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Exam 15: Unemployment

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Question 141

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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.

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Question 142

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Over the past several decades, the difference between the labor-force participation rates of men and women in the U.S. has

A) gradually increased.
B) remained constant.
C) gradually decreased.
D) been eliminated.

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Question 143

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Efficiency wages

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

Minimum-wage laws and unions are similar to each other but different from efficiency wages in that minimum-wage law and unions

Which of the following is correct?

Cyclical unemployment refers to the year-to-year fluctuations in unemployment around its natural rate.

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When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the result is a

The deviation of unemployment from its natural rate is called

Table 15-2 2009 Labor Data for Baltivia $\begin{array}{|l|l}\hline \text { Number of adults } & 20,000 \\\hline \text { Number of adults who are paid employees } & 8,000 \\\hline \text { Number of adults who work in their own businesses } & 1,600 \\\hline \text { Number of adults who are unpaid workers in a family member's business } & 1,000 \\\hline \text { Number of adults who were temporarily absent from their jobs because of an earthquake } & 400 \\\hline \text { Number of adults who were waiting to be recalled to a job from which they had been laid off } & 200 \\\hline \begin{array}{l}\text { Number of adults who do not have a job, are available for work, and have tried to find a job } \\\text { within the past four weeks }\end{array} & 1,400 \\\hline \begin{array}{l}\text { Number of adults who do not have a job, are available for work, but have not tried to find a job } \\\text { within the past four weeks }\end{array} & 780 \\\hline \text { Number of adults who are full-time students } & 3,000 \\\hline \text { Number of adults who are homemakers or retirees } & 3,620\end{array}$ -Refer to Table 15-2. How many adults were not in Baltivia's labor force in 2009?

Sectoral shifts in demand for output

According to the theory of efficiency wages, if a firm stops paying efficiency wages it is likely to see

Measuring unemployment is the job of the Bureau of Labor Statistics, which is part of the U.S. Department of Commerce.

Table 15-4 $\begin{array}{|l|l|}\hline \text { Civilian labor force } & 100 \text { million } \\\hline \text { Persons unemployed } 15 \text { weeks or longer } & 1.6 \text { million } \\\hline \text { Job losers and persons who have completed temporary jobs (excludes job leavers) } & 3.1 \text { million } \\\hline \text { Total unemployed } & 6.2 \text { million } \\\hline \text { Total unemployed plus discouraged workers } & 7.0 \text { million } \\\hline \text { Total unemployed plus all marginally attached workers } & 8.1 \text { million } \\\hline \begin{array}{l}\text { Total unemployed plus all marginally attached workers plus total employed part-time for } \\\text { economic reasons }\end{array} & 9.2 \text { million } \\\hline\end{array}$ -Refer to Table 15-4. What is the U-3 measure of labor underutilization?

Which of the following is correct?

To be counted as employed in the U.S. labor force statistics a person

The labor-force participation rate measures the percentage of the

Suppose that because of the popularity of the low-carb diet, bakeries need fewer workers and steak houses need more workers. The unemployment created by this change is

Some individuals would like to have a job, but they have given up looking for a job after an unsuccessful search. These individuals are called