Show Recommended textbook solutions Principles of Economics7th EditionN. Gregory Mankiw 1,394 solutions Principles of Economics8th EditionN. Gregory Mankiw 1,335 solutions Introductory Business Statistics1st EditionAlexander Holmes, Barbara Illowsky, Susan Dean 2,174 solutions
Statistical Techniques in Business and Economics15th EditionDouglas A. Lind, Samuel A. Wathen, William G. Marchal 1,236 solutions In February 2014, the United States added 175,000 jobs to the economy. A. It must decrease, since as more jobs are added to the economy, the country's overall unemployment rate falls. Suppose that in January there were 6,000,000 workers in the labor force, with 5,604,000 employed and 396,000 unemployed, implying a 6.6 percent unemployment rate. A month later, there were 6,200,000 workers in the labor force, with 5,779,000 employed and 421,000 unemployed. (Notice the number employed went from 5,604,000 to 5,779,000, an increase of 175,000.) The unemployment rate in February is _______%
Terms in this set (33)The amount of unemployment that the economy normally experiences is known as d. the natural rate of unemployment According
to the Bureau of Labor Statistics, a husband who chooses to stay home and take care of the household is d. not in the labor force. An accountant with a CPA designation who has been unable to find work for so long that she has stopped looking for work is considered to be c. not in the labor force. Which of the following statements is true? a. Prime-age men and women tend to have similar unemployment rates. A minimum-wage law tends to b. create more unemployment in low-skill job markets than in high-skill job markets. Which one of the following types of unemployment results from the wage being held above the competitive
equilibrium wage? a. structural unemployment If, for any reason, the wage is held above the competitive equilibrium wage, c. the quantity of labor supplied will exceed the quantity of labor demanded and there will be unemployment. Which of the following is not a characteristic of minimum-wage workers?
They tend to be c. full-time. Which of the following government policies would fail to lower the unemployment rate? b. raise the minimum wage Sectoral shifts tend to raise which type of unemployment? c. frictional unemployment Which of the following is an example of a reason why firms might pay efficiency wages? e. All of the above are true. Some frictional unemployment is inevitable because c. there are changes in the demand for labor among different firms. The rest are for structural Unions might
increase efficiency in the case where they a. offset the market power of a large firm in a "company town."
Which of the following statements about efficiency wage theory is true? d. Paying above the competitive equilibrium wage may improve worker health, lower worker turnover, improve worker quality, and increase worker effort. Unions tend to increase the disparity in pay between insiders and outsiders by a. increasing the wage in the unionized sector, which may create an increase in the supply of workers in the nonunionized sector. Which
of the following types of unemployment will exist even if the wage is at the competitive equilibrium? a. frictional unemployment If unemployment insurance were so generous that it paid laid-off workers 95 percent of their regular salary, b. the official unemployment rate would probably overstate true unemployment. Because it reduces the unemployed motivation to find work or accept unattractive offers Musashi is a famous novelist. He is spending the summer at his lake house in upstate New York, doing a little writing each day but mostly spending his time gardening and reading. Employed Excluding discouraged workers from the official unemployment rate may cause the official rate to overstate/understate the true extent of underemployment. understate bc the official rate is smaller than U4 (have DW included) Between January 2012 and January 2019, U.S. employment increased by 17.3 million workers, but the number of unemployed workers declined by only 6.3 million. False A manufacturing worker who loses his job at a plant in an isolated area is more likely to experience short-term/long-term unemployment. long-term The following table shows data on frictional, cyclical, structural, and total unemployment for an economy. Frictional 3.2 True or False: This economy is currently at its natural rate of unemployment. True True Total unemployment is the sum of frictional, structural, and cyclical unemployment. If there is no cyclical unemployment, the economy is at its natural rate of unemployment, equal to the sum of frictional and structural unemployment. In this case, because cyclical unemployment is 0.0%, the economy is at its natural rate of unemployment. Suppose the world price of cotton falls substantially. The demand for labor among cotton-producing firms in Texas will decrease/ increase. The demand for labor among textile-producing firms in South Carolina, for which cotton is an input, will decrease/ increase . The temporary unemployment resulting from such sectoral shifts in the economy is best described as frictional/ cyclical / structural unemployment. decrease Frictional unemployment often results from changes in the demand for labor among firms. When the world price of cotton falls, cotton-producing firms will find it less profitable to produce cotton. As cotton-producing firms decrease production, the demand for labor with which to produce cotton decreases. Job opportunities in Texas contract. For textile-producing firms, the decrease in the world price of cotton decreases production costs. As textile-producing firms increase production, the demand for labor in South Carolina increases. Job opportunities in South Carolina expand. Workers laid off in one sector will take time to find new positions in an expanding sector. These types of sectoral shifts occur continuously in a dynamic economy, so there will always be some level of frictional unemployment. Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply. Offering recipients of unemployment insurance benefits a cash bonus if they find a new job within a specified number of weeks Taxing the price of placing a resume or posting a job opening on a job-search website Increasing the benefits offered to unemployed workers through the government's unemployment insurance program Offering recipients of unemployment insurance benefits a cash bonus if they find a new job within a specified number of weeks Unemployment benefits tend to reduce the job-search efforts of the unemployed. Workers receiving unemployment insurance generally take longer to find new work, contributing to frictional unemployment in the interim. Extending or increasing unemployment benefits will contribute to additional frictional unemployment. Note that unemployment insurance is not necessarily bad. Preventing some hardship associated with unemployment may be well worth the cost of some additional frictional unemployment. Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply. Extending the number of weeks for which unemployed workers are eligible for unemployment insurance benefits from the government Establishing government-run employment agencies to connect unemployed workers to job vacancies Improving a widely used job-search website so that it matches workers to job vacancies more effectively Establishing government-run employment agencies to connect unemployed workers to job vacancies Improving a widely used job-search website so that it matches workers to job vacancies more effectively Suppose that one day the economy opens itself to international trade and, as a result, starts importing autos and exporting aircraft. Which of the following accurately describes the effects of the shifts in demand on the
equilibrium wages in the two industries? Check all that apply. Wages in the aircraft industry would rise in the short run. Over time, new workers will move into the aircraft industry, bringing its wage down until wages are equal across the two industries Suppose that one day the economy opens itself to international trade and, as a result, starts importing autos and exporting aircraft. Which of the following accurately describes the effects of the shifts in demand on the equilibrium wages in the two industries? Check all that apply. Wages in the auto industry would fall in the short run. Wages in the auto manufacturing industry would be less than those in the aircraft manufacturing industry.=> WRONG Cyclical unemployment refers to b. short-run fluctuations around the natural rate of unemployment. Unemployment insurance increases frictional unemployment. a. True In the 1990s Ireland made unemployment benefits less generous. This change would likely have reduced c. both frictional unemployment and the natural rate of unemployment. n the 1990's Ireland made unemployment benefits less generous. This provided an incentive to workers to find a job quicker as the employment benefits were reduced. An increase in the minimum wage above the equilibrium wage b. increases structural unemployment. When a union bargains successfully with employers, in that industry, a. both wages and unemployment increase. Efficiency wages d. increase productivity but increase unemployment. Students also viewedEcon Chapter 2811 terms Panda25117 eco 111 ch 1014 terms lnemo52 Mindtap Chapter 158 terms kas2224 Econ 2826 terms vivi_ss Sets found in the same folderCH 10 & 1120 terms Crosengren1 eco 111 ch 66 terms lnemo52 eco 111 ch 1014 terms lnemo52 Chapter 10-Macro22 terms Elizabeth_Hagedorn Other sets by this creatorhist 2601 test 146 terms quizlette8300658 Cyber Security22 terms quizlette8300658 Supplier Complexity23 terms quizlette8300658 DSCI Ch. 35 terms quizlette8300658 Recommended textbook solutionsIntroductory Business Statistics1st EditionAlexander Holmes, Barbara Illowsky, Susan Dean 2,174 solutions Principles of Economics8th EditionN. Gregory Mankiw 1,335 solutions Essentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 689 solutions Principles of Economics7th EditionN. Gregory Mankiw 1,394 solutions Other Quizlet setsNURS. 104: Exam 2 (Units 6-9)198 terms mc_sehPlus Chapter 6 Lessons 1 - 3: The Colonies Unite34 terms Heather_Klim-UrbanoTeacher Biology chapters 1-438 terms Kenedy33 Ch. 5 - Mental Status Assessment39 terms efrankmann |
What impact would increased unemployment benefits have on the unemployment rate quizlet?
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