The tightness of the labor market is defined as: number of employed worker per filled job number of vacant jobs per employed worker number of vacant jobs per unemployed worker number of unemployed workers per vacant job
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- When unemployment exists in the supply and demand labor market model, there is an adjustment that brings the model back into equilibrium—back to full employment. Orthodox economists cite two mechanisms that cause the adjustment. Explain each of these.Which of the following statements is FALSE?(A) high rates of unemployment often have a way of perpetuating themselvesB) the availability of unemployment benefits reduces the natural rate of unemployment(C) the natural rate of unemployment can be reduced by policies designed to affect the composition of the labor forceD) the unemployment rate among white males 20 years and older is lower than the overall unemployment rateE) even when the economy is at the full-employment level of output, some frictional unemployment still exists.Individuals who want to work, but have given up searching for a job because of limited prospects, are known as discouraged workers. marginally attached workers. frictionally unemployed. This group, consisting of individuals who would like to work but have not looked for work during the past four weeks, is included among the structurally unemployed. marginally attached workers. discouraged workers. minimally attractive workers. Individuals who are involuntarily working part‑time are considered underemployed. structurally unemployed. marginally employed. frictionally unemployed. By excluding the groups identified in the previous questions, the U.S. Bureau of Labor Statistics calculation methods accurately reflect the true level of unemployment. overstate the true level of unemployment. understate the true level of unemployment.
- A decrease in the efficiency of various employment agencies to find better matches for those looking for jobs will: Group of answer choices increase the natural rate of unemployment. not affect frictional unemployment. increase structural unemployment. increase cyclical unemployment. 'Structural Unemployment occurs when wage is kept above equilibrium. There are three reasons for this. Explain.Structural unemployment is the unemployment that arises ____________. A. when wage rigidity creates a persistent gap between labor supply and labor demand. B. from workers' imperfect information about available jobs. C. during recessions when the unemployment rate is above the natural rate. D. from the average of the unemployment rates over an extended period of time.
- What type of wage rigidity is most likely to affect the unemployment rates of the following types of workers: a. workers with low marginal labor productivity? b. workers in the auto industry? c. workers engaged in creative work that is not easily monitored?Based on our understanding of the labor market model presented in Chapter 6, we know that a reduction in the markup will cause A) an increase in the equilibrium real wage. B) a reduction in the equilibrium real wage. C) an increase in the natural rate of unemployment. D) a reduction in the natural rate of unemployment and no change in the real wage.Economists use labor-market data to evaluate how well an economy is using its most valuable resource—its people. Two closely watched statistics are the unemployment rate and the employment–population ratio (calculated as the percentage of the adult population that is employed). Indicate what happens to the unemployment rate and the employment–population ratio in each of the following scenarios. Scenario Effect On... Unemployment Rate Employment–Population Ratio An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs. After an unsuccessful search, some laid-off workers quit looking for new jobs. Numerous students graduate from college and immediately begin new jobs. Advances in health care prolong the lives of many retirees.
- Frictional unemployment is: Question options: a) unemployment caused by lack of training and education. b) unemployment caused by automation in the workplace. c) unemployment that is due to normal turnover in the labor market. d) unemployment that is due to the friction of competing ideological systems. The extent of _______________________ will depend on how easy it is for workers to learn about alternative jobs, which may reflect the ease of communications about job prospects in the economy. Question options: A. frictional unemployment B. cyclical unemployment C. seasonal unemployment D. cyclical employmentWhich of the following statements is false a. Natural rate of unemployment includes frictional and cyclical unemployment b. Generally the duration of unemployment is high during depression c. Natural rate of unemployment includes frictional and structural unemployment d. In case of disguised unemployment, the marginal productivity of a worker is very highEconomists use labor-market data to evaluate how well an economy is using its most valuable resource—its people. Two closely watched statistics are the unemployment rate and the employment–population ratio (calculated as the percentage of the adult population that is employed). Indicate what happens to the unemployment rate and the employment–population ratio in each of the following scenarios. Scenario Effect On... UNEMPLOYMENT RATE EMPLOYMENT POPULATION RATION Many previously laid-off workers find jobs in new startup firms as the economy expands. (DECREASE, INCREASE OR STAY THE SAME) (DECREASE, INCREASE OR STAY THE SAME) After an unsuccessful search, some laid-off workers decide to go back to school as full-time students. (DECREASE, INCREASE OR STAY THE SAME) (DECREASE, INCREASE OR STAY THE SAME) As a result of an economic boom, many students drop out of school and start working as soon as they become adults. (DECREASE,…
