Question 1

In the early 1900s,Henry Ford introduced

Accepted Answer

A)   a high-wage policy,and this policy produced many of the effects predicted by efficiency-wage theory.
B)   a high-wage policy,and this policy produced none of the effects predicted by efficiency-wage theory.
C)   a low-wage policy,and this policy produced many of the effects predicted by efficiency-wage theory.
D)   a low-wage policy,and this policy produced none of the effects predicted by efficiency-wage theory.E) A) and C)
F) A) and B)

Question 2

Causes of the changing role of women in American society over the past several decades include new technologies that have reduced the amount of time required to complete routine household tasks,improved birth control,and changing political and social attitudes.

Accepted Answer

A) True 
 B)False

Question 3

The Bureau of Labor Statistics computes unemployment rates for the entire adult population and for more narrowly defined groups.

Accepted Answer

A) True 
 B)False

Question 4

A century ago,the four industries with the largest employment in the United States were cotton goods,woolen goods,men's clothing,and lumber.

Accepted Answer

A) True 
 B)False

Question 5

Wages in excess of their equilibrium level help explain

Accepted Answer

A)   frictional but not structural unemployment.
B)   structural but not frictional unemployment.
C)   both frictional and structural unemployment.
D)   neither frictional nor structural unemployment.E) None of the above
F) A) and B)

Question 6

In 2009,based on concepts similar to those used to estimate U.S.employment figures,the Italian adult non-institutionalized population was 51.070 million,the labor force was 24.710 million,and the number of people employed was 22.765 million.According to these numbers,the Italian labor-force participation rate and unemployment rate were about

Accepted Answer

A)   48.4% and 7.9%.
B)   48.4% and 3.8%.
C)   44.6% and 7.9%
D)   44.6% and 3.8%E) A) and B)
F) A) and C)

Question 7

The introduction of a union into a firm benefits all of that firm's workers.

Accepted Answer

A) True 
 B)False

Question 8

Government policy can do nothing about the natural rate of unemployment.

Accepted Answer

A) True 
 B)False

Question 9

One reason economies always experience some unemployment is job search.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is not correct?

Accepted Answer

A)   Frictional unemployment results from the process of matching workers and jobs.
B)   Structural unemployment results when the number of jobs is insufficient for the number of workers.
C)   Minimum wages are the predominant reason for unemployment in the U.S.economy.
D)   When a minimum-wage law forces the wage to remain above the level that balances supply and demand,it raises the quantity of labor supplied and reduces the quantity of labor demanded compared to the equilibrium level.E) A) and C)
F) None of the above

Question 11

The amount of unemployment that a country typically experiences is a determinant of its standard of living.

Accepted Answer

A) True 
 B)False

Question 12

When a country keeps its workers as fully employed as possible,it achieves a higher level of GDP than if many of its workers were idle.

Accepted Answer

A) True 
 B)False

Question 13

The deviation of unemployment from its natural rate is called

Accepted Answer

A)   the normal rate of unemployment.
B)   deviant unemployment.
C)   cyclical unemployment.
D)   fluctuating unemployment.E) C) and D)
F) A) and B)

Question 14

The Bureau of Labor Statistics' household survey and establishment survey both yield the same results about total employment.

Accepted Answer

A) True 
 B)False

Question 15

In 2009,the U.S.natural rate of unemployment was estimated to be 5.0 percent,which at the time was close to the actual rate of unemployment of 9.3 percent.

Accepted Answer

A) True 
 B)False

Question 16

A survey showed that in each of the past 12 months there was one person who was unemployed who worked in all other months.There were also two people who were unemployed for all 12 months.What percentage of the unemployment spells during the year was short-term,and what percentage of the unemployment in a given month was long-term?

Accepted Answer

A)   75 percent and 33.3 percent
B)   75 percent and 66.7 percent
C)   85.7 percent and 33.3 percent
D)   85.7 percent and 66.7 percentE) B) and D)
F) All of the above

Question 17

Most spells of unemployment are short,and most unemployment observed at any given time is long-term.

Accepted Answer

A) True 
 B)False

Question 18

Efficiency wages

Accepted Answer

A)   increase frictional unemployment by keeping wages above equilibrium.
B)   decrease frictional unemployment by keeping wages at equilibrium.
C)   increase structural unemployment by keeping wages above equilibrium.
D)   decrease structural unemployment by keeping wages at equilibrium.E) B) and D)
F) A) and C)

Question 19

In June 2009 the BLS reported an adult population of 234.9 million,a labor force of 154 million and employment of 141.6 million.Based on these numbers the unemployment rate was

Accepted Answer

A)   93.3/234.9.
B)   12.4/234.9.
C)   93.3/154.
D)   12.4/154.E) A) and D)
F) All of the above

Question 20

Who is included in the labor force by the Bureau of Labor Statistics?

Accepted Answer

A)   Juan,who works most of the week in a steel factory
B)   Molly,who is on temporary layoff
C)   Charlie,who does not have a job,but is looking for work
D)   All of the above are included in the labor force.E) B) and D)
F) All of the above

Exam 20: Unemployment

Who is included in the labor force by the Bureau of Labor Statistics?

Correct Answer
verified

In 2009,the U.S.natural rate of unemployment was estimated to be 5.0 percent,which at the time was close to the actual rate of unemployment of 9.3 percent.

Correct Answer
verified

The Bureau of Labor Statistics' household survey and establishment survey both yield the same results about total employment.

Correct Answer
verified

The deviation of unemployment from its natural rate is called

Correct Answer
verified

Causes of the changing role of women in American society over the past several decades include new technologies that have reduced the amount of time required to complete routine household tasks,improved birth control,and changing political and social attitudes.

Correct Answer
verified

Most spells of unemployment are short,and most unemployment observed at any given time is long-term.

Correct Answer
verified

Correct Answer
verified

When a country keeps its workers as fully employed as possible,it achieves a higher level of GDP than if many of its workers were idle.

Correct Answer
verified

A century ago,the four industries with the largest employment in the United States were cotton goods,woolen goods,men's clothing,and lumber.

Correct Answer
verified

In the early 1900s,Henry Ford introduced

Correct Answer
verified

Wages in excess of their equilibrium level help explain

Correct Answer
verified

In June 2009 the BLS reported an adult population of 234.9 million,a labor force of 154 million and employment of 141.6 million.Based on these numbers the unemployment rate was

Correct Answer
verified

The amount of unemployment that a country typically experiences is a determinant of its standard of living.

Correct Answer
verified

One reason economies always experience some unemployment is job search.

Correct Answer
verified

Efficiency wages

Correct Answer
verified

Correct Answer
verified

The introduction of a union into a firm benefits all of that firm's workers.

Correct Answer
verified

The Bureau of Labor Statistics computes unemployment rates for the entire adult population and for more narrowly defined groups.

Correct Answer
verified

Which of the following is not correct?

Correct Answer
verified

Government policy can do nothing about the natural rate of unemployment.

Correct Answer
verified

Exam 20: Unemployment

Who is included in the labor force by the Bureau of Labor Statistics?

Correct AnswerverifiedShow Answer

In 2009,the U.S.natural rate of unemployment was estimated to be 5.0 percent,which at the time was close to the actual rate of unemployment of 9.3 percent.

Correct AnswerverifiedShow Answer

The Bureau of Labor Statistics' household survey and establishment survey both yield the same results about total employment.

Correct AnswerverifiedShow Answer

The deviation of unemployment from its natural rate is called

Correct AnswerverifiedShow Answer

Causes of the changing role of women in American society over the past several decades include new technologies that have reduced the amount of time required to complete routine household tasks,improved birth control,and changing political and social attitudes.

Correct AnswerverifiedShow Answer

Most spells of unemployment are short,and most unemployment observed at any given time is long-term.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

When a country keeps its workers as fully employed as possible,it achieves a higher level of GDP than if many of its workers were idle.

Correct AnswerverifiedShow Answer

A century ago,the four industries with the largest employment in the United States were cotton goods,woolen goods,men's clothing,and lumber.

Correct AnswerverifiedShow Answer

In the early 1900s,Henry Ford introduced

Correct AnswerverifiedShow Answer

Wages in excess of their equilibrium level help explain

Correct AnswerverifiedShow Answer

In June 2009 the BLS reported an adult population of 234.9 million,a labor force of 154 million and employment of 141.6 million.Based on these numbers the unemployment rate was

Correct AnswerverifiedShow Answer

The amount of unemployment that a country typically experiences is a determinant of its standard of living.

Correct AnswerverifiedShow Answer

One reason economies always experience some unemployment is job search.

Correct AnswerverifiedShow Answer

Efficiency wages

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The introduction of a union into a firm benefits all of that firm's workers.

Correct AnswerverifiedShow Answer

The Bureau of Labor Statistics computes unemployment rates for the entire adult population and for more narrowly defined groups.

Correct AnswerverifiedShow Answer

Which of the following is not correct?

Correct AnswerverifiedShow Answer

Government policy can do nothing about the natural rate of unemployment.

Correct AnswerverifiedShow Answer

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