Question 1

Technical and "junior" colleges offering full-time degree programs that may be completed in two years or less are a rapidly growing segment of the U.S.economy.What are some likely impacts on aggregate flows into and out of employment status?

Accepted Answer

For workers who lose (or leave)a job and...

Question 2

Unemployment that develops as old industries die off is known as ________.

Accepted Answer

A)  cyclical unemployment
B)  structural unemployment
C)  frictional unemployment
D)  voluntary unemployment

Question 3

Assume that college-educated labor and high school-educated labor are complements in production.That is,the two types of labor work together,so that an increase in the quantity of either type increases the productivity of the other type of labor.Is this consistent with the observed increase in the college wage premium?

Accepted Answer

Yes.Labor complementarity helps to explain why the wage for college-educated workers continues to rise,even while the supply is rising.The marginal product of college-educated workers does not fall,so long as their skills can be combined with the input of less-educated workers.An important aspect of skill-biased technical change is to allow a given quantity of relatively uneducated workers to support rising productivity among an increasing quantity of highly educated workers.Complementarity helps to explain how the wage for uneducated workers remains relatively stable,rather than declining toward zero as the wage for college-educated workers continues to rise.

Question 4

Those who just stop looking for employment are known as ________.

Accepted Answer

A)  cyclically unemployed
B)  discouraged workers
C)  frictionally unemployed
D)  chronically unemployed

Question 5

Many economists view ________ as explaining most of the increase in the natural rate of unemployment in the U.S.from 1960 to 1980.

Accepted Answer

A)  the rise in the percentage of young workers in the labor force
B)  an increase in the percentage of the working-age population receiving disability insurance
C)  a decrease in the size of the prison population
D)  increased use of temporary workers

Question 6

From 1965 to 2013,the average real wage for all workers has ________.

Accepted Answer

A)  fallen
B)  risen
C)  remained essentially unchanged
D)  risen in economic contractions and fallen in economic expansions

Question 7

Among the causes of an increase in labor supply is ________.

Accepted Answer

A)  improved availability and affordability of day care for children
B)  an increase in enrollment at colleges
C)  an increase in the college wage premium
D)  an expansion of economic activity

Question 8

Efficiency wages are ________.

Accepted Answer

A)  market clearing wages
B)  wages that are above the market-clearing level
C)  equal to the real wage rate minus the nominal wage rate
D)  equal to the nominal wage rate divided by some measure of the general price level

Question 9

Which of these is not a good example of skill-biased technical change?

Accepted Answer

A)  GPS navigation equipment in delivery trucks
B)  web-enabled virtual classrooms
C)  self-service check out scanners
D)  use of robots in automobile assembly B

Question 10

Labor Market 
-On the graph above,the wage level at point ________ might represent a binding minimum wage.

Accepted Answer

A)  2
B)  4
C)  6
D)  5

Question 11

Moving along the supply curve for labor,increases in the quantity of labor result from ________.

Accepted Answer

A)  diminishing returns to labor effort
B)  a rising cost of leisure
C)  a reduced preference for leisure
D)  more efficient recruitment of workers

Question 12

If the marginal product of labor exceeds that cost of hiring an additional worker,the firm should ________.

Accepted Answer

A)  fire some workers
B)  raise the wage rate
C)  add more workers
D)  lower the wage rate

Question 13

Katz and Krueger found that minimum wage laws had a negligible impact on teenage unemployment in the fast-food industry.Describe the characteristics of labor demand and supply that might produce such a result.

Accepted Answer

If worker productivity is sensitive to c...

Question 14

Having observed that both the real wage and the quantity of employment are increasing,we may conclude that ________ is not ________.

Accepted Answer

A)  demand;decreasing
B)  supply;decreasing
C)  demand;increasing
D)  supply;increasing

Question 15

An increase in an effective federal minimum wage would tend to cause ________.

Accepted Answer

A)  a decrease in wage rates and an increase in employment
B)  an increase in wage rates and employment
C)  a decrease in wage rates and employment
D)  an increase in wage rates and a decrease in employment

Question 16

The equation Y = A

Is known as the ________.

Accepted Answer

A)  Cobb-Douglas production function
B)  labor supply curve
C)  marginal product of labor
D)  capital-to-employment function A

Question 17

Suppose researchers discover that a government program to match job seekers and employers has caused an increase in the unemployment rate.Does this mean that the program has failed?

Accepted Answer

No.A program to facilitate good job matc...

Question 18

The largest number of individuals of working age in the U.S.population are ________.

Accepted Answer

A)  discouraged workers
B)  unemployed
C)  employed
D)  not in the U.S.labor force

Question 19

During a recession,when unemployment is rising,the number of new jobs created is,typically,________.

Accepted Answer

A)  large,and higher than the number of jobs lost
B)  small,and below the number of jobs lost
C)  small,but higher than the number of jobs lost
D)  large,and higher than net entrants to the labor force

Question 20

The principal cause of falling unemployment is ________.

Accepted Answer

A)  an increase in net entrants to the labor force
B)  a decrease in net entrants to the labor force
C)  an increase in the number of new jobs created
D)  a decrease in the number of jobs lost

Exam 20: The Labor Market, employment, and Unemployment

Technical and "junior" colleges offering full-time degree programs that may be completed in two years or less are a rapidly growing segment of the U.S.economy.What are some likely impacts on aggregate flows into and out of employment status?

Correct Answer
verified
For workers who lose (or leave)a job and...
View Answer

Unemployment that develops as old industries die off is known as ________.

Correct Answer
verified

Those who just stop looking for employment are known as ________.

Correct Answer
verified

Many economists view ________ as explaining most of the increase in the natural rate of unemployment in the U.S.from 1960 to 1980.

Correct Answer
verified

From 1965 to 2013,the average real wage for all workers has ________.

Correct Answer
verified

Among the causes of an increase in labor supply is ________.

Correct Answer
verified

Efficiency wages are ________.

Correct Answer
verified

Which of these is not a good example of skill-biased technical change?

Correct Answer
verified
B

Labor Market -On the graph above,the wage level at point ________ might represent a binding minimum wage.

Correct Answer
verified

Moving along the supply curve for labor,increases in the quantity of labor result from ________.

Correct Answer
verified

If the marginal product of labor exceeds that cost of hiring an additional worker,the firm should ________.

Correct Answer
verified

Katz and Krueger found that minimum wage laws had a negligible impact on teenage unemployment in the fast-food industry.Describe the characteristics of labor demand and supply that might produce such a result.

Correct Answer
verified
If worker productivity is sensitive to c...
View Answer

Having observed that both the real wage and the quantity of employment are increasing,we may conclude that is not .

Correct Answer
verified

An increase in an effective federal minimum wage would tend to cause ________.

Correct Answer
verified

The equation Y = A Is known as the ________.

Correct Answer
verified
A

Suppose researchers discover that a government program to match job seekers and employers has caused an increase in the unemployment rate.Does this mean that the program has failed?

Correct Answer
verified
No.A program to facilitate good job matc...
View Answer

The largest number of individuals of working age in the U.S.population are ________.

Correct Answer
verified

During a recession,when unemployment is rising,the number of new jobs created is,typically,________.

Correct Answer
verified

The principal cause of falling unemployment is ________.

Correct Answer
verified

Exam 20: The Labor Market, employment, and Unemployment

Technical and "junior" colleges offering full-time degree programs that may be completed in two years or less are a rapidly growing segment of the U.S.economy.What are some likely impacts on aggregate flows into and out of employment status?

Correct AnswerverifiedFor workers who lose (or leave)a job and...View AnswerShow Answer

Unemployment that develops as old industries die off is known as ________.

Correct AnswerverifiedShow Answer

Those who just stop looking for employment are known as ________.

Correct AnswerverifiedShow Answer

Many economists view ________ as explaining most of the increase in the natural rate of unemployment in the U.S.from 1960 to 1980.

Correct AnswerverifiedShow Answer

From 1965 to 2013,the average real wage for all workers has ________.

Correct AnswerverifiedShow Answer

Among the causes of an increase in labor supply is ________.

Correct AnswerverifiedShow Answer

Efficiency wages are ________.

Correct AnswerverifiedShow Answer

Which of these is not a good example of skill-biased technical change?

Correct AnswerverifiedB

Labor Market -On the graph above,the wage level at point ________ might represent a binding minimum wage.

Correct AnswerverifiedShow Answer

Moving along the supply curve for labor,increases in the quantity of labor result from ________.

Correct AnswerverifiedShow Answer

If the marginal product of labor exceeds that cost of hiring an additional worker,the firm should ________.

Correct AnswerverifiedShow Answer

Katz and Krueger found that minimum wage laws had a negligible impact on teenage unemployment in the fast-food industry.Describe the characteristics of labor demand and supply that might produce such a result.

Correct AnswerverifiedIf worker productivity is sensitive to c...View AnswerShow Answer

Having observed that both the real wage and the quantity of employment are increasing,we may conclude that ________ is not ________.

Correct AnswerverifiedShow Answer

An increase in an effective federal minimum wage would tend to cause ________.

Correct AnswerverifiedShow Answer

The equation Y = A Is known as the ________.

Correct AnswerverifiedA

Suppose researchers discover that a government program to match job seekers and employers has caused an increase in the unemployment rate.Does this mean that the program has failed?

Correct AnswerverifiedNo.A program to facilitate good job matc...View AnswerShow Answer

The largest number of individuals of working age in the U.S.population are ________.

Correct AnswerverifiedShow Answer

During a recession,when unemployment is rising,the number of new jobs created is,typically,________.

Correct AnswerverifiedShow Answer

The principal cause of falling unemployment is ________.

Correct AnswerverifiedShow Answer

Correct Answer
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For workers who lose (or leave)a job and...
View Answer

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B

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verified
If worker productivity is sensitive to c...
View Answer

Having observed that both the real wage and the quantity of employment are increasing,we may conclude that is not .

Correct Answer
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A

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No.A program to facilitate good job matc...
View Answer

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