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Exam 6: Wages and Unemployment

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Question 21

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The number of unemployed divided by the labor force equals the:

A) labor-force participation rate.
B) employment rate.
C) unemployment rate.
D) duration rate.

E) C) and D)
F) B) and D)

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Question 22

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Based on the labor market diagram below, if the minimum wage is increased from $10 to $12 per hour, the numbered of unemployed workers will increase by ______ workers.

A) 5
B) 8
C) 13
D) 15

E) A) and D)
F) None of the above

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Question 23

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The two most important factors contributing to increased productivity in industrialized countries in the twentieth century were:

Globalization ______ the wages of workers in the exporting industries and ______ the wages of workers in the import-competing industries.

Cyclical unemployment is:

Who from among the following would be classified as out of the labor force?

The towns of Jekyll and Hyde each have a labor force of 2,000 people.In Jekyll, 500 people were unemployed for the entire year, while the rest of the labor force was employed continuously.In Hyde, every member of the labor force was unemployed for three months and was employed for nine months.The average duration of unemployment spells over the year was ______ months in Jekyll and ______ months in Hyde.

The participation rate is the number of people:

Assume that the union wage already exceeds the market-clearing wage.If the union wage is increased, holding other factors constant, then the number unemployed ______ and the number employed _____.

Initially, workers in the shoe industry and the computer industry earn the same wage.Reductions in trade barriers give domestic consumers access to cheaper shoes produced abroad, so domestic shoe prices fall.At the same time, foreign consumers purchase more computers, raising the relative price of computers.As a result of these changes, wages in the shoe industry ______ and wages in the computer industry ______.

Who from among the following is counted as employed?

Factors increasing the U.S.labor supply and thereby contributing to the slowdown in real-wage growth that began in the 1970s include ______ and _____.

If there is a floor on wages created by a minimum wage, union contracts, or other factors, then a decline in the marginal productivity of low-skilled workers will ______ the demand for low-skilled workers and ______ the number of unemployed workers.

An increase in the price of the output produced by labor will:

If the price of tables sold by All-Oak Table Co.increases from $400 to $500, then the:

Long-term increases in productivity that have increased the demand for labor, and raised real wages, have resulted primarily from ______ and _____.

Firms will hire additional workers as long as the wage:

Data for an economy shows that the unemployment rate is 10%, the participation rate 80 percent, and 200 million people 16 years or older are not in the labor force.How many people are in the labor force in this economy?

If the price of TVs produced by XYZ-TV Company falls from $1,000 to $750 per TV set, then the:

The introduction of a new technology that increases the productivity of labor will: