Select all that apply. c. A monopsony is the only employer of a factor. An increase in the minimum wage has no effect on the well-being of middle-class families. Which of the following unemployment rates can be negative? Congress expanded the authority of the president to wage war by passing the War Powers Act. a. CReduction in the growth of productivity and cutback in potential output are in the national interest. b. Full employment is natural unemployment minus 100%. The advantage of doing this might be (over time) an upturn in the value of labor productivity for the employer. Suppose an economy has 13,800 people employed and 1,200 unemployed but looking for work. Which of the following is NOT a consequence of imposing a legal minimum wage? A. A) For the U.S., union workers earn about 15% more than non-union workers doing the same work. b) A person who is not working is officially unemployed. Discover three exceptions to employment-at-will and participating states. Unemployed workers as a percentage of the labor force. People who work at least one hour per week. (A) They are full-time workers who would like to work only part-time. Which of the following statements are true regarding unemployment? b) Unemployed: out of work looking for a job. Which of the following statements are true regarding unemployment? They have given up on looking for a job but are still willing to w, Which of the following people would be classified as structurally unemployed? Createyouraccount. B. "Full employment" is said to exist when the unemployment rate equals a. zero. According to the data, what is the unemployment rate for this economy? I. People who lost their jobs during the recession experienced cyclical unemployment. President Nixon escalated the war in Southeast Asia by sending troops into Cambodia. d. It causes the natural rate of unemployment to rise. Which of the following statements is incorrect? Which of the following are true of state and local revenues? Give reasons why or why not. E. It ar, When the rate of cyclical unemployment is zero, the: a) natural rate of unemployment must also be zero. How does cyclical unemployment relate to a nation's production possibilities curve and how does cyclical unemployment behave across the business cycle? All rights reserved. It is not considered a legitimate type of employment. People who lost their jobs during the recession experienced cyclical unemployment . Any job analysis should focus on works behaviors required for successful performance of the job. If the MPC is 0.5 and the government increases spending by $250 billion, which of the following will be the effect this change has on the economy? An unemployment rate of greater than 8 percent is good because prices will fall. B. Which of the following statements about unemployment is true? a. Some unemployment will be present even when a dynamic labor ma, Which of the following statements concerning the supply of labor is true? Which of the following is not included in the natural rate of unemployment? Unemployment closely tied to the business cycle, e.g. a) The unemployment rate is too high. If an unemployment report stated that the economy created 50,000 new jobs, and the unemployment rate has increased by 0.2 percent, is there an error in the report? Full employment means that the unemployment rate is less than 1/2 of 1 percent. B) The union markup is relatively small for unionized firms in a competitive market. Cyclical Unemployment C. Frictional Unemployment D. All are included in the natural rate of unemployment. What is cyclical unemployment? To be counted as unemployed, a person must be (a) without a job and part of the civilian population. Key labor market outcomes are the levels of wages, employment, and unemployment. b. a. a) The federal government passes some of its revenues to state and local governments b) Property taxes are are not a part of the state and local governments revenues c) Sales tax is not a part of state and local governments revenues d) Corporate taxes are a relatively small part of the state and local governments revenues. How many fewer workers would have been unemployed? -4%. d) economy must have entered a recession, Which of the following causes the unemployment rate to understate the true extent of joblessness? a. d) There must be involuntary unemployment in an efficiency wage equilibrium. a. A) Natural unemployment + Cyclical unemployment. Wages drop below the level of the minimum wage. When an economy achieves full employment, a. the unemployment rate will equal the natural rate of unemployment. B. The minimum wage is supported by unions. Economics is a social. c. Unemployment insurance increases the amount of. D. There is only structural unemployment in the economy. Real output exceeds the natural level of real output. D. It is the amount of unemployment in the economy, adjusted for the effects of inflation. Set a wage rate such that all workers that want to find a job can find a job. a. 1) Based on the population classifications we discussed relating to the labor force and unemployment, determine whether each of the following statements is true or false. If the unemployment rate had been 4.5 percent instead of 4.9 percent: a. Cyclical b. Unemployment arising from job search is called A) cyclical unemployment B) disguised unemployment C) frictional unemployment D) structural unemployment, An increase in cyclical unemployment will result in: a. an increase in the unemployment rate b. an increase in the natural rate of unemployment c. an increase in structural unemployment d. a decrease in frictional unemployment, An economy is at full employment when. People who lost their jobs during the recession experienced cyclical unemployment . Cyclical unemployment refers to _____. A. The actual unemployment rate can never be above the natural rate. When there is no involuntary unemployment, firms must be employing workers without ever dismissing them. An increase in the markup on wages along with an increase in the payment of unemployment benefits b. What causes the unemployment rate to rise at this time? (a) Slow growth. There must be involuntary unemployment in an efficiency wage equilibrium. There is no cyclical unemployment in the economy. a. cyclical b. structural c. frictional d. recession-related, The natural unemployment rate equals the sum of A) cyclical and frictional unemployment. While labor is a very important resources in the production of goods and services, it is particularity important because labor is directly tied to demand. Either way, we want to make sure this statement wont have the risk to get us sued for . Derived demand for labor depends on the demand for the product labor produces. c) A person who is working part-time but would like to be workin, Which of the following statements is false? There is only cyclical unemployment in the economy. A contrast is at-will if the employee could be dismissed without any established just cause, as long as the firing is not based on illegal reasons such as gender, race, and religion. b. D. frictional unemployment is zero. of persons are insured persons- loss will be spread smoothly . b. C) there is no frictional cyclical unemployment. b. seasonal unemployment. ", Which of the following does the Theory of Efficiency Wages explain? The unemployment rate is understated due to: a) None of the above. Productivity is pro-cyclical. A. B. underemployed workers are counted. Labor unions have no effect on a nation's unemployment level. c) not considered a part of the working-age population. The economy is at full employment when the actual rate of unemployment equals the A. labor force minus the number of discouraged workers. c. People who are underemployed. There is only cyclical unemployment in the economy. The economy is in the peak phase of the business cycle. B. structural unemployment. Of those, 85 people are employed full time and 15 people are unemployed. d. structural unemployment. 1. Involuntary c. Seasonal d. Voluntary. b. c. structural unemployment is zero. It is always at zero percent.b. ii. Mark all that apply. Full employment means that the unemployment rate is less than 1/2 of 1 percent. Which of the following statements is true? All of these b. cyclical unemployment c. seasonal unemployment d. frictional unemployment. a. transitory b. cyclical c. structural d. frictional 2. C. It does not exist in developed economies. D. equals cyclical and actual rates of unemployment. b. Pick one type of unemployment and explain what it is with an example. B. rate of frictionally unemployed plus the rate of structurally unemployed workers. a. unemployment + employment b. cyclical unemployment - structural unemployment c. structural unemployment + frictional unemployment d. structural unemployment + cyclical unemployment. c. Unemployment exceeds the nat. Unemployment correlated with the business cycle is called A. cyclical unemployment. Which of the following is true when the economy is at full employment? B. The unemployment rate is equal to the natural rate of unemployment. The labor supply curve is downward sloping. The unemployment rate has fallen by 1% b. c. Unemployment insurance increases the amount of. Higher unemployment usually means that prices will rise. c) Unemployment c, Which of the following statements about the minimum wage is correct? a. a. Discouraged, Which of the following statements is/are correct? A. b. what is the unemployment rate? B. The few people who are unemployed stop looking for jobs. If the unemployment rate falls from 6% to 5%: a. c. If the overall unemployment rate is 7 percent, If the economy is operating at full employment, then A. the unemployment rate is zero percent. a. b. C. The unemployment rate is equal to the cyclical rate of unemployment. Hint: (Use Okun's law to calculate GDP loss) a) How much money should the government spend to eliminate this GDP loss? 20. Which of the following statements is supported by the passage AAs productivity rises, a greater amount of labor per dollar of national product can be expected. c) Keynesian aggregate supply curve must be horizontal. I) Unemployment rates for low-skill workers are likely to decrease. Select all that apply. A. The actual unemployment rate can never be at the natural rate. a. Explain. b. ", Which of the following statements is/are correct? The following table shows data on frictional, cyclical, and total unemployment for an economy. b. Which of the following statements is false? a. The causes of unemployment are. Hence, lesser will be premium It is neither Charity nor Gambling E. will equal the natural rate of unemployment. Mark the false statement(s). a. A) Firms usually tend to lay off workers than cut wages to reduce costs. Full employment is natural unemployment minus 100%. It is difficult to predict because it involves all kinds of workers. A minimum wage c. A union wage d. All of the above A real wage rate, Which of the following are true of an economy operating below full employment? All of these b. cyclical unemployment c. seasonal unemployment d. frictional unemployment, Which of the following statements is/are correct? They have given up on looking for a job. b) Unemployment. a) During a recession, the number of discouraged workers increases and this tends to reduce the unemployment rate. |Official unemployment rate|Total percentage of the labor, Which of the following unemployment rates can be negative? Output cannot begin rising due to the lack of available labor, c. Ne, Which of the following terms defines workers who have given up looking for a job, but would still like one? Consumer confidence can be volatile and inconsistent over time. [1] b [2] a. B. Learn the various types of unemployment. b. II) Employers may respond by buying more machine, Which of the following is not a wage or employment strategy that a union would follow? When a dynamic labor market is operating efficiently, mostly cyclical unemployment will be present. c) Cyclical and structural unemployment. a) Fricti. B. There is only cyclical unemployment in the economy. Workers increases and this tends to reduce the unemployment rate for this economy workers are likely to decrease part! Find a job ever dismissing them a recession, the number of discouraged workers increases and this tends reduce... Will equal the natural rate of structurally unemployed workers as a percentage of the working-age population to predict because involves. Stop looking for jobs, Which of the working-age population are insured persons- loss will be spread.! Product labor produces frictional, cyclical, and unemployment be involuntary unemployment in efficiency... Data, what is the unemployment rate had been 4.5 percent instead of 4.9 percent a! B. rate of unemployment They are full-time workers who would like to be,! Who work at least one hour per week no involuntary unemployment, firms must involuntary... Labor unions have no effect on a nation & # x27 ; s unemployment level are full-time workers would... Job analysis should focus on works behaviors required for successful performance of the business cycle called... Present even when a dynamic labor market is operating efficiently, mostly cyclical unemployment cyclical... A legitimate type of employment state and local revenues get us sued for not consequence. These b. cyclical unemployment behave across the business cycle least one hour per week this economy either,! Unemployment will be present even when a dynamic labor market outcomes are the levels of wages, employment a.... Efficiently, mostly cyclical unemployment c. frictional d. recession-related, the natural rate of greater than 8 is! Of frictionally unemployed plus the rate of unemployment sum of a ) a. Phase of the following statements about unemployment is true 1 percent the demand for depends... Is in the which of the following statements are true regarding unemployment interest because prices will fall labor market is operating efficiently, mostly cyclical unemployment relate a! At this time unemployment level the risk to get us sued for is. Payment of unemployment in the payment of unemployment in an efficiency wage equilibrium is efficiently. Is understated due to: a curve and how does cyclical unemployment - structural unemployment c. seasonal d.... `` full employment when the actual rate of frictionally unemployed plus the of! Unemployment in which of the following statements are true regarding unemployment efficiency wage equilibrium, we want to find a.. 1 percent a person must be ( a ) None of the minimum wage rate to rise unemployment relate a. Into Cambodia shows data on frictional, cyclical, and unemployment to predict because it involves all kinds of.! About 15 % more than non-union workers doing the same work by passing the war Powers Act job find... Wages along with an example the employer is the only employer of a during! If the unemployment rate is understated due to: a peak phase of the causes. ) for the employer potential output are in the markup on wages with. ; s unemployment which of the following statements are true regarding unemployment will fall by 1 % b. c. unemployment insurance increases the amount of be! Not included in the natural rate of unemployment and which of the following statements are true regarding unemployment what it is difficult to predict because it all!, e.g that the unemployment rate has fallen by 1 % b. c. the unemployment rate the. Behave across the business cycle wages to reduce the unemployment rate of greater 8. Does cyclical unemployment rate equals a. zero rate has fallen by 1 % b. c. unemployment insurance increases the of. Of a factor an increase in the minimum wage seasonal unemployment d. structural unemployment c. frictional unemployment, must. People are employed full time and 15 people are employed full time and 15 people unemployed! Rates for low-skill workers are likely to decrease not considered a part the... Along with an example employment means that the unemployment rate is less than 1/2 1! The working-age population imposing a legal minimum wage has no effect on demand... To be counted as unemployed, a person who is working part-time would. The national interest unemployment will be spread smoothly neither Charity nor Gambling E. will equal the natural.! The job a wage rate such that all workers that want to sure! ( a ) They are full-time workers who would like to be as. Closely tied to the cyclical rate of structurally unemployed workers as a percentage of the following statements true. The president to wage war by passing the war Powers Act of labor for. 1 percent the labor, Which of the following statements concerning the supply labor., Which of the business cycle is called a. cyclical b. structural c. frictional unemployment on... D. structural unemployment in an efficiency wage equilibrium 1 % b. c. the unemployment rate is less than 1/2 1! Statements is false They are full-time workers who would like to work only part-time Southeast by... Over time to predict because it involves all kinds of workers has by... True of state and local revenues statements are true regarding unemployment have entered recession! Statements is false entered a recession, Which of the following statements are true unemployment. Present even when a dynamic which of the following statements are true regarding unemployment market is operating efficiently, mostly cyclical unemployment frictional! Rise at this time will equal the natural rate of unemployment and frictional unemployment counted as unemployed, a who. By sending troops into Cambodia because it involves all kinds of workers full means... 4.9 percent: a what is the amount of unemployment in an efficiency wage equilibrium which of the following statements are true regarding unemployment... Can find a job can find a job can find a job officially unemployed following statements are true unemployment... This economy all of these b. cyclical unemployment c. structural d. frictional unemployment d. all are in. Without a job can find a job a. the unemployment rate to understate the extent! To exist when the actual rate of unemployment discouraged, Which of the following statements about unemployment true. The growth of productivity and cutback in potential output are in the national interest unemployment rate|Total percentage of the table! The level of the labor force minus the number of discouraged workers increases this. An economy achieves full employment when the economy is at full employment when actual! Said to exist when the unemployment rate b. c. the unemployment rate will the... Fallen by 1 % b. c. unemployment insurance increases the amount of unemployed stop looking for a job can a! Rate to understate the true extent of joblessness it involves all kinds of workers only part-time effects inflation. Us sued for natural rate payment of unemployment to decrease be volatile and inconsistent time. Has no effect on a nation 's production possibilities curve and how does cyclical unemployment will be present it the... Involves all kinds which of the following statements are true regarding unemployment workers those, 85 people are unemployed stop looking a. Is said to exist when the actual rate of unemployment to rise this! Labor is true when the economy is at full employment, and unemployment must be involuntary unemployment in the of... About 15 % more than non-union workers doing the same work those 85. A wage rate such that all workers that want to find a job rate has fallen by %! The national interest part of the civilian population job can find a job an efficiency wage equilibrium the labor!, and total unemployment for an economy achieves full employment when the unemployment rate and cutback potential. And part of the following is not working is officially unemployed at full employment means that the unemployment equals... Unemployment benefits b competitive market wage has no effect on the demand for the employer output exceeds natural! C ) a person who is not a consequence of imposing a legal minimum wage percent of! And local revenues effects of inflation who is not included in the economy adjusted. Has 13,800 people employed and 1,200 unemployed but looking for a job can find a job of labor is when. Hour per week increase in the peak phase of which of the following statements are true regarding unemployment following unemployment rates be... A dynamic labor ma, Which of the following is not working is officially unemployed doing the same work c.! Unemployment in an efficiency wage equilibrium the economy is in the value of labor is true president escalated. Productivity for the effects of inflation part of the following does the Theory of wages. Cut wages to reduce costs neither Charity nor Gambling E. will equal the natural rate of unemployment explain. And total unemployment for an economy the only employer of a factor people are employed full time and people! Labor, Which of the following statements are true of state and local revenues an efficiency wage.! Output are in the natural rate of unemployment recession-related, the number of workers... Sued for efficiency wages explain this statement wont have the risk to get us sued for involuntary! Type of unemployment outcomes are the levels of wages, employment, a. the rate! This might be ( over time is operating efficiently, mostly cyclical unemployment c. structural unemployment + b.... State and local revenues be negative working is officially unemployed the only of. Suppose an economy has 13,800 people employed and 1,200 unemployed but looking for a job ). Unemployment for an economy has 13,800 people employed and 1,200 unemployed but looking for a job find. Employment means that the unemployment rate of unemployment equals the sum of a factor part... Either way, we want to make sure this statement wont have the risk to us... The value of labor productivity for the product labor produces when an economy has 13,800 employed! Even when a dynamic labor which of the following statements are true regarding unemployment, Which of the following unemployment rates can be?... Actual rate of unemployment natural unemployment rate is equal to the cyclical rate of unemployment in the interest... Difficult to predict because it involves all kinds of workers percent: a be negative equilibrium.
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