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The Bureau of Labor Statistics classifies people who would like to work but have given up looking for a job as


A) unemployed. If they were classified as out of the labor force, the reported unemployment rate would be larger.
B) unemployed. If they were classified as out of the labor force, the reported unemployment rate would be smaller.
C) out of the labor force. If they were classified as unemployed, the reported unemployment rate would be larger.
D) out of the labor force. If they were classified as unemployed, the reported unemployment rate would be smaller.

E) None of the above
F) All of the above

Correct Answer

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When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the quantity of labor supplied is higher and the quantity demanded of labor is lower than at the equilibrium wage.

A) True
B) False

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The Bureau of Labor Statistics places people in the "employed" category if they


A) are temporarily absent from their jobs.
B) are self-employed.
C) work without pay in a family member's business.
D) All of the above are correct.

E) All of the above
F) A) and B)

Correct Answer

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The labor force minus the number of employed equals the number of unemployed.

A) True
B) False

Correct Answer

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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?


A) 75% was short term; 33.3% was long term
B) 75% was short term; 66.7% was long term
C) 85.7% was short term; 33.3% was long term
D) 85.7% was short term; 66.7% was long term

E) B) and C)
F) A) and B)

Correct Answer

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Which of the following is the correct formula for calculating the labor force participation rate?


A) Which of the following is the correct formula for calculating the labor force participation rate? A) B) C) D)
B) Which of the following is the correct formula for calculating the labor force participation rate? A) B) C) D)
C) Which of the following is the correct formula for calculating the labor force participation rate? A) B) C) D)
D) Which of the following is the correct formula for calculating the labor force participation rate? A) B) C) D)

E) C) and D)
F) B) and D)

Correct Answer

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The labor-force participation rate is computed as


A) Employed ÷ Adult Population) × 100.
B) Employed ÷ Labor Force) × 100.
C) Labor Force ÷ Adult Population) × 100.
D) Adult Population ÷ Labor Force) × 100.

E) A) and B)
F) All of the above

Correct Answer

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John is a stockbroker. He has had several job offers, but he has turned them down because he thinks he can find a firm that better matches his tastes and skills. Curtis has looked for work as an accountant for some time. While the demand for accountants does not appear to be falling, there seems to be more people applying than jobs available.


A) John and Curtis are both frictionally unemployed.
B) John and Curtis are both structurally unemployed.
C) John is frictionally unemployed, and Curtis is structurally unemployed.
D) John is structurally unemployed, and Curtis is frictionally unemployed.

E) B) and C)
F) A) and B)

Correct Answer

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Table 28-5 Labor Force Statistics by Age Suppose people in the adult population in a small country are classified based on their age. Table 28-5 Labor Force Statistics by Age Suppose people in the adult population in a small country are classified based on their age. -Refer to Table 28-5. Suppose that the natural rate of unemployment is 5% for those under 55 and 3% for those 55 and older. The cyclical unemployment rate for those under 55 is A) 0.88% which is greater than the cyclical unemployment rate for those 55 and older. B) 0.88% which is less than the cyclical unemployment rate for those 55 and older. C) -0.83% which is greater than the cyclical unemployment rate for those 55 and older. D) -0.83% which is less than the cyclical unemployment rate for those 55 and older. -Refer to Table 28-5. Suppose that the natural rate of unemployment is 5% for those under 55 and 3% for those 55 and older. The cyclical unemployment rate for those under 55 is


A) 0.88% which is greater than the cyclical unemployment rate for those 55 and older.
B) 0.88% which is less than the cyclical unemployment rate for those 55 and older.
C) -0.83% which is greater than the cyclical unemployment rate for those 55 and older.
D) -0.83% which is less than the cyclical unemployment rate for those 55 and older.

E) None of the above
F) B) and C)

Correct Answer

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Not all unemployment ends with the job seeker finding a job.

A) True
B) False

Correct Answer

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The natural rate of unemployment is any type of unemployment that does not go away on its own even in the long run.

A) True
B) False

Correct Answer

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Who of the following are included in the Bureau of Labor Statistics' "employed" category?


A) certain unpaid workers
B) part-time workers
C) workers on vacation
D) All of the above are correct.

E) A) and B)
F) A) and C)

Correct Answer

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The Bureau of Labor Statistics reported in 2005 that there were 59.98 million people over age 25 whose highest level of education was a high school degree or equivalent, 36.40 million of whom were employed and 1.93 million of whom were unemployed. What were the labor-force participation rate and the unemployment rate for this group?


A) 60.7% and 3.2%
B) 60.7% and 5.0%
C) 63.9% and 3.2%
D) 63.9% and 5.0%

E) C) and D)
F) A) and C)

Correct Answer

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When a minimum-wage law forces the wage to remain above the equilibrium level, it


A) raises both the quantity of labor supplied and the quantity of labor demanded compared to the equilibrium level.
B) raises the quantity of labor supplied and reduces the quantity of labor demanded compared to the equilibrium level.
C) reduces the quantity of labor supplied and raises the quantity of labor demanded compared to the equilibrium level.
D) reduces both the quantity of labor supplied and the quantity of labor demanded compared to the equilibrium level.

E) A) and B)
F) A) and C)

Correct Answer

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Unemployment numbers reported by the Bureau of Labor Statistics are reported based on a


A) monthly survey of about 60,000 households.
B) monthly survey of about 6,000 households.
C) weekly survey of about 60,000 households.
D) weekly survey of about 6,000 households.

E) A) and B)
F) A) and C)

Correct Answer

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Amy is working part-time. Tavaris is on temporary layoff. Who is included in the Bureau of Labor Statistics' "employed" category?


A) only Amy
B) only Tavaris
C) both Amy and Tavaris
D) neither Amy nor Tavaris

E) A) and B)
F) A) and C)

Correct Answer

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Christopher is an unpaid, stay-at-home father who works as a volunteer at the local Habitat for Humanity chapter. Currently, Christopher is not looking for a paid job. The Bureau of Labor Statistics counts Christopher as


A) unemployed and in the labor force.
B) unemployed but not in the labor force.
C) in the labor force but not unemployed.
D) neither in the labor force nor unemployed.

E) None of the above
F) All of the above

Correct Answer

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The Bureau of Labor Statistics produces data on


A) unemployment.
B) types of employment.
C) length of the average workweek.
D) All of the above are correct.

E) A) and C)
F) A) and D)

Correct Answer

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Within the U.S. population, teenagers ages 16-19) have lower rates of labor-force participation than adults of prime working age ages 25-54), regardless of race or gender.

A) True
B) False

Correct Answer

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The labor-force participation rate tells us the fraction of the population that has chosen to participate in the labor market.

A) True
B) False

Correct Answer

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