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Suppose that some country had an adult population of about 25 million, a labor-force participation rate of 60 percent, and an unemployment rate of 6 percent. How many people were employed?


A) 0.9 million
B) 14.1 million
C) 15 million
D) 23.5 million

E) A) and B)
F) A) and C)

Correct Answer

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An American worker who becomes unemployed typically receives 100% of her former salary during the first six months she is unemployed.

A) True
B) False

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When job search is the explanation for unemployment, workers are searching for the jobs that best suit their tastes and skills, but when the wage is above the equilibrium level, the quantity of labor supplied exceeds the quantity of labor demanded, and workers are unemployed because they are waiting for jobs to open up.

A) True
B) False

Correct Answer

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Which of the following is not correct?


A) When a union is present in a labor market, wages may not be determined by the equilibrium of supply and demand.
B) Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market power.
C) When unions raise wages above equilibrium, the quantity of labor supplied decreases, and the quantity of labor demanded increases.
D) Most workers in the U.S. economy are not members of a union.

E) C) and D)
F) A) and C)

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C

When a union bargains successfully with employers, in that industry,


A) both the quantity of labor supplied and the quantity of labor demanded increase.
B) both the quantity of labor supplied and the quantity of labor demanded decrease.
C) the quantity of labor supplied increases and the quantity of labor demanded decreases.
D) the quantity of labor demanded increases and the quantity of labor supplied decreases.

E) B) and C)
F) C) and D)

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The unemployment rate equals the percentage of the adult population that is unemployed.

A) True
B) False

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The labor-force participation rate measures the percentage of the


A) total adult population that is in the labor force.
B) total adult population that is employed.
C) labor force that is employed.
D) labor force that is either employed or unemployed.

E) B) and C)
F) A) and B)

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Suppose that some country had an adult population of about 46 million, a labor-force participation rate of 75 percent, and an unemployment rate of 8 percent. How many people were employed?


A) 2.76 million
B) 31.74 million
C) 34.5 million
D) 42.32 million

E) A) and B)
F) A) and C)

Correct Answer

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The Bureau of Labor Statistics' U­5 measure of joblessness is the official unemployment rate.

A) True
B) False

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False

Measuring unemployment is the job of the Bureau of Labor Statistics.

A) True
B) False

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The labor-force participation rate equals the percentage of the total adult population that is in the labor force.

A) True
B) False

Correct Answer

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True

When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the result is a surplus of labor.

A) True
B) False

Correct Answer

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To be counted as "employed" in the U.S. labor force statistics, a person


A) must be working for pay and be working full time.
B) must be working for pay but does not have to be working full time.
C) does not have to be working for pay if they are working for a family business but must be employed full time.
D) does not have to be working for pay if they are working for a family business and does not have to be working full time

E) A) and D)
F) None of the above

Correct Answer

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Figure 28-7 Figure 28-7 -Refer to Figure 28-7. If the minimum wage is equal to $125, what is the quantity of labor supplied, the quantity of labor demanded, and number unemployed? -Refer to Figure 28-7. If the minimum wage is equal to $125, what is the quantity of labor supplied, the quantity of labor demanded, and number unemployed?

Correct Answer

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Labor supplied is 35...

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The labor-force participation rate is computed as


A) Employed ÷ Adult Population) × 100.
B) Employed ÷ Labor Force) × 100.
C) Labor Force ÷ Adult Population) × 100.
D) Adult Population ÷ Labor Force) × 100.

E) A) and B)
F) None of the above

Correct Answer

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Most people rely primarily on income other than their labor earnings to maintain their standard of living.

A) True
B) False

Correct Answer

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Table 28-10 The table below lists the number of people by labor force classification for the country of Springfield. Table 28-10 The table below lists the number of people by labor force classification for the country of Springfield. -Refer to Table 28-10. Calculate the U-4 unemployment rate. -Refer to Table 28-10. Calculate the U-4 unemployment rate.

Correct Answer

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Figure 28-4 Figure 28-4 -Refer to Figure 28-4. If 2,000 workers are unemployed, then the minimum wage must be A) $3. B) $4. C) $5. D) $6. -Refer to Figure 28-4. If 2,000 workers are unemployed, then the minimum wage must be


A) $3.
B) $4.
C) $5.
D) $6.

E) A) and D)
F) A) and C)

Correct Answer

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Paying efficiency wages means that wages are


A) above equilibrium, and profits are higher than otherwise.
B) above equilibrium, and profits are lower than otherwise.
C) below equilibrium, and profits are higher than otherwise.
D) below equilibrium, and profits are lower than otherwise.

E) B) and C)
F) A) and D)

Correct Answer

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When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the result is a shortage of labor.

A) True
B) False

Correct Answer

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