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For the questions below, assume the following: The non-institutional civilian population is 400 million, of which 200 million are employed and 16 million are unemployed. .
Based on the data above, the unemployment rate is: 4% 5% 7.4% 8% none of the above.
Based on the data above, the labor force participation rate is: 8%. 40%. 50% 54% none of the above.
Which of the following individuals would be considered unemployed? an
individual who works only part-time an individual who is not working and is not looking for work an individual who works full-time in a family business, but is not paid all of the above none of the above.
Which of the following variables is most directly determined in the labor market? interest rates nominal wages stock prices all of the above none of the above .
The reservation wage is the wage offer that will end a labor-strike. the lowest wage firms are allowed by law to pay workers.
the wage that ensures a laid-off individual will wait for re-hire, rather than find another job the wage that an employer must pay workers to reduce turnover to a reasonable level none of the above.
Efficiency wage theory suggests that: firms will be more resistant to wage increases as the labor market tightens. the government can only set tax rates so high before people will prefer not to work. unskilled workers will have a lower turnover rate than skilled workers. workers will be paid less
than their reservation wage. productivity might drop if the wage rate is too low.
If efficiency wage theory is valid, we would expect a relatively low premium over the reservation wage when: workers have few other options for employment in the area the unemployment rate is low workers can be easily monitored. the job requires very little training. all of the above .
In the wage-setting relation, the nominal wage increases when the price level rises unemployment benefits fall minimum wage
falls. the unemployment rate rises all of the above .
In the wage setting relation W = PeF(u,z), the variable z includes which of the following variables? the amount of structural change in the economy the minimum wage unemployment benefits all of the above none of the above.
Labor productivity is represented by which of the following? the ratio of output to employment the ratio of output to the labor force the ratio of output to population capital per worker workers per unit of
capita.
The natural rate of unemployment is the rate of unemployment that occurs when the money market is in equilibrium that occurs when both the goods and financial markets are in equilibrium that occurs when the markup of prices over costs is zero where the markup of prices over costs is equal to its historical value none of the above .
The natural level of output is the level of output that occurs when the economy is operating at the unemployment rate consistent with both the
wage-setting and price-setting equations the unemployment rate is zero. the goods market and financial markets are in equilibrium. the markup (m) is zero. there are no discouraged workers in the economy.
The natural level of employment will decrease when which of the following occurs? a reduction in unemployment benefits a reduction in the actual unemployment rate a reduction in the markup of prices over costs all of the above none of the above .
An increase in the unemployment rate will
tend to cause which of the following? a reduction in the separation rate an increase in the duration that one is unemployed an increase in the quit rate none of the above .
When the unemployment rate is low, we would expect that: the separation rate will increase the probability of losing a job is high the probability an unemployed individual will find another job is low the probability of losing a job is low. .
Based on wage setting behavior, we know that a reduction in the unemployment
rate will cause: a reduction in the real wage an increase in the real wage an upward shift of the WS curve no change in the real wage.
An increase in unemployment insurance will tend to cause which of the following? an upward shift in the WS curve a downward shift in the WS curve an upward shift in the PS curve a downward shift in the PS curve none of the above .
A reduction in the minimum wage will tend to cause which of the following? an upward shift in the WS curve a downward shift in
the WS curve an upward shift in the PS curve a downward shift in the PS curve none of the above .
Assume product markets less competitive in the U.S. Given this information, we would expect to observe which of the following? an upward shift in the WS curve a downward shift in the WS curve an upward shift in the PS curve a downward shift in the PS curve none of the above .
Based on our understanding of the labor market model presented in Chapter 6, we know that an increase in the minimum
wage will cause: an increase in the equilibrium real wage. a reduction in the equilibrium real wage. a reduction in the natural rate of unemployment. both B and C.
For this question, assume that Y = N. Based on our understanding of the labor market model presented in Chapter 6, we know that an increase in the minimum wage will cause: an increase in the natural level of output. a reduction in the natural level of output. no change in the natural level of output. an increase in the natural
level of employment. .