ECO 202 ECO202 Quiz 11 Answers / Principles of Macroeconomics
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ECO 202 Principles of Macroeconomics Quiz 11 Employment and Unemployment Answers (UNC Greensboro)
1. The U.S. Bureau of Labor Statistics bases its unemployment statistics on what population?
2. How would the U.S. Bureau of Labor Statistics classify a 20year old individual enrolled in college fulltime and working 5 hours per week in the campus bookstore?
3. Which one of the following categories defined by the U.S. Bureau of Labor Statistics contains the fewest number of people?
4. Suppose the U.S. Bureau of Labor Statistics classifies 135 million people as employed and the unemployment rate is 10%. How many people are in the labor force in this example?
5. Which one of the following people would NOT be classified as unemployed according to the U.S. Bureau of Labor Statistics?
6. Suppose a 50year old, noninstitutionalized civilian is not looking for a job, and is considered by the U.S. Bureau of Labor Statistics to be a “discouraged worker”. Which other BLS category would this person belong to?
7. What type of unemployment would prevent the unemployment rate from falling to zero, even in a very good job market?
8. Someone experiencing “frictional unemployment” is someone who ...
9. Suppose the United States enters a recession, what type of unemployment would be most likely to rise as a result of the recession?
10. What is the traditional definition of a recession according to the National Bureau of Economic Research?
11. Considering the various types of unemployment discussed in the text, which type of unemployment is LEAST likely to be affected by government policies?
12. The introduction of compact discs made vinyl records obsolete. To the extent this caused higher unemployment among workers who had manufactured records, which type of unemployment was created?
13. According to the Classical labor market model, a minimum wage above the equilibrium wage will result in ...
14. What is the main policy implication of applying the Classical model to the labor market?
15. The “sticky wage” theory states that ...
16. The “efficiency wage” theory states that ...
17. The NAIRU is defined as ...
18. Which one of the following statements is TRUE?
19. Which one of the following statements is TRUE?
20. Over the last several decades in the United States labor force participation rates ...
21. A 15year old who delivers newspapers a few mornings per week would not be classified as being in the labor force according to the U.S. Bureau of Labor Statistics.
22. The majority of people in the United States are classified as “not in the labor force” according to the U.S. Bureau of Labor Statistics.
23. In order to calculate the unemployment rate, the U.S. Bureau of Labor Statistics needs to know how many people are not in the labor force.
24. “Discouraged” workers are a subset of those workers classified as not in the labor force by the U.S. Bureau of Labor Statistics.
25. Someone who is working fewer hours at a job than they would prefer to work is considered underemployed.
26. Suppose that the widespread use of DVDs has resulted in increased unemployment among those who repair obsolete VCR players. This is an example of structural unemployment.
27. The “insideroutsider” theory states that workers already employed with a firm can keep their wages artificially high by limiting the firm’s ability to hire new workers or the productivity of new workers.
28. The “efficiency wage” theory states that wages should be set with shortterm contracts to allow for flexibility as market conditions vary.
29. The “efficiency wage” theory states that employers can motivate employees by paying them more than the prevailing wage.
30. The NAIRU is the maximum rate of unemployment that avoids a recession.
31. Unemployment data suggest that the natural rate of unemployment has stayed remarkably constant in the United States over the last few decades.
32. Over the last several decades in the United States the labor force participation rate for men has decreased while the rate for women has increased.
33. Labor union membership in the United States peaked in the 1990s.
34. The increased flexibility in working arrangements in the United States has been a result of the advocacy of labor unions.
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