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Questions and Answers
(1071 solutions)

The three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics.

Identify each person in the table as structurally, frictionally, or cyclically unemployed.

Unemployment Type	Structural	Frictional	Cyclical
Lucia is a real estate agent. House sales in her area have declined because the region has been going through a recession. She has no clients and is currently looking for a new full-time job.
Eric recently lost his job as a delivery driver. Minimum-wage legislation keeps employers from adding more of the low-skill positions for which he qualifies, so he has been unable to find work.
Ginny just moved with her husband to Bismark, North Dakota. She's looking for a job as a judicial clerk.

The following table presents data on frictional, cyclical, structural, and total unemployment for an economy.

Unemployment Type	Rate
Unemployment Type	(Percent)
Frictional	3.0
Cyclical	0.0
Structural	1.0
Total unemployment	4.0

True or False: This economy is not currently at its natural rate of unemployment.

True

False

The three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics.Identify each person in the table as structurally, frictionally, or cyclically unemployed.Unemployment TypeStructuralFrictionalCyclicalLucia is a real estate agent. House sales in her ar...

Posted by Cleveland on September 9, 2024

Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply.

They have not looked for a job in 4 weeks (or longer), but they would like a job and are available for work.

They are dissatisfied with their current jobs and are considering quitting.

They are full-time workers who would like to work only part-time.

They have given up on looking for a job.

The following table contains U.S. employment information from August 2018.

Civilian Population	Employed	Unemployed	Discouraged
(Persons 16 years old and over)	(Persons)	(Persons)	(Persons)
258,066,000	155,604,000	6,197,000	434,000

The Bureau of Labor Statistics has several measures of joblessness in addition to the official unemployment rate. One alternative is the U-4 measure of labor underutilization, which is calculated as follows:

U-4

=

100 \times \frac{Unemployed + Discouraged}{Labor Force + Discouraged}

Fill in the following table by calculating the official unemployment rate and the U-4 measure of labor underutilization.

Official Unemployment Rate	U-4 Measure of Labor Underutilization
(Percent)	(Percent)

The official unemployment rate and the U-4 measure of labor underutilization are two different measures of joblessness in the economy.

If the Bureau of Labor Statistics were to include discouraged workers in the official unemployment rate, the reported unemployment rate would .

Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply.They have not looked for a job in 4 weeks (or longer), but they would like a job and are available for work.They are dissatisfied wit...

Posted by Cleveland on September 9, 2024

. Measuring employment, unemployment, and labor force participation

Consider a tiny hypothetical economy composed entirely of the following people: Nick, Rosa, Tim, Alyssa, Crystal, and Brian. Each person's employment status is given in the following table.

Based on the criteria used by the Bureau of Labor Statistics (BLS), identify each person’s status as employed, unemployed, “not in the labor force” (if not in the civilian labor force but still part of the adult population), or “not in the adult population” if not in the civilian adult population.

Person	Status
Nick is a 75-year-old professor. He teaches only one or two courses a year, but still publishes research at a productive rate.
Rosa is a 40-year-old steelworker who was just laid off by her employer. She is trying to find any kind of job to help make ends meet.
Tim is a 48-year-old accountant who has been out of work for almost a year. He became so discouraged that he gave up on his job search a couple of months ago.
Crystal is a 26-year-old who lost her job as a copy editor for a local newspaper. She has spent the past few weeks out of work and interviewing for other editing jobs. She is thinking about going back to grad school if her job search doesn't succeed after a few more weeks.
Brian is a 17-year-old who just graduated from high school. He is taking it easy this summer, relaxing by the pool with his friends and family, and volunteering part-time at the local nursing home.
Alyssa is a 13-year-old student at Moutain River Middle School. She babysits her younger siblings and does other chores, so her parents give her an allowance of $20 per week.

Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS.

Labor Force Participation Rate

=

According to this formula, what is the labor force participation rate of this economy of six people?

20%

60%

66.67%

200%

Complete the right half of the following equation to reflect the unemployment rate reported by the BLS.

Unemployment Rate

=

According to this formula, what is the unemployment rate of this economy of six people?

20%

60%

66.67%

200%

Posted by Cleveland on September 9, 2024

If unemployment insurance were so generous that it paid laid-off workers 95 percent of their regular salary, _______.

a. the official unemployment rate would probably understate true unemployment

b. the official unemployment rate would probably overstate true unemployment

c. there would be no impact on the official unemployment rate

d. frictional unemployment would fall

e. none of the answer choices are correct

b. the official unemployment rate would probably overstate true unemployment...

Posted by Cleveland on September 9, 2024

Which of the following types of unemployment will exist even if the wage is at the competitive equilibrium?

a. Frictional unemployment

b. Structural unemployment

c. Unemployment due to efficiency wages

d. Unemployment due to unions

...

Posted by Cleveland on September 9, 2024

Unions tend to increase the disparity in pay between insiders and outsiders by _______.

a. decreasing the supply of workers in the unionized sector

b. increasing the demand for workers in the unionized sector

c. increasing the wage in the unionized sector, which may create a decrease in the supply of workers in the nonunionized sector

d. increasing the wage in the unionized sector, which may create an increase in the supply of workers in the nonunionized sector

...

Posted by Cleveland on September 9, 2024

Which of the following statements about efficiency wage theory is true?

a. Paying the lowest possible wage is always the most efficient (profitable).

b. Paying above the competitive equilibrium wage may improve worker health, lower worker turnover, improve worker quality, increase worker effort, and increase worker morale.

c. Paying above the competitive equilibrium wage tends to cause workers to shirk their responsibilities.

d. Firms do not have a choice about whether they pay efficiency wages or not because these wages are determined by law.

...

Posted by Cleveland on September 9, 2024

Unions might increase efficiency in the case where they _______.

a. offset the market power of a large firm in a "company town"

b. threaten a strike but don't actually follow through, so there are no lost hours of work

c. lower the wage of local outsiders

d. raise the wage for insiders above the competitive equilibrium

...

Posted by Cleveland on September 9, 2024

Some frictional unemployment is inevitable because _______.

a. efficiency wages may hold the wage above the equilibrium wage

b. of minimum-wage laws

c. there are changes in the demand for labor among different firms

d. of unions

e. all of the answer choices

c. there are changes in the demand for labor among different firms...

Posted by Cleveland on September 9, 2024

Which of the following is an example of a reason why firms might pay efficiency wages?

a. At equilibrium wages, workers often quit to find better jobs.

b. At equilibrium wages, workers shirk their duties when the boss is not looking because workers are not deeply concerned about being fired.

c. At equilibrium wages, only minimally qualified workers apply for the job.

d. At equilibrium wages, worker morale is low because workers feel that they are not being treated fairly by the profitable firm.

e. All of the answer choices are correct.

...

Posted by Cleveland on September 9, 2024

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. Measuring employment, unemployment, and labor force participation

Questions and Answers
(1071 solutions)