EBK FOUNDATIONS OF ECONOMICS
8th Edition
ISBN: 8220103632225
Author: PARKIN
Publisher: PEARSON
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Question
Chapter 24, Problem 6MCQ
To determine
To find:
The option that correctly identifies the natural
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How does an increase in the minimum wage
affect unemployment levels in a perfectly
competitive labor market?
A. It has no effect on unemployment levels.
B. It decreases unemployment levels.
C. It increases unemployment levels.
D. It initially increases but eventually
decreases unemployment levels.
If some employed workers exit the labor force, the unemployment rate will be ______
Why is the unemployment rate never zero, even at full employment?
The unemployment rate is never zero, even at full employment, because _______.
A.
there are always new workers entering the labor market to search for work, workers leaving one job to search for another job, and workers who have been laid off and are searching for another job
B.
there are always people without jobs because of family responsibilities such as caring for children or elderly parents
C.
people make lifestyle choices such as early retirement, gap years, and movements from high-stress to low-stress jobs
D.
cyclical unemployment is always present in the economy
Chapter 24 Solutions
EBK FOUNDATIONS OF ECONOMICS
Ch. 24 - Prob. 1SPPACh. 24 - Prob. 2SPPACh. 24 - Prob. 3SPPACh. 24 - Prob. 4SPPACh. 24 - Prob. 5SPPACh. 24 - Prob. 6SPPACh. 24 - Prob. 7SPPACh. 24 - Prob. 8SPPACh. 24 - Prob. 9SPPACh. 24 - Prob. 10SPPA
Ch. 24 - Prob. 11SPPACh. 24 - Prob. 1IAPACh. 24 - Prob. 2IAPACh. 24 - Prob. 3IAPACh. 24 - Prob. 4IAPACh. 24 - Prob. 5IAPACh. 24 - Prob. 6IAPACh. 24 - Prob. 7IAPACh. 24 - Prob. 8IAPACh. 24 - Prob. 9IAPACh. 24 - Prob. 1MCQCh. 24 - Prob. 2MCQCh. 24 - Prob. 3MCQCh. 24 - Prob. 4MCQCh. 24 - Prob. 5MCQCh. 24 - Prob. 6MCQCh. 24 - Prob. 7MCQCh. 24 - Prob. 8MCQ
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- When the economy is at full employment, will the unemployment rate be 0%? Explain briefly When the unemployment rate equals the natural rate of unemployment, what kinds of unemployment will continue to exist.arrow_forward31. Calculate the unemployment ratearrow_forward20. The economy is fully employed when there is no: cyclical unemployment seasonal unemployment structural unemployment frictional unemploymentarrow_forward
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