Question 1

Which of the following is not among the four industries with the largest employment in the United States today?

Accepted Answer

A)   lumber
B)   aircraft
C)   communications
D)   electrical components

Question 2

When a union is present in a labor market,wages are not determined by the equilibrium of supply and demand.

Accepted Answer

A) True 
 B)False

Question 3

Figure 28-1 
-Refer to Figure 28-1.At the equilibrium wage,how many workers are unemployed?

Accepted Answer

A)   0
B)   4000
C)   5000
D)   8000

Question 4

Table 28-3
2003 Labor Data for Adults (age 16 and older) in Meditor
 
-Refer to Table 28-3.What is the adult male population in Meditor?

Accepted Answer

A)   50 million
B)   90 million
C)   130 million
D)   135 million

Question 5

If all workers and all jobs were the same such that all workers were equally well suited for all jobs,then there would be no frictional unemployment.

Accepted Answer

A) True 
 B)False

Question 6

Unions are often thought to cause conflict between different groups of workers -- between the insiders who benefit from high union wages and the outsiders who do not get the union jobs.

Accepted Answer

A) True 
 B)False

Question 7

Bob is looking for work after school,but everywhere he fills out an application,the managers say they always have a lot more applications than open positions.Tom has a law degree.Several firms have made him offers,but he thinks he might be able to find a firm where his talents could be put to better use.

Accepted Answer

A)   Bob and Tom are both frictionally unemployed.
B)   Bob and Tom are both structurally unemployed.
C)   Bob is frictionally unemployed,and Tom is structurally unemployed.
D)   Bob is structurally unemployed,and Tom is frictionally unemployed.

Question 8

When a minimum-wage law forces the wage to remain above the level that balances supply and demand,the result is a shortage of labor.

Accepted Answer

A) True 
 B)False

Question 9

The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of about 60,000 households,called the

Accepted Answer

A)   Census.
B)   Labor Survey.
C)   Survey of Economic Indicators.
D)   Current Population Survey.

Question 10

Workers in unions reap the benefit of collective bargaining,while workers not in unions bear some of the cost.

Accepted Answer

A) True 
 B)False

Question 11

Daisy is the newly appointed CEO of a company that manufactures CD drives on an assembly line.Her staff has told her that the output the firm produces,given the number of workers employed,indicates that some workers may be shirking.According to efficiency wage theory,what should she do?

Accepted Answer

A)   pay all workers more than the equilibrium wage rate
B)   pay all workers below the equilibrium wage rate to make up for the loss from shirking
C)   make sure that workers are getting paid exactly the equilibrium wage rate
D)   pay bonuses to workers who report the shirking of other workers

Question 12

Economists have found that union workers earn about 30 to 40 percent more than similar workers who do not belong to unions.

Accepted Answer

A) True 
 B)False

Question 13

Minimum-wage laws,unions,and efficiency wages contribute to

Accepted Answer

A)   both structural unemployment and the natural rate of unemployment.
B)   neither structural unemployment nor the natural rate of unemployment.
C)   structural unemployment,but not the natural rate of unemployment.
D)   the natural rate of unemployment,but not structural unemployment.

Question 14

Like any cartel,a union is a group of sellers acting together in the hope of exerting their joint market power.

Accepted Answer

A) True 
 B)False

Question 15

The labor-force participation rate tells us the fraction of the population that

Accepted Answer

A)   is able to participate in the labor market.
B)   has ever been employed.
C)   has chosen to participate in the labor market.
D)   has chosen not to participate in the labor market.

Question 16

U.S.Department of Labor data show that minimum-wage workers tend to be

Accepted Answer

A)   more likely to be working part time and in the communication industry.
B)   more likely to be working part time and in the leisure and hospitality industry.
C)   more likely to be working full time and in the communication industry.
D)   more likely to be working full time and in the leisure and hospitality industry.

Question 17

Which of the following is correct?

Accepted Answer

A)   Nearly all economists believe that unions are bad for the economy as a whole.
B)   Unions raise wages above the competitive equilibrium level.
C)   Unions increase the level of employment in unionized firms.
D)   Unions decrease the level of employment in nonunionized firms.

Question 18

Long-run unemployment arises from a single problem that has a single solution.

Accepted Answer

A) True 
 B)False

Question 19

Unemployment that results because the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one is called

Accepted Answer

A)   the natural rate of unemployment.
B)   cyclical unemployment.
C)   structural unemployment.
D)   frictional unemployment.

Question 20

Just after World War II,the labor-force participation rate of men was

Accepted Answer

A)   about 33 percent,and in 2007,it was about 50 percent.
B)   about 50 percent,and in 2007,it was about 60 percent.
C)   about 65 percent,and in 2007,it was about 60 percent.
D)   about 87 percent,and in 2007,it was about 73 percent.

Exam 28: Unemployment

If all workers and all jobs were the same such that all workers were equally well suited for all jobs,then there would be no frictional unemployment.

Correct Answer
verified

Table 28-3 2003 Labor Data for Adults (age 16 and older) in Meditor -Refer to Table 28-3.What is the adult male population in Meditor?

Correct Answer
verified

Long-run unemployment arises from a single problem that has a single solution.

Correct Answer
verified

Which of the following is not among the four industries with the largest employment in the United States today?

Correct Answer
verified

Figure 28-1 -Refer to Figure 28-1.At the equilibrium wage,how many workers are unemployed?

Correct Answer
verified

Correct Answer
verified

Unemployment that results because the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one is called

Correct Answer
verified

Like any cartel,a union is a group of sellers acting together in the hope of exerting their joint market power.

Correct Answer
verified

Workers in unions reap the benefit of collective bargaining,while workers not in unions bear some of the cost.

Correct Answer
verified

When a union is present in a labor market,wages are not determined by the equilibrium of supply and demand.

Correct Answer
verified

Daisy is the newly appointed CEO of a company that manufactures CD drives on an assembly line.Her staff has told her that the output the firm produces,given the number of workers employed,indicates that some workers may be shirking.According to efficiency wage theory,what should she do?

Correct Answer
verified

Unions are often thought to cause conflict between different groups of workers -- between the insiders who benefit from high union wages and the outsiders who do not get the union jobs.

Correct Answer
verified

Minimum-wage laws,unions,and efficiency wages contribute to

Correct Answer
verified

Which of the following is correct?

Correct Answer
verified

U.S.Department of Labor data show that minimum-wage workers tend to be

Correct Answer
verified

Just after World War II,the labor-force participation rate of men was

Correct Answer
verified

The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of about 60,000 households,called the

Correct Answer
verified

When a minimum-wage law forces the wage to remain above the level that balances supply and demand,the result is a shortage of labor.

Correct Answer
verified

The labor-force participation rate tells us the fraction of the population that

Correct Answer
verified

Economists have found that union workers earn about 30 to 40 percent more than similar workers who do not belong to unions.

Correct Answer
verified

Exam 28: Unemployment

If all workers and all jobs were the same such that all workers were equally well suited for all jobs,then there would be no frictional unemployment.

Correct AnswerverifiedShow Answer

Table 28-3 2003 Labor Data for Adults (age 16 and older) in Meditor -Refer to Table 28-3.What is the adult male population in Meditor?

Correct AnswerverifiedShow Answer

Long-run unemployment arises from a single problem that has a single solution.

Correct AnswerverifiedShow Answer

Which of the following is not among the four industries with the largest employment in the United States today?

Correct AnswerverifiedShow Answer

Figure 28-1 -Refer to Figure 28-1.At the equilibrium wage,how many workers are unemployed?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Unemployment that results because the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one is called

Correct AnswerverifiedShow Answer

Like any cartel,a union is a group of sellers acting together in the hope of exerting their joint market power.

Correct AnswerverifiedShow Answer

Workers in unions reap the benefit of collective bargaining,while workers not in unions bear some of the cost.

Correct AnswerverifiedShow Answer

When a union is present in a labor market,wages are not determined by the equilibrium of supply and demand.

Correct AnswerverifiedShow Answer

Daisy is the newly appointed CEO of a company that manufactures CD drives on an assembly line.Her staff has told her that the output the firm produces,given the number of workers employed,indicates that some workers may be shirking.According to efficiency wage theory,what should she do?

Correct AnswerverifiedShow Answer

Unions are often thought to cause conflict between different groups of workers -- between the insiders who benefit from high union wages and the outsiders who do not get the union jobs.

Correct AnswerverifiedShow Answer

Minimum-wage laws,unions,and efficiency wages contribute to

Correct AnswerverifiedShow Answer

Which of the following is correct?

Correct AnswerverifiedShow Answer

U.S.Department of Labor data show that minimum-wage workers tend to be

Correct AnswerverifiedShow Answer

Just after World War II,the labor-force participation rate of men was

Correct AnswerverifiedShow Answer

The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of about 60,000 households,called the

Correct AnswerverifiedShow Answer

When a minimum-wage law forces the wage to remain above the level that balances supply and demand,the result is a shortage of labor.

Correct AnswerverifiedShow Answer

The labor-force participation rate tells us the fraction of the population that

Correct AnswerverifiedShow Answer

Economists have found that union workers earn about 30 to 40 percent more than similar workers who do not belong to unions.

Correct AnswerverifiedShow Answer

Correct Answer
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