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Exam 11: Unemployment and Labor Force Participation

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Question 71

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The labor force consists of all of the adult, noninstitutionalized civilians in a nation.

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Question 72

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Most economists argue against increases in the minimum wage as a way to help the poor. Explain why most economists do not favor increases in the minimum wage to raise the living standards of low-income households.

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Increases in the minimum wage raise the ...

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Question 73

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Use the following to answer questions: Table: Employment, Unemployment, and Labor Force Participation $\begin{array} { l r r } \hline \text { Year } & \mathbf { 2 0 0 9 } & \mathbf { 2 0 1 0 } \\\hline \text { Population } & 380 \text { million } & 400 \text { million } \\\text { Adults in labor force } & 255 \text { million } & 260 \text { million } \\\text { Adults not in labor force } & 78 \text { million } & 80 \text { million } \\\text { Employed workers } & 245 \text { million } & 247 \text { million } \\\hline\end{array}$ -(Table: Employment, Unemployment, and Labor Force Participation) Refer to the table. What is the employment rate of the country in 2009?

Both structural and frictional unemployment occur in the absence of cyclical unemployment.

If the equilibrium wage is $9 in the market for hotel workers and $8 in the market for restaurant workers and both markets have similar elasticities of labor supply and demand, then a minimum wage of $10 in both markets will:

What would you expect to happen to the unemployment rate during a recession? How about the natural rate of unemployment?

When the unemployment rate is equal to the natural rate, frictional and structural unemployment are zero.

Which of the following is NOT a reason the unemployment rate is considered to be an incomplete indicator of the overall health of the labor market?

What population categories go into the formula for the unemployment rate?

Employment-at-will tends to raise the unemployment rate.

Higher unemployment benefits tend to:

When it occurs at the industry level, Joseph Schumpeter's "creative destruction" results in:

The unemployment rate tends to move inversely with real GDP growth in an economy.

Structural unemployment is a more serious problem in Western Europe than in the United States, primarily because of more generous unemployment benefits, stronger union presence, and employment protection laws in Western Europe.

During recessions the unemployment rate:

The persistent, long-term unemployment caused by long-lasting shocks or permanent features of an economy is called:

If the adult population is 200 million, and 100 million are working and 10 million are actively looking for a job, but not working, what is the unemployment rate? What is the labor force participation rate?

Which of the following does NOT explain persistently higher unemployment in Europe than in the United States?

Which of the following would NOT be counted as employed?

If the adult population of a country is 200 million, 100 million are employed, and 10 million are unemployed, this country's labor force participation rate is: