Question 1

The table shows statistics for three Canadian cities at several different points in time. What was the unemployment rate in Montreal in January 2019?

Accepted Answer

A)  8.8%
B)  6.2%
C)  93.8%
D)  5.4%E) A) and B)
F) A) and C)

Question 2

If the government increases the length and amount of unemployment benefits, the unemployment rate will most likely _____.

Accepted Answer

A)  fall, because more people will obtain jobs.
B)  fall, because more people will obtain jobs
C)  increase, because the benefits of being unemployed will rise
D)  increase, because the benefits of being unemployed will rise.
E)  stay the same, because the unemployed will not be affected.F) stay the same, because the unemployed will not be affectedG) increase, because many of the unemployed will leave the labor force.H) increase, because many of the unemployed will leave the labor forceI) D) and H)
J) A) and B)

Question 3

Which of following people can be classified as frictionally unemployed?

Accepted Answer

A)  Tex, who has returned to a full-time MBA program so that he can improve his earning potential
B)  Dorothea, who is training to be a pilot but is currently working part-time as an Uber driver
C)  Nancy, who is currently unemployed, lives in a town where telecommunications are poor, and cannot find proper information on available jobs
D)  Brandon, who has no idea what career he wants to follow and has no working experienceE) C) and D)
F) A) and B)

Question 4

Consider these four graphs of the labor market, showing four different minimum wage levels. Which graph(s)  shows a wage level where there is no unemployment?

Accepted Answer

A)  graphs A and D
B)  graph B
C)  graphs A and C
D)  graph DE) All of the above
F) B) and D)

Question 5

(Table: Employment Data)  The number of persons in the labor force is _____ million.

Accepted Answer

A)  33.
B)  33
C)  32.
D)  32
E)  31.F) 31G) 22.H) 22I) A) and G)
J) E) and F)

Question 6

David is looking for a full-time job in the insurance industry. He is able to find only a 10-hour per week job as a fill-in insurance agent. Davis can be described as:

Accepted Answer

A)  unemployed.
B)  a discouraged worker.
C)  a marginally attached worker.
D)  an involuntary part-time worker.E) A) and D)
F) All of the above

Question 7

Cyclical unemployment is a result of _____.

Accepted Answer

A)  recessions and economic downturns
B)  recessions and economic downturns.
C)  efficiency wages
D)  efficiency wages.
E)  union wagesF) union wages.G) the minimum wage.H) the minimum wageI) C) and E)
J) B) and D)

Question 8

Consider the graph of the labor market shown here. A wage rate of $25 could be an example of:
(i)  an efficiency wage.
(ii)  a minimum wage.
(iii)  a wage rate negotiated by a labor union.
(iv)  hysteresis.

Accepted Answer

A)  (ii)  and (iii)  only
B)  (iv)  only
C)  (i) , (ii) , (iii) , and (iv) 
D)  (i) , (ii) , and (iii) E) None of the above
F) A) and B)

Question 9

Suppose a labor market is described by the demand equation Qd = 35 - 2w and Qs = -10 + w, where Qd is the quantity demanded of labor, Qs is the quantity supplied of labor, and w is the wage (in dollars). Using this information, answer the following questions:
(a) What is the equilibrium wage in this market?
(b) If the government institutes a minimum wage of $16, how many people are willing to work in this market?
(c) If the government institutes a minimum wage of $16, how many people will be unemployed in this market?

Accepted Answer

Question 10

A minimum wage that is above the equilibrium wage is:

Accepted Answer

A)  an example of a price floor.
B)  an efficiency wage.
C)  a labor union negotiated wage.
D)  an unemployment benefit.E) A) and C)
F) B) and D)

Question 11

An underemployed person is one who is:

Accepted Answer

A)  employed in the underground economy.
B)  working but whose skills are not fully utilized.
C)  retired or outside of the labor force.
D)  cyclically unemployed.E) A) and B)
F) All of the above

Question 12

Refer to the following table that shows monthly data for Japan. What was the total number of people (in millions)  in the labor force in March 2017?
  Japan  Month and year  Labor force - male  (millions)   Labor force - female  (millions)   Number of  unemployed people  (millions)   January 2014 37.628.12.4 June 2015 37.728.62.2 December 2016 38.029.22.0 March 2017 37.729.01.9 December 2017 37.829.71.8{ 	ext { Japan } } \\begin{array} { | l | c | c | c | } \hline 	ext { Month and year } & \begin{array} { c } 	ext { Labor force - male } \	ext { (millions)  }\end{array} & \begin{array} { c } 	ext { Labor force - female } \	ext { (millions)  }\end{array} & \begin{array} { c } 	ext { Number of } \	ext { unemployed people } \	ext { (millions)  }\end{array} \\hline 	ext { January 2014 } & 37.6 & 28.1 & 2.4 \\hline 	ext { June 2015 } & 37.7 & 28.6 & 2.2 \\hline 	ext { December 2016 } & 38.0 & 29.2 & 2.0 \\hline 	ext { March 2017 } & 37.7 & 29.0 & 1.9 \\hline 	ext { December 2017 } & 37.8 & 29.7 & 1.8 \\hline\end{array} Japan  Month and year  January 2014  June 2015  December 2016  March 2017  December 2017 ​ Labor force - male  (millions)  ​37.637.738.037.737.8​ Labor force - female  (millions)  ​28.128.629.229.029.7​ Number of  unemployed people  (millions)  ​2.42.22.01.91.8​​

Accepted Answer

A)  66.7 million
B)  67.2 million
C)  67.5 million
D)  68.6 million E) B) and D)
F) A) and B)

Question 13

(Table: Employment Data)  The unemployment rate is _____.

Accepted Answer

A)  6.25%
B)  6.25%.
C)  6.45%
D)  6.45%.
E)  9.09%.F) 9.09%G) 9.37%.H) 9.37%I) F) and H)
J) A) and H)

Question 14

Cyclical unemployment is unemployment:

Accepted Answer

A)  due to a temporary downturn in the economy.
B)  due to the time it takes for employers to search for workers and for workers to search for jobs.
C)  that occurs because wages don't fall to bring labor demand and labor supply into equilibrium.
D)  that occurs because of seasonal changes.E) A) and B)
F) A) and C)

Question 15

Structural unemployment is unemployment:

Accepted Answer

A)  due to a temporary downturn in the economy.
B)  due to the time it takes for employers to search for workers and for workers to search for jobs.
C)  that occurs because wages don't fall to bring labor demand and labor supply into equilibrium.
D)  that occurs because of seasonal changes.E) C) and D)
F) B) and D)

Question 16

(Figure: The Minimum Wage)  Use Figure: The Minimum Wage. Which point on the x-axis would be a binding minimum wage?
​
1. B) P1 C) P2. D) P2 E) P3 F) P3. G) zero. H) zero" class="answers-bank-image d-inline" rel="preload" >

Accepted Answer

A)  P1.
B)  P1
C)  P2.
D)  P2
E)  P3F) P3.G) zero.H) zeroI) A) and F)
J) C) and G)

Question 17

Which of the following is a reason that male labor force participation has declined over the last several decades in the United States?

Accepted Answer

A)  more men opting to retire
B)  the majority of men looking for jobs outside the United States
C)  a lack of available jobs
D)  lower minimum wage ratesE) A) and C)
F) All of the above

Question 18

The table shows statistics for three Canadian cities at several different points in time. What was the number of unemployed people (in thousands)  in Montreal in January 2009?

Accepted Answer

A)  2,059.7
B)  1,878.1
C)  171.4
D)  181.6E) B) and D)
F) A) and C)

Question 19

Which of following people can be classified as cyclically unemployed?

Accepted Answer

A)  Ben, who worked in an auto assembly plant but was laid off when the company downsized due to poor market conditions
B)  Thomas, who works as an online customer service agent for a company in a different country
C)  Fred, who was fired for shirking on his job as a forklift operator
D)  Ted, who left his previous job in order to be a stay-at-home parent for three years and now needs retraining in order to have the necessary skills to secure employment in his fieldE) C) and D)
F) B) and D)

Question 20

Consider the labor market shown here. Suppose the government enacts a minimum wage of $16. Using this figure, answer the following questions:
(a) How many workers are employed after implementation of the minimum wage?
(b) How many workers are available to work after the minimum wage is implemented?
(c) After implementation of the minimum wage, does the number of workers who are willing to work increase or decrease? By how many workers?

Accepted Answer

The answer of Consider the labor market shown here. Suppose...

Exam 23: Unemployment

The table shows statistics for three Canadian cities at several different points in time. What was the unemployment rate in Montreal in January 2019?

Correct Answer
verified

A minimum wage that is above the equilibrium wage is:

Correct Answer
verified

(Table: Employment Data) The number of persons in the labor force is _____ million.

Correct Answer
verified

Cyclical unemployment is a result of _____.

Correct Answer
verified

Which of following people can be classified as cyclically unemployed?

Correct Answer
verified

(Figure: The Minimum Wage) Use Figure: The Minimum Wage. Which point on the x-axis would be a binding minimum wage?

Correct Answer
verified

The table shows statistics for three Canadian cities at several different points in time. What was the number of unemployed people (in thousands) in Montreal in January 2009?

Correct Answer
verified

Correct Answer
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(Table: Employment Data) The unemployment rate is _____.

Correct Answer
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Correct Answer
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Consider the graph of the labor market shown here. A wage rate of $25 could be an example of: (i) an efficiency wage. (ii) a minimum wage. (iii) a wage rate negotiated by a labor union. (iv) hysteresis.

Correct Answer
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Which of the following is a reason that male labor force participation has declined over the last several decades in the United States?

Correct Answer
verified

David is looking for a full-time job in the insurance industry. He is able to find only a 10-hour per week job as a fill-in insurance agent. Davis can be described as:

Correct Answer
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Consider these four graphs of the labor market, showing four different minimum wage levels. Which graph(s) shows a wage level where there is no unemployment?

Correct Answer
verified

An underemployed person is one who is:

Correct Answer
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Structural unemployment is unemployment:

Correct Answer
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Cyclical unemployment is unemployment:

Correct Answer
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Which of following people can be classified as frictionally unemployed?

Correct Answer
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Correct Answer
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If the government increases the length and amount of unemployment benefits, the unemployment rate will most likely _____.

Correct Answer
verified

Exam 23: Unemployment

The table shows statistics for three Canadian cities at several different points in time. What was the unemployment rate in Montreal in January 2019?

Correct AnswerverifiedShow Answer

A minimum wage that is above the equilibrium wage is:

Correct AnswerverifiedShow Answer

(Table: Employment Data) The number of persons in the labor force is _____ million.

Correct AnswerverifiedShow Answer

Cyclical unemployment is a result of _____.

Correct AnswerverifiedShow Answer

Which of following people can be classified as cyclically unemployed?

Correct AnswerverifiedShow Answer

(Figure: The Minimum Wage) Use Figure: The Minimum Wage. Which point on the x-axis would be a binding minimum wage? ​

Correct AnswerverifiedShow Answer

The table shows statistics for three Canadian cities at several different points in time. What was the number of unemployed people (in thousands) in Montreal in January 2009?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

(Table: Employment Data) The unemployment rate is _____.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Consider the graph of the labor market shown here. A wage rate of $25 could be an example of: (i) an efficiency wage. (ii) a minimum wage. (iii) a wage rate negotiated by a labor union. (iv) hysteresis.

Correct AnswerverifiedShow Answer

Which of the following is a reason that male labor force participation has declined over the last several decades in the United States?

Correct AnswerverifiedShow Answer

David is looking for a full-time job in the insurance industry. He is able to find only a 10-hour per week job as a fill-in insurance agent. Davis can be described as:

Correct AnswerverifiedShow Answer

Consider these four graphs of the labor market, showing four different minimum wage levels. Which graph(s) shows a wage level where there is no unemployment?

Correct AnswerverifiedShow Answer

An underemployed person is one who is:

Correct AnswerverifiedShow Answer

Structural unemployment is unemployment:

Correct AnswerverifiedShow Answer

Cyclical unemployment is unemployment:

Correct AnswerverifiedShow Answer

Which of following people can be classified as frictionally unemployed?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

If the government increases the length and amount of unemployment benefits, the unemployment rate will most likely _____.

Correct AnswerverifiedShow Answer

Correct Answer
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(Figure: The Minimum Wage) Use Figure: The Minimum Wage. Which point on the x-axis would be a binding minimum wage?

Correct Answer
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Correct Answer
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