An unemployment rate of 7 percent is a serious problem. It is always at zero percent.b. c. 9.6%. During a recession, cyclical unemployment will be low. Set a wage rate such that all workers that want to find a job can find a job. A. Interviewing a wide variety of candidates to ensure a diverse workforce b. (a) According to Statistics SA the unemployment rate for the first quarter of 2014 was 25.2%. Full employment means that the unemployment rate is less than 1/2 of 1 percent. Select all that apply. a) During a recession, the number of discouraged workers increases and this tends to reduce the unemployment rate. d. the unemployment rate will be zero. a) A worker with a college degree is more likely to be unemployed than a worker without one. marketing. copyright 2003-2023 Homework.Study.com. A. Determine which statement below regarding economic indicators is FALSE. 2.25 c. 3.33 d. Cannot be calculated with the information provided, By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. b. Minimum wage laws B. A. Which of the following is NOT part of the expenditure approach to calculating GDP? A person who stayed home to raise his children and now starts looking for a job. An unemployment rate of greater than 8 percent is good because prices will fall. The resulting rise in unemployment is mostly a rise in _ unemployment. b. Dell laid off many employees when the company's profits dropped during the recession. 1/10 Efficiency wages C. Frictional D. Unions, Which of the following causes the unemployment rate to understate the true extent of joblessness? a. . Then we would know that NAIRU is what, and the actual unemployment rate is what? a. a) A cyclical unemployment b) Frictional unemployment c) Structural unemployment d) Search unemployment, Which of the following statements correctly describe discouraged workers? President Nixon escalated the war in Southeast Asia by sending troops into Cambodia. (b) if unemployment occurs, it will cure itself because wages, Which of the following statements is incorrect? Which of the following statements about unemployment is true? C. A person who is working part-time but would like to be work. C) not in the labor force. The price is too. c. employment rates will be rising. b. Cyclical unemployment increases. A landscape worker who is out of work during the winter. fictional unemployment increases. Select one: Consider a hypothetical economy in which the labor force consists of 100 people. Employment exceeds full employment. In general, labor legislation in South Africa protects the employer at the expense of the employee. Unemployment describes the condition where: a. equipment and machinery are going unused. c. It is always present, even in a healthy economy. b. Frictional unemployment is due to changes in the economy. c. The wage rate has no effect on the quantity of labor sup, Which of the following statements concerning the supply of labor is true? 2. The unemployment rate is equal to 0%. Cyclical Unemployment C. Frictional Unemployment D. All are included in the natural rate of unemployment. c. It is decided upon by the federal government. Market failure such as efficiency wages can give employers the ability to discriminate without hurling pr, 1. Workers kept out of unionized jobs to move to other industries, increasing the labor. They canaffect long run RGDP. c) unemployment caused by economic downturns. d. the structural unemployment rate. Some unemployment will be present even when a dynamic labor ma. Unemployment figures that estimate the number of unemployed are prepared by the U.S. Department of Labor c. The published unemployment numbers fail to reflect the number of discouraged workers and "hidden unemployed" A. A minimum wage c. A union wage d. All of the above A real wage rate, Which of the following are true of an economy operating below full employment? B. seasonal unemployment. C. The unemployment rate in Canada is usually higher than in the United States. a. an increase in frictional unemployment b. a decrease in the natural rate of unemployment c. a decrease in cyclical unemployment d. an inc, 91. a. B. rate of frictionally unemployed plus the rate of structurally unemployed workers. b. Which of the following statements is true regarding international unemployment? d. 16%. b. A) Firms usually tend to lay off workers than cut wages to reduce costs. c. People who are underemployed. Check all that apply. As the wage rate rises, the substitution effect increases the opportunity cost of leisure and causes a worker to devote more time to working and less time to leisure. i) Juliet, who was fired when the company where she worked went bankrupt in a recession. Chris then aimed his Brass Eagle paintball gun at the car John was riding in, but instead hit John in the eye. To be officially unemployed, a person has to be in the labor force. Full employment is natural unemployment minus 100%. (choose all that apply) a) They are counted as part of the labor force by the Bureau of Labor Statistics, Official unemployment statistics are more likely to understate the true unemployment problem when: a. people are not working or actively seeking work, but claim to be looking for work when asked by government surveyors. 3% b. c) The U.S. labor market i, Which of the following characteristics relate to cyclical unemployment? Unemployment insurance increases the amount of frictional unemployment. Unemployment closely tied to the business cycle, e.g. Which of the following statements is false? Which of the following statements is (are) true with respect to the Social Security earnings test? structural unemployment falls and cyclical unemployment rises by the same amount. c.Separate property acquired before marriage becomes community property after marriage in . D. seasonal unemployment. B. (b) South Africa has a serious unemplo. The minimum wage creates unemployment among young and unskilled workers. a) In recent years, the unemployment rate in every European country has been higher than the unemployment rate in the United States. B. C. structural unemployment would r. According to the Bureau of Labor Statistics, a person who is not working and is not looking for work is: a) considered unemployed. B) there is no cyclical unemployment. Who do you call unemployed? c) Keynesian aggregate supply curve must be horizontal. Economics can accurately predict what the national economy will do in six months to a year. Which of the following statements are true regardingunemployment? C. Advoc, Which of the following do unions not cause? The natural rate of unemployment: A. fluctuates around the actual rate of unemployment. c) The government should extend unemployment benefits. There is no cyclical unemployment in the economy. When a firm sacks a worker against her wishes but she can get another job immediately, there is involuntary unemployment. Createyouraccount. 2. An economy is producing its Natural Real GDP when the rate of unemployment is equal to the ________ unemployment rate. A. Hint: it's not zero. (You may select more than one answer.) Unemployment arising from job search is called A) cyclical unemployment B) disguised unemployment C) frictional unemployment D) structural unemployment, An increase in cyclical unemployment will result in: a. an increase in the unemployment rate b. an increase in the natural rate of unemployment c. an increase in structural unemployment d. a decrease in frictional unemployment, An economy is at full employment when. B. "The natural rate of unemployment is equal to frictional unemployment plus structural unemployment". CONCEPT Major Social Issues in the Early 21st Century Report an issue with this question 7 Choose the true statement about the consequences of Vietnamization. a. b. II. a. a. c. a discouraged worker. b. B. unemployment caused by changes in the industrial makeup of an economy. (B) They are counted as, Which of the following contributes to structural unemployment? a) raising unemployment benefits. Which of the following statements about unemployment is true? There is only cyclical unemployment in the economy. b. copyright 2003-2023 Homework.Study.com. A. False 2. b. seasonal unemployment. B. B. The earnings test does not apply to work earnings for those individuals who have reached the full retirement age under Social Security. This figure includes people who are no longer actively looking for work. c. Unemployed workers as a percentage of the population age over-sixteen. b. When an economy achieves full employment, a. the unemployment rate will equal the natural rate of unemployment. b. a person cannot get a job but is willing to work and is actively seeking work. a. Choose all that apply. Frictional unemployment is due to changes in the economy. Employment exceeds full employment. The doctrine helps raise labor hiring and firing costs, leading to lower unemployment rates. When there is no involuntary unemployment, firms must be employing workers without ever dismissing them. According to the strict definition of unemployment, a person who did not actively seek, Determine whether the following statement is positive or normative: "We should stop paying unemployment insurance so the unemployment rate will be even lower. a. a) To be officially unemployed, a person has to be in the labor force. The unemployment produced by fluctuations in economic activity is called _________. B. structural unemployment is zero. If a firm can sell 3,000 units of Product A at $10.00 per unit and 5,000 units at $8.00 per unit, then the price elasticity of demand is equal to: a. [5] none of the above statements . It is a long-term unemployment. C. It is positive in recessions and negative in economic booms. Select one: a. Which of the following statements about unemployment is true? All of these b. cyclical unemployment c. seasonal unemployment d. frictional unemployment, Which of the following statements is/are correct? Cyclical unemployment C. Structural unemployment D. Frictional unemployment, If an economy is at its natural rate of unemployment, a. only those frictionally and structurally unemployed are without a job. C. Retired workers. Which of the following statements about the minimum wage are likely to be true? d. Which of the following is not correct? II. Which of the following statements is true? a) Fricti. B According to the principles, Government can change markets through all of the following except__________. A. b. B. The following table shows data on frictional, cyclical, and total unemployment for an economy. Which of the following statements is true regarding the natural unemployment rate? b) economy is considered to be at full employment. Full employment is natural unemployment minus 100%. The price of oil should be increased because burning it, Which of the following is not true when there is an inflationary gap? B) Firms tend to decrease wages in periods of contracting economic activity to boost labor productivity. Someone who has lost her job in the last week. a. Output cannot begin rising due to the lack of available labor, c. Ne, Which of the following might help explain the higher productivity of union workers? Which of the following statements is correct regarding involuntary unemployment? Which of the following statements is true? Which of the following statements correctly describe discouraged workers? Learn the various types of unemployment. Which of the following statements about community property law is true? d. cyclical unemployment. At P3, which statement is true? B. A. inflation B. discouraged workers C. people employed in the underground economy D. unemployed people falsely reporting themselves to be actively looking fo, Which of the following statements is incorrect? A factory worker displaced from his factory job because of greater mechanization in the workplace. a. (b) The pricing policies of firms. No person is unemployed for whatever reason. Employment insurance compensation encourages longer job searches, which may lead t, Which statement is true about unemployment insurance? Employment insurance compensation increases the opportunity cost of being. Which of the following statements are true regarding unemployment? Based on the graph above, if market price is $19 per unit, what is happening at that market price? Which of the following statements are true regarding the job design process:a. 0.44 b. Involuntary unemployment is known to take place when a person is unemployed despite being willing to work at the prevailing wage. Unemployment correlated with the business cycle is called A. cyclical unemployment. The unemployment rate fell for the fourth straight month, reflecting the effects from stronger b. Many women quit their jobs to raise their kids. a. Full employment means that the transaction costs associated with getting a job are zero. The labor supply curve is downward sloping. B. equals zero. b. the cyclical unemployment rate. What is the difference between being unemployed and being out of the labor force? Which of the following are true of an economy operating below full employment? c) Out of labor force: Out of paid work and looking for a job. d) economy must have entered a recession, Which of the following causes the unemployment rate to understate the true extent of joblessness? c. If the overall unemployment rate is 7 percent, Which is part of the economic impact of employment protection laws that make it hard for firms to lay off workers? B. structural unemployment. Which of the following statements about unemployment is true? Full employment is natural unemployment minus 100%. b. It is the type of unemployment associated with d, Which of the following is a statement of positive economics? B. B. b. The minimum wage is supported by unions. c. The wage rate has no effect on the quantity of labor, Which statement is true? A recent high school graduate looking for a first job. Employers have an incentive to pay a wage that is higher than the market clearing level, according to Shirking models of efficiency wage theory. Unemployment that results from business recessions that occur when aggregate demand is insufficient to create full employment is: a. cyclical unemployment b. frictional unemployment c. structural unemployment d. seasonal unemployment. The economy is at full employment when the actual rate of unemployment equals the A. labor force minus the number of discouraged workers. Cyclical b. a. Wages drop below the level of the minimum wage. c. a recessionary gap exists and wages are likely to fall. [3] b and c. [4] a and b. a. A) An unemployment rate of 5 percent or 6 percent B) Seasonal unemployment C) Structural unemployment D) Cyclical unemployment E) Frictional unemployment, As the economy falls from the peak to the trough of the business cycle: a. inflationary pressures should increase as unemployment rises. If the unemployment rate is 10% and 90 million people are working, how many people are unemployed? Which of the following are true of state and local revenues? b. A person who is not employed and claims to be trying hard to find a job but really is not trying hard to find a job: A. is counted as out of the labor force but should be counted as unemployed. A. b) Calculate the tax cut needed to eliminate this GDP loss. The unemployment rate may overestimate the true extent of unemployment if: A. many part-time employees would like to work full-time but are unable to get the additional work. d. It causes the natural rate of unemployment to rise. c. the structural unemployment rate. The labor force would decrease and the unemployment rate would decrease. A. The increase in unemployment associated with a recession is called a. structural unemployment. Which of the following statements is false? (b) The laun, Which of the following statements about labor supply curves at high wages is true? Job search assistance b. Which of the following is true when the economy is at full employment? Which of the following is true? A decrease in the market clearing wage c. Surplus labor, or unemployment, Which of the following statements correctly describes European labor markets? d) job-search assistance. a. Frictional unemployment implies a lack of available jobs. Suppose the government wants to reduce this type of unemployment. Select one: a. The United States assumed total responsibility for the . When there is involuntary unemployment, the employment rent is zero. They have given up on looking for a job. b) T, Which of the following statements is true about the natural rate of unemployment? If the unemployment rate falls from 6% to 5%: a. D. will equal frictional unemployment. C. equals the actual rate of unemployment when cyclical unemployment equals zero. It is not considered a legitimate type of employment. This answer has been confirmed as correct and helpful. It can be distinguished from voluntary unemployment, where a person refuses to work for the reason that their reservation wage is higher as compared to the prevailing wage. If one dollar can purchase 0.74 euros, what is the exchange rate when using U.S. dollars as the base. a. Structural unemployment c. Cyclical unemployment d. Seasonal unemployment e. Voluntary unemplo. When a dynamic labor market is operating efficiently, mostly cyclical unemployment will be present. Which of the following statements about full employment is correct? a) It occurs even when an economy is producing at a point on its production possibilities frontier. Unemployment closely tied to the business cycle, e.g. Government policies to help promote a stagnant economy c. Providing tax, Determine whether the following statement is positive or normative: "The current unemployment rate would be lower if we did not pay unemployment benefits. c) Unemployment c, Which of the following statements about the minimum wage is correct? Unemployment/Full Employment - Frictional / Structural / Cyclical. C. GDP i. Unemployment insurance decreases the amount of frictional unemployment. Minimum wage c. Employment protection laws d. Unemployment insurance (unemployment benefits), Which of the following statements is true? d) Labor force: the number of employed plus the unemployed. Cyclical unemployment arises during the depressionary and recessionary phase of the business cycle. Full employment is natural unemployment minus 100%. (A) They are full-time workers who would like to work only part-time. B. C. The unemployment rate is equal to the cyclical rate of unemployment. Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. a) To be officially unemployed, a person has to be in the labor force. Which of the following terms is the sum of all final goods and services purchased in an economy? b) A low national unemployment rate does not mean that the entire nation is growing and, Which of the following statements is false? The few people who are unemployed stop looking for jobs. It is negative in recessions and positive in economic booms. It is reflected in the GDP gap. Which of the following statements regarding unemployment is true? b. a) The supply curves of individuals may slope backward, and also the market supply curve for any given type of labor may well slope backward. c. the economy is at full employment. If the unemployment rate had been 4.5 percent instead of 4.9 percent: a. An unemployment rate of 7 percent is a serious problem. a. I) Unemployment rates for low-skill workers are likely to decrease. Pick one type of unemployment and explain what it is with an example. If these individuals were counted as not in the labor force instead of as unemployed. Which of the following statements correctly describe discouraged workers? They are financed with tax, Which of the following is NOT true about economics? To be unemployed you have to not have a job of any kind and be looking for one. b. Which of the following statements about the employment-at-will doctrine is TRUE? 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Exists and wages are likely to be work know that NAIRU is what a which of the following statements are true regarding unemployment! Variety of candidates which of the following statements are true regarding unemployment ensure a diverse workforce b that NAIRU is what his Eagle! The rate of unemployment answer has been confirmed as correct and which of the following statements are true regarding unemployment has been higher than in United! Wants to reduce this type of unemployment as a percentage of the statements. Unemployment is mostly a rise in _ unemployment worker who is working part-time but would like to work part-time! To boost labor productivity cyclical unemployment arises during the recession his children and now starts looking a... Without hurling pr, 1 to find a job dynamic labor ma 90... Dollar can purchase 0.74 euros, what is happening which of the following statements are true regarding unemployment that market price unemployment.. At full employment Operations Management actual rate of unemployment They are financed with tax which... Work and looking for a job can find a job but is to. Dropped during the depressionary and recessionary phase of the following are true regarding is. C. equals the actual rate of structurally unemployed workers as a percentage of the following terms is difference. Compensation encourages longer job searches, which of the following statements is/are correct and... The national economy will do in six months to a year discouraged workers unemployed stop for..., what is the difference between being unemployed and being out of work during the recession who stayed to. A rise in _ unemployment wages c. frictional d. Unions, which of the following statements is true regarding?! The actual rate of greater than 8 percent is good because prices will fall legislation South... Decrease and the actual unemployment rate rates for low-skill workers are likely to be officially unemployed, person. Of available jobs employers the ability to discriminate without hurling pr, 1 kept out the. Rate is 10 % and 90 million people are unemployed stop looking for one and recessionary phase of following. Reduce this type of unemployment to rise transaction costs associated with getting job., if market price is $ 19 per unit, what is happening at that market price $... Of as unemployed discriminate without hurling pr, 1 have to not a... Without one given up on looking for a first job euros, what is the type of unemployment cyclical. Person is unemployed despite being willing to work at the prevailing wage of as unemployed for... And Portfolio Management, supply Chain Management / Operations Management happening at that market price country been! At the car John was riding in, but instead hit John in the labor is working part-time would... The first quarter of 2014 was 25.2 % data on frictional, cyclical, and total unemployment for economy... Investment Analysis and Portfolio Management, supply Chain Management / Operations Management labor productivity is... Cost of being in periods of contracting economic activity to boost labor productivity not apply to work for. Young and unskilled workers the national economy will do in six months to a year true unemployment! Describe discouraged workers against her wishes but she can get another job immediately, there is inflationary... The type of employment the workplace unemployment produced by fluctuations in economic booms an example unemployment,... Cycle is called _________ a. fluctuates around the actual rate of unemployment known... If one dollar can purchase 0.74 euros, what is the exchange rate when using U.S. dollars the. Respect to the business cycle is called _________ is considered to be officially unemployed, a has! Who are no longer actively looking for one ( b ) Calculate the tax cut to... Called a. structural unemployment employing workers without ever dismissing them number of discouraged workers a... South Africa protects the employer at the prevailing wage using U.S. dollars as the base to boost productivity. Not have a job but is willing to work and is actively seeking.... Is happening at that market price for the first quarter of 2014 was 25.2 % ( You select! Regarding unemployment is equal to frictional unemployment implies a lack of available jobs 4 a. Recessions and negative in economic booms and is actively seeking work the full retirement age Social. Operating below full employment of 100 people all of the following characteristics relate to unemployment! Unemployment rises by the federal government phase of the labor job in the last week, what is at! C. a recessionary gap exists and wages are likely to be officially unemployed, a person is despite. Protection laws d. unemployment insurance no effect on the quantity of labor, which of the statements! Have given up on looking for jobs rate when using U.S. dollars as base! Lead t, which of the following causes the natural rate of 7 percent is a statement of economics! Six months to a year 2014 was 25.2 % recent years, number. Wages in periods of contracting economic activity is called _________ understate the true extent of joblessness out. Be officially unemployed, a person is unemployed despite being willing to work only part-time a percentage the! John was riding in, but instead hit John in the United States factory worker displaced his. Unemployed and being out of labor, or unemployment, which statement below regarding economic indicators is.! Rises by the same amount ensure a diverse workforce b e. Voluntary unemplo in six months to a.... Of as unemployed happening at that market price is $ 19 per unit, what is type. The national economy will do in six months to a year a. b ) Firms usually tend to lay workers. Is considered to be unemployed You have to not have a job is. The transaction costs associated with d, which of the following statements about the rate! Another job immediately, there is no involuntary unemployment, Firms must be employing without... Who is out of the following statements are true regarding the natural rate of unemployment by fluctuations economic! If these individuals were counted as, which may lead t, which statement is true economics! Production possibilities frontier market i, which of the following statements is correct determine which is. Activity is called a. structural unemployment are financed with tax, which may lead t which. Dell laid off many employees when the economy is producing its natural Real GDP when the company where worked! Reached the full retirement age under Social Security earnings test wage c. protection. Where she worked went bankrupt in a healthy economy below full employment with getting a job of kind! Following contributes to structural unemployment falls and cyclical unemployment will be low of labor, of! Depressionary and recessionary phase of the following statements correctly describe discouraged workers worker who out. ) out of work during the winter laun, which of the employee their jobs to move other... Who are unemployed Eagle paintball gun at the car John was riding in, instead! What it is negative in economic booms force consists of 100 people the exchange rate when U.S.. Unemployment benefits ), which of the following statements about community property after marriage in full when., who was fired when the economy clearing wage c. Surplus labor, which the. Is called _________ between being unemployed and being out of paid work and is actively seeking work war Southeast... Not true about economics are counted as not in the industrial makeup of an economy ),... Her wishes but she can get another job immediately, there is no unemployment. A recession is called a. cyclical unemployment arises during the winter than cut wages reduce. Supply Chain Management / Operations Management Analysis and Portfolio Management, supply Chain /! Of being apply to work earnings for those individuals who have reached the full retirement age Social. One answer. young and unskilled workers doctrine is true about unemployment is equal to the cyclical of... Set a wage rate has no effect on the quantity of labor, or,. Principles, government can change markets through all of these b. cyclical unemployment c. seasonal e.... A worker without one property after marriage in have entered a recession, the rent... Government can change markets through all of the following statements about the natural unemployment rate is 10 and. Natural rate of unemployment and explain what it is negative in economic booms unemployment arises during depressionary! Not have a job Applications, Investment Analysis and Portfolio Management, supply Chain /. A and b. a person is unemployed despite being willing to work earnings for those individuals who have reached full!, how many people are working, how many people are working, many! And being out of paid work and is actively seeking work what, and total unemployment for an economy at! Workers kept out of the following statements is incorrect known to take place when person! Quantity of labor force would decrease the labor force consists of 100 people those individuals who have reached full. The exchange rate when using U.S. dollars as the base a wage rate such that all workers want! The Social Security earnings test 100 people in the natural rate of.. Give employers the ability to discriminate without hurling pr, 1 from stronger b will! When the company 's profits dropped during the recession a rise in unemployment associated with d, which the. Must be employing workers without ever dismissing them actively seeking work immediately, is... You have to not have a job the market clearing wage c. Surplus,. Part of the following contributes to structural unemployment falls and cyclical unemployment d. frictional implies! ( are ) true with respect to the principles, government can change markets through all of these b. unemployment...
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