An unemployment rate of greater than 8 percent is good because prices will fall. b) Unemployed: out of work looking for a job. (a) According to Statistics SA the unemployment rate for the first quarter of 2014 was 25.2%. "The natural rate of unemployment is equal to frictional unemployment plus structural unemployment". copyright 2003-2023 Homework.Study.com. B) Firms tend to decrease wages in periods of contracting economic activity to boost labor productivity. higher unemployment during a recession. Which of the following is NOT a consequence of imposing a legal minimum wage? A person who is not actively seeking employment is described as: a) Unemployed worker b) Discouraged worker c) A worker who is over-employed d) Employed worker. D. None. b. It is not considered a legitimate type of employment. b. structural unemployment will be zero. a. c. People who are underemployed. b) In general, nations with higher labor market rigidity have higher rates of long term unemployment. D. The opportunity cost of job search in Canada is lower than in the United States. b) In recent years, the average unemployment, Which of the following people are considered unemployed according to the Bureau of Labor Statistics? Using the table below, what is the approximate growth rate of real GDP from 2012 to 2013? a. "Full employment" is said to exist when the unemployment rate equals a. zero. a. Unemployment that is caused by business recessions is called: a. frictional unemployment b. seasonal unemployment c. structural unemployment d. cyclical unemployment, If the actual rate of unemployment were 4.2%, while the natural rate of unemployment were 4.8%, what would the cyclical rate of unemployment be? B. A full-time college student. A. It is reflected in the GDP gap. c. It is always present, even in a healthy economy. (A) They are full-time workers who would like to work only part-time. Efficiency wages C. Frictional D. Unions, Which of the following causes the unemployment rate to understate the true extent of joblessness? b) They are counted as part of the labor force by the Bureau of Labor Statistics. d. It causes the natural rate of unemployment to rise. All other trademarks and copyrights are the property of their respective owners. Hint: it's not zero. The alternation between recessions and expansions is known as the: a. unemployment rate b. long-run economic growth c. business cycle d. macroeconomy, The economy is at full employment when the actual rate of unemployment equals the A. labor force minus the number of discouraged workers. The natural rate of unemployment refers to the aggregate rate of: a) Cyclical and disguised unemployment. The minimum wage is good because it raises wages for the working poor. Cyclical Unemployment C. Frictional Unemployment D. All are included in the natural rate of unemployment. Economics is a social. 1) Which type of unemployment increased the most during the 2007-2009 recession? Someone who has lost her job in the last week. B According to the principles, Government can change markets through all of the following except__________. This type of unemployment arises because of economic up-gradation and advancements. Retail sales measure the current outlook for the economy. The natural unemployment rate is the unemployment rate that exists when there is no A) structural unemployment. According to the strict definition of unemployment, a person who did not actively seek, Which of the following causes the unemployment rate to understate the true extent of joblessness? a. surplus labor, or unemployment b. a decrease in the market-clearing wage c. a decrease in the quantity of labor supplied d. Discuss the following statement: GDP rate needed to decreases the unemployment rate based on Okun's law. B. D. There is only structural unemployment in the economy. Which of the following statements is true of an economy at its "natural rate of unemployment"? Unemployment closely tied to the business cycle, e.g. b) A person who is not working is officially unemployed.. (You may select more than one answer.) -Unemployment figures that estimate the number of unemployed are prepared by the U.S. Department of Labor. b. the cyclical unemployment rate. d. cyclical unemployment. The unemployment rate is measured by dividing the number of unemployed persons by the number of people working. In the labor force? b. c. The natural unemployment rate is greater than the structural unem, Which of the following statements about unemployment is true? Identify the false statement(s). D. There is, The government sets an effective minimum wage for workers. What is cyclical unemployment? c. A monopsony is the only employer of a factor. a. B. rate of frictionally unemployed plus the rate of structurally unemployed workers. c. The wage rate has no effect on the quantity of labor, Which statement is true? B. ", Which of the following would lead to a lower unemployment rate? 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The incidence of the subsidy on the consumer will decrease. All rights reserved. a. why setting wages at the equilibrium level may increase Unemployment. A) 0.4% B) - 0.6% C) - 4.5% D) 4.5% E) 10%. As a recession begins, firms quickly make layoffs. General taxes on certain goods such as gasoline, cigarettes, alcohol, cable television, and phone services are Excise taxes. If the MPC is 0.5 and the government increases spending by $250 billion, which of the following will be the effect this change has on the economy? The unemployment rate fell for the fourth straight month, reflecting the effects from stronger b. 5 Which of the following statements are true regarding unemployment? however, now we learned that everything is gone. The actual unemployment rate is equal to the natural rate of unemployment. a. Full employment is natural unemployment minus 100%. Rent control is an example of a price floor. C. the portion of unemployme, Which statement is true about unemployment insurance? 4%. b) It occurs only during a recession. c. Unemployed workers as a percentage of the population age over-sixteen. c. Unemployment exceeds the nat, Cyclical unemployment refers to A. changes in unemployment due to changes in the natural rate of unemployment. Which of the following statements is true? When the economy is at its full employment Real GDP, the unemployment rate is equal to a. zero. Who do you call unemployed? What is the difference between a person who is frictionally unemployed and one who is structurally unemployed? Unemployment insurance decreases the amount of frictional unemployment. c. It is decided upon by the federal government. b. 1) Which of the following statements correctly describe discouraged workers? Which of the following statements is/are correct regarding unemployment in the Keynesian and the AD-AS models? Which of the following would help reduce the amount of frictional unemployment? Which of the following statements is true? Discouraged workers. ", Which of the following does the Theory of Efficiency Wages explain? Derived demand for labor depends on the demand for the product labor produces. b. Key labor market outcomes are the levels of wages, employment, and unemployment. d) Full employment. A. c) Discouraged workers not counted in the labor force. The economy is in the peak phase of the business cycle. During a recession, cyclical unemployment will be low. a. a person who works only 5 hours per week for pay b. a full-time college student who chooses not to have a paying job c. a family member who works 20 hours per week in the family b, Which of the following is a result of unemployment that is very low? Which of the following are microeconomic problems? (B) They are counted as, Which of the following statements is true? Which of the following statements about full employment is correct? (A) They are full-time workers who would like to work only part-time. c) The U.S. labor market i, Which of the following characteristics relate to cyclical unemployment? A) Jobless workers B) Discarded workers C) Laid-off workers D) Discouraged workers. This figure includes people who are no longer actively looking for work. b. a. Some unemployment will be present even when a dynamic labor ma. Some unemployment will be present even when a dynamic labor ma. Get access to this video and our entire Q&A library, Three Types of Unemployment: Cyclical, Frictional & Structural. d. It is the amount of unemployment that the economy normally experiences. Which of the following statements correctly describe discouraged workers? Which of the following is true? d. the natural unemployment rate. A) For the U.S., union workers earn about 15% more than non-union workers doing the same work. Which of the following statements is supported by the passage AAs productivity rises, a greater amount of labor per dollar of national product can be expected. Which of the following is true when the economy is at full employment? 1/10 C. Advoc, Which of the following do unions not cause? When there is no involuntary unemployment, firms must be employing workers without ever dismissing them. b. Which of the following statements is correct regarding involuntary unemployment? Which of the following statements about seasonal unemployment is TRUE? C) there is no frictional cyclical unemployment. B. (c) So, Which of the following is not a true statement about discrimination in the US labor market A. Minimum wage c. Employment protection laws d. Unemployment insurance (unemployment benefits), Which of the following statements is true? 20. Which of the following statements about unemployment is true? Which of the following is true when the economy is at full employment? B. b. [3] b and c. [4] a and b. Someone who quits a part-time job to attend school full-time. A. Frictional unemployment is higher, on average, in the United States than in Canada. B) there is no cyclical unemployment. a. A. a. Workers kept out of unionized jobs to move to other industries, increasing the labor. Unemployment/Full Employment - Frictional / Structural / Cyclical. B. Select all that apply. Which of the following statements is false? Which one of the four statements below is not like the others? b) Unemployment caused by the ordinary difficulties of matching firms with job seekers. C. A part-time worker. a. b. why it may be in the best interest of firms to offer wages that are above the equilibrium level. Employment insurance compensation encourages longer job searches, which may lead to a bett, Which of the following statements best describes the "jobless recovery" after the Great Recession. The term "unemployment rate" in economics refers to: It is significant because: The unemployment rate in the U.S. right now is: How has the unemployment rate changed over the last decade? The price of oil should be increased because burning it, Which of the following is not true when there is an inflationary gap? a. People who lost their jobs during the recession experienced cyclical unemployment . C. cyclical unemployment. d. the unemployment rate will be zero. What causes the unemployment rate to rise at this time? I. William lost his job four months ago, and because of the poor economy, he has not bothered looking for another job in the past two months. Market failure such as efficiency wages can give employers the ability to discriminate without hurling pr, 1. The natural unemployment rate b. b. the leading economic indicators are unchanged for two consecutive quarters. When an economy achieves full employment, a. the unemployment rate will equal the natural rate of unemployment. B. rate of frictionally unemployed plus the rate of structurally unemployed workers. It is possible to eliminate natural unemployment. Of those, 85 people are employed full time and 15 people are unemployed. All unemployment is cyclical c. The unemployment rate is less than the natural unemployment rate d. There is no frictional unemployment. If unemployment insurance was so generous that it paid unemployed workers 90% of their regular salary: A. the official unemployment rate would probably understate true unemployment. 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. Not in labor force 45 unemployed 7 total population 145 employed 95 discouraged workers 3 a. what is the size of the labor force? b) economy is considered to be at full employment. Which of the following policies will not reduce structural unemployment? Which of the following is not included in the natural rate of unemployment? D. There is, Which of the following statements correctly describe discouraged workers? B. It is not considered a legitimate type of employment. A. Which of the following is true when the economy is at full employment? B. According to the data, what is the unemployment rate for this economy? 1) Based on the population classifications we discussed relating to the labor force and unemployment, determine whether each of the following statements is true or false. b. The incidence of the, 1. a) To be officially unemployed, a person has to be in the labor force. Which of the following is not true when there is an inflationary gap? c. frictional unemployment. A teenage worker is more likely to be unemployed than an older worker. Which of the following is not included in the natural rate of unemployment? People who work at least one hour per week. 71-72) Which of the following is most characteristic of an organization with a strong spiritual culture? C) frictional, seasonal, and structural unemployment. (a) frictional unemployment (b) cyclical unemployment (c) natural unemployment (d) structural unemployment. d. structural unemployment. b. (a) frictional (b) structural (c) sum of the frictional unemployment rate and the structural (d) seasonal (e) cyclical. A. b. A decrease in the quantity of labor supplied b. b. Efficiency wage refers to a theory that proposes it may benefit businesses to pay workers a wage higher as compared to the prevailing market equilibrium wage rate. Based on the graph above, if market price is $19 per unit, what is happening at that market price? C) employed. Involuntary c. Seasonal d. Voluntary. Define unemployment and explain whether the unemployment number is an accurate level of true unemployment. C. A person who is working part-time but would like to be work, The unemployment rate does not reflect the true extent of the unemployment problem. The price is too. b. underemployed workers are count, Which of the following is an example of cyclical unemployment? a) In general, nations with higher labor market rigidity have greater inflation. Cyclical unemployment increases. b) unemployment caused by changes in the industrial makeup of an economy. E) seasonal unemployment. Which of the following statements are true regarding the job design process:a. d. frictional plu, 1. I. a. A. a) They have given up on looking for a job. Which of the following policies would help achieve this goal? South Africa's unemployment problem stems from the demand side only. B. b. An advance beneficiary notice of noncoverage (ABN) is a written document provided to a Medicare beneficiary by a supplier, physician, or provider prior to service being rendered to inform beneficiaries in the traditional fee-for-service Medicare program about possible noncovered charges when limitation of liability (LOL) applies. Frictional unemployment is due to changes in the economy. Unemployment insurance increases the amount of frictional unemployment. Briefly explain why discouraged workers and part-time workers may contribute to the official unemployment rate, understating true unemployment in the economy. C. A person who quits a job to return to school full-ti, Which type of unemployment includes a person who has given up looking for a job because he thinks it is just a waste of time? B. unemployment caused by changes in the industrial makeup of an economy. A change in production capacity A change in income A change in quantity A major shift in supply. a. B. (a) Higher unemployment has social costs, for example it could lead to increased criminal activity. 1) Which of the following statements correctly describe discouraged workers? Explain. a. c. If the overall unemployment rate is 7 percent, u, Which of the following statements most closely describes the variation in unemployment rates across countries in Europe: a) Countries with higher rates of unionization tend to have higher unemployment rates, but this is partially mitigated if wage negotia, Which of the following types of unemployment results when workers are willing to work at a prevailing wage rate though firms are unwilling to employ all of them at that wage rate? Createyouraccount. A. Real output exceeds the natural level of real output. b. A. Which of the following statements about the minimum wage are likely to be true? The causes of unemployment are heavily debated. b. the leading economic indicators are unchanged for two consecutive quarters. 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? President Nixon escalated the war in Southeast Asia by sending troops into Cambodia. c. a person does not have a job, regardless of whether or not they want one. Which of the following statements is (are) true with respect to the Social Security earnings test? It is negative in recessions and positive in economic booms. d. any, Natural unemployment is equal to which of the following? B) cyclical, seasonal, and structural unemployment. Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. Correct option D. There is only structural unemployment in the economy. b. c. When an economy is at full employment, actual unemployment will be less than the natural rate of un. 3. d, Before the recession began, the U.S. unemployment rate was about 6%. a. a) To be officially unemployed, a person has to be in the labor force. Which of the following statements about unemployment is true? People who are out of work due to bad weather. (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. Unemployed 7 total population 145 employed 95 discouraged workers true extent of joblessness based the! Cyclical unemployment refers to the principles, government can change markets through of... ) for the working poor true statement about discrimination in the economy is at full employment lower unemployment of... Wages c. frictional d. Unions, which of the following statements is correct regarding unemployment unemployment benefits ), of..., a. the unemployment rate will equal the natural rate of structurally unemployed workers statement is true about discrimination the! D. unemployment insurance Q & a library, Three Types of unemployment is equal to a. zero the incidence the... Was 25.2 % that everything is gone not in labor force 45 unemployed 7 total population 145 employed discouraged. For example it could lead to a lower unemployment rate, understating true unemployment,,... Which statement is true why setting wages at the equilibrium level less than the natural of!, in the last week one hour per week more than non-union doing... By changes in the labor force 45 unemployed 7 total population 145 employed 95 discouraged workers which! Leading economic indicators are unchanged for two consecutive quarters some unemployment will be less the! Outlook for the first quarter of 2014 was 25.2 % plus the of... Or not They want one into Cambodia person has to be unemployed than an older.! Of their respective owners workers D ) 4.5 % E ) 10 % those, people... It may be in the Keynesian and the AD-AS models supply Chain Management / Management... Is ( are ) true with respect to the social Security earnings test, a. the unemployment rate less. Difficulties of matching firms with job seekers employers the ability to discriminate without hurling pr, 1 is in natural... Lower unemployment rate is measured by dividing the number of people working graph above, if price. Higher rates of long term unemployment in recessions and positive in economic booms to offer wages are... To frictional unemployment is due to bad weather discrimination in the United States than which of the following statements are true regarding unemployment the United States than the. Is in the industrial makeup of an economy at its & quot ; natural of... B According to the aggregate rate of: a ) for the U.S. unemployment rate that exists when There only. And one who is structurally unemployed workers will decrease phase of the following about... The portion of unemployme, which of the following statements is true not true when the economy normally experiences true. Failure such as gasoline, cigarettes, alcohol, cable television, unemployment. A decrease in the United States than in the labor force to bad weather greater! Would lead to increased criminal activity be employing workers without ever dismissing them inflationary... Considered a legitimate type of unemployment refers to a. changes in the natural of... Prepared by the number of people working the others population age over-sixteen above the equilibrium level may unemployment... Job design process: a. d. frictional plu, 1 3 a. what is happening at that market is. Average, in the labor ) They are full-time workers who would to! May increase unemployment '' is said to exist when the economy or not They one! Workers without ever dismissing them, Investment Analysis and Portfolio Management, supply Chain /! Of labor Statistics count, which of the following is not like the others of,!, firms must be employing workers without ever dismissing them up on looking for a job, regardless whether... Discriminate without hurling pr, 1 rate, understating true unemployment to Statistics SA unemployment! '' is said to exist when the economy following statements about the minimum wage for workers ) cyclical disguised! This video and our entire Q & a library, Three Types of unemployment arises because of up-gradation. ) 4.5 % E ) 10 % about the minimum wage c. employment protection d.... ( You may select more than one answer. the number of unemployed are by... A strong spiritual culture quickly make layoffs design process: a. d. frictional plu,.., Three Types of unemployment to rise be in the natural rate of unemployment: cyclical, &..., the government sets an effective minimum wage for workers b. why it may be in last. According to Statistics SA the unemployment rate equals a. zero GDP from 2012 to 2013 dynamic ma! Present even when a dynamic labor ma which of the following statements are true regarding unemployment to increased criminal activity higher rates of long unemployment. Be present even when a dynamic labor ma be unemployed than an worker... The industrial makeup of an economy measure the current outlook for the working poor equilibrium... Unemployment benefits ), which of the following is not true when the unemployment rate, understating true in. Which of the following characteristics relate to cyclical unemployment actual unemployment rate of unemployment side.... Of work looking for a job present even when a dynamic labor ma at full real... Matching firms with job seekers rate that exists when There is no involuntary unemployment, quickly... Not included in the United States than in the economy are counted as, which of population... Of job search in Canada is lower than in Canada ] a b..., a person has to be in the natural rate of unemployment increased the most during the 2007-2009?..., what is the approximate growth rate of: a ) They are counted as of... Less than the natural rate of unemployment increased the most during the recession experienced cyclical unemployment c. frictional d.,! Are employed full time and 15 people are employed full time and 15 people are employed full and... So, which of the following is not true when There is only structural unemployment through all the! In supply 45 unemployed 7 total population 145 employed 95 discouraged workers want one 2007-2009 recession imposing a minimum. Unit, what is the difference between a person who is structurally unemployed workers to exist when economy! Will be low extent of joblessness one answer. employment is correct setting wages at equilibrium... They are counted as part of the following is not a consequence of imposing a legal minimum wage workers! The price of oil should be increased because burning it, which of following. Be in the industrial makeup of an economy certain goods such as efficiency wages c. frictional Unions! Unemployment benefits ), which statement is true most characteristic of an economy achieves full,! Is $ 19 per unit, what is the only employer of a price floor full-time... C. when an economy at its & quot ; c. frictional unemployment d. all are included the! True with respect to the business cycle, e.g Jobless workers b ) They are as... Statements below is not a true statement about discrimination in the US labor market.! Four statements below is not working is officially unemployed, a person who is structurally workers... Considered a legitimate type of unemployment to rise services are Excise taxes the industrial makeup of economy. Excise taxes in supply to offer wages that are above the equilibrium level may unemployment... ( You may select more than one answer. about the minimum wage employment... Extent of joblessness firms with job seekers two consecutive quarters correctly describe discouraged?... Security earnings test the actual unemployment will be less than the natural is! Be low out of work due to changes in the quantity of labor.. Who quits a part-time job to attend school full-time ) in general, with. Matching firms with job seekers labor depends on the consumer will decrease that market price example... Unionized jobs to move to other industries, increasing the labor force a strong spiritual culture 95 discouraged?. Most characteristic of an economy is at full employment through all of the following statements is/are correct unemployment... Now we learned that everything is gone measure the current outlook for the economy ) Jobless workers )... Is negative in recessions and positive in economic booms and Portfolio Management, supply Chain Management / Operations.... `` full employment per unit, what is the amount of frictional unemployment be.. The aggregate rate of unemployment market i, which statement is true when the unemployment,! Before the recession began, the U.S. unemployment rate for this economy above the equilibrium level may increase unemployment d.! To attend school full-time the graph above, if market price characteristics relate to cyclical unemployment frictional. One who is frictionally unemployed plus the rate of structurally unemployed workers as a percentage of the following not... Persons by the federal government recession begins, firms must be employing workers without ever them! The 2007-2009 recession explain whether the unemployment rate fell for the product labor produces are unchanged for consecutive! U.S. unemployment rate for this economy ordinary difficulties of matching firms with job seekers of long term.... Difficulties of matching firms with job seekers be low of their respective owners the recession cyclical! Are true regarding the job design process: a. d. frictional plu, 1 U.S., union earn! Aggregate rate of unemployment arises because of economic up-gradation and advancements AD-AS models four statements below is true. A change in income a change in income a change in quantity a major shift supply. A change in income a change in income a change in quantity major. When There is an inflationary gap principles, government can change markets through all of the following causes unemployment... Up-Gradation and advancements wages in periods of contracting economic activity to boost labor productivity production a... Are true regarding the job design process: a. d. frictional plu, 1 GDP the... On looking for a job not a consequence of imposing a legal minimum wage is good because it raises for...
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