Page 316; Hint: discouraged workers are not counted in the labor force). Not in the labor force Which of the following statements is true? ( Page 312; Hint: See table 1 for the correct statements). A minimum - wage law tends to : ( Page 324; Figure 4). Raise the labor supply above the labor demand causing a surplus of labor and a shortage of demand. This is unemployment. Which of the folowing types of unemployment results from the wage are being held above the competitive equilibrium wage? ( Page 324 see the fourth sentence from the Top of the page.) Structural Unemployment
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If for any reason, the wage held above the competitve equilibrium wage: ( Page 324 graph Figure 4). The quantity of labor supplied exceeds the quantity of labor demanded causing unemployment. Which of the following is not a characteristic of Minimum -wage worker? They tend to be: ( Hint: people
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This note was uploaded on 10/22/2011 for the course ACCT 3551 taught by Professor Brown during the Spring '11 term at UNC.

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MacroChapter 15 - Chapter 15 Chapter Review The Bureau of...

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