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Retirees are included in the Bureau of Labor Statistics' "not in the labor force" category.

A) True
B) False

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If the wage is kept above the equilibrium level because of minimum-wage laws, then the result is unemployment; if the wage is kept above the equilibrium level for some other reason, the result need not be unemployment.

A) True
B) False

Correct Answer

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Write the formula for calculating the labor force participation rate.

Correct Answer

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Table 28-2 Labor Data for Aridia Table 28-2 Labor Data for Aridia -Refer to Table 28-2. The number of adults not in the labor force of Aridia in 2012 was A) 200. B) 1,400. C) 1,600. D) 3,000. -Refer to Table 28-2. The number of adults not in the labor force of Aridia in 2012 was


A) 200.
B) 1,400.
C) 1,600.
D) 3,000.

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

Correct Answer

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Table 28-1 Sample Population Table 28-1 Sample Population -Refer to Table 28-1. How many in the sample are unemployed? A) 5 B) 4 C) 3 D) 2 -Refer to Table 28-1. How many in the sample are unemployed?


A) 5
B) 4
C) 3
D) 2

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

Correct Answer

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Structural unemployment is often thought to explain relatively short spells of unemployment.

A) True
B) False

Correct Answer

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Three employers have justified their actions as follows. Whose logic is not consistent with the logic of efficiency wage theory?


A) Instead of spending money on an electronic timing system that monitors worker hours, Tom spends an equivalent amount of money on higher wages.
B) Dick pays his workers less than the equilibrium wage so that they will not have the time or money to look for work somewhere else.
C) Harry pays his workers in a developing country more than the going wage hoping that they will get a better diet and so be more productive.
D) None of the above is consistent with the logic of efficiency wage theory.

E) A) and B)
F) B) and D)

Correct Answer

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The natural rate of unemployment is closely associated with the short-run ups and downs of economic activity.

A) True
B) False

Correct Answer

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Most spells of unemployment are


A) long, and most unemployment observed at any given time is long term.
B) long, but most unemployment observed at any given time is short term.
C) short, but most unemployment observed at any given time is long term.
D) short, and most unemployment observed at any given time is short term.

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

Correct Answer

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Table 28-2 Labor Data for Aridia Table 28-2 Labor Data for Aridia -Refer to Table 28-2. The unemployment rate of Aridia A) increased both from 2010 to 2011 and from 2011 to 2012. B) increased from 2010 to 2011 but decreased from 2011 to 2012. C) decreased from 2010 to 2011 but increased from 2011 to 2012. D) decreased both from 2010 to 2011 and from 2011 to 2012. -Refer to Table 28-2. The unemployment rate of Aridia


A) increased both from 2010 to 2011 and from 2011 to 2012.
B) increased from 2010 to 2011 but decreased from 2011 to 2012.
C) decreased from 2010 to 2011 but increased from 2011 to 2012.
D) decreased both from 2010 to 2011 and from 2011 to 2012.

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

Correct Answer

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Suppose that the adult population in the town of Springfield is 225 million. If 40 million are unemployed and 100 million are employed, then the unemployment rate is approximately


A) 29%.
B) 18%.
C) 24%.
D) 6%.

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

Correct Answer

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Which of the following is not correct?


A) When a union is present in a labor market, wages are determined by the equilibrium of supply and demand.
B) Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market power.
C) The process by which unions and firms agree on the terms of employment is called collective bargaining.
D) Most workers in the U.S. economy are not members of a union.

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

Correct Answer

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Most economists agree that eliminating unemployment insurance would increase the nation's overall level of well­being.

A) True
B) False

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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Scenario 28-1 Suppose that the Bureau of Labor Statistics reports that the entire adult population of Mankiwland can be categorized as follows: 25 million people employed, 3 million people unemployed, 1 million discouraged workers, and 1 million people who are either students, homemakers, retirees, or other people not seeking employment. -Refer to Scenario 28-1. How many people are unemployed?


A) 1 million
B) 3 million
C) 4 million
D) 5 million

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

Correct Answer

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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.

A) True
B) False

Correct Answer

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The natural rate of unemployment


A) arises from a single problem that has a single solution.
B) is easy for policymakers to reduce.
C) Both a and b are correct.
D) None of the above is correct.

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

Correct Answer

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Efficiency wages create structural unemployment.

A) True
B) False

Correct Answer

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Table 28-7 Below is data about the labor market in the city of Productionville. Table 28-7 Below is data about the labor market in the city of Productionville. -Refer to Table 28-7. If the local government imposed a minimum wage of $5 in Productionville, how many people would be unemployed? A) 0 B) 2,000 C) 3,000 D) 5,000 -Refer to Table 28-7. If the local government imposed a minimum wage of $5 in Productionville, how many people would be unemployed?


A) 0
B) 2,000
C) 3,000
D) 5,000

E) C) and D)
F) All of the above

Correct Answer

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


A) 600 households.
B) 6,000 households.
C) 60,000 households.
D) 6,000,000 households.

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

Correct Answer

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