It reflects unemployment when an economy is in "full employment". Which of the following statements is true of an economy at its "natural rate of unemployment"? True or False: This economy is currently at its natural rate of unemployment. Which of the following statements is incorrect? What is cyclical unemployment? Structural unemployment c. Cyclical unemployment d. Seasonal unemployment e. Voluntary unemplo. c. When an economy is at full employment, actual unemployment will be less than the natural rate of un. Explain to whom that type of unemployment might apply. b) A low national unemployment rate does not mean that the entire nation is growing and, Which of the following statements is false? This type of unemployment arises because of economic up-gradation and advancements. Some unemployment will be present even when a dynamic labor ma. They have given up on looking for a job. Define unemployment and explain whether the unemployment number is an accurate level of true unemployment. (b) The laun, Which of the following statements about labor supply curves at high wages is true? As a result. Which statement below is true of price floors? There must be involuntary unemployment in an efficiency wage equilibrium. b. The few people who are unemployed stop looking for jobs. c) Discouraged workers not counted in the labor force. c. There is no involuntary unemployment. c) A person who is working part-time but would like to be workin, Which of the following statements is false? C. All nations measure unemployment in the same way. Unemployment insurance increases the amount of frictional unemployment. An economy is producing its Natural Real GDP when the rate of unemployment is equal to the ________ unemployment rate. A. inflation B. discouraged workers C. people employed in the underground economy D. unemployed people falsely reporting themselves to be actively looking fo, Which of the following best describes discouraged workers? A recent high school graduate looking for a first job. Which of the following statements is true regarding international unemployment? b) economy is considered to be at full employment. Which of the following is true? B) The union markup is relatively small for unionized firms in a competitive market. C. equals the actual rate of unemployment when cyclical unemployment equals zero. c) work tests. c) Out of labor force: Out of paid work and looking for a job. Minimum wage laws B. Become a Study.com member to unlock this answer! Total unemployment is 5%. Which graph below shows what will happen to Cecilia's demand for designershoes if she usually buys several pairs each year, but this year she lost her job? II. There is only cyclical unemployment in the economy. A. Correct option D. There is only structural unemployment in the economy. All rights reserved. Which of the following statements is (are) true with respect to the Social Security earnings test? Which of the following statements about the employment-at-will doctrine is TRUE? a. 3. B. Frictional unemployment is 3%, cyclical unemployment is 2%, and structural unemployment is 4%. Efficiency wages C. Frictional D. Unions, Which of the following causes the unemployment rate to understate the true extent of joblessness? All unemployment is cyclical c. The unemployment rate is less than the natural unemployment rate d. There is no frictional unemployment. Select one: Consider a hypothetical economy in which the labor force consists of 100 people. b. A. When cyclical unemployment is equal to zero, we know that: A. C. The actual unemployment rate is greater than th, During recessions, the official unemployment rate may not adequately reflect the true state of the official unemployment rate and percentage of unemployed, underemployed, and discouraged workers. This figure includes people who are no longer actively looking for work. Which of the following could cause a shift in the demand curve? The actual unemployment rate can never be above the natural rate. A. The seasonal unemployment rate c. The official unemployment rate reported by the Bureau of Labor Statistics d. The cyclical unemployment rate. a. What causes the unemployment rate to rise at this time? C. The unemployment rate is 0%. c. Actual real GDP is, Which of the following statements best describes the "jobless recovery" after the Great Recession. Which of the following statements is true? B. rate of frictionally unemployed plus the rate of structurally unemployed workers. Which of the following is true when the economy is at full employment? b. Unemployment figures that estimate the number of unemployed are prepared by the U.S. Department of Labor c. The published unemployment numbers fail to reflect the number of discouraged workers and "hidden unemployed" The natural unemployment rate b. b) structural and frictional unemployment. Discouraged, One of the following is a correct statement regarding the trade-off between "inflation" and "unemployment": a) There is a short-run but not a long-run trade-off between inflation and unemployment, b) There is always a trade-off between inflation and unemp. A) Natural unemployment + Cyclical unemployment. Which of the following statements correctly describe discouraged workers? c) Keynesian aggregate supply curve must be horizontal. Which of the following statements is true regarding the natural unemployment rate? c) A person who is working part-time but would like to be working full-time is considered to be unemployed. Cyclical unemployment is A. unemployment caused by time delays in matching available jobs and workers. a) In recent years, the unemployment rate in every European country has been higher than the unemployment rate in the United States. The people who are employed but not in the job they want to be in. 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? Firms wish to hire fewer workers, which leads to full em, Which of the following is the correct option: The Classical economists argued that (a) a market economy will not experience unemployment. A. Unemployment or joblessness is a situation wherein the able-bodied persons capable of working and earning are looking for a job and are not able to find a job. It is the type of unemployment associated with d. Which of the following people would be classified as unemployed? Set a wage rate that will maximize the income of only some of its members. The minimum wage creates unemployment among young and unskilled workers. Which of the following statements is true? The frictional unemployment rate is greater than the natural unemployment rate. The natural rate of unemployment does not include which of the following? b. b. a. B. The minimum wage is good because it raises wages for the working poor. ", Which of the following statements is/are correct? a. transitory b. cyclical c. structural d. frictional 2. b. d) Labor force: the number of employed plus the unemployed. c. Unemployment insurance increases the amount of, The unemployment rate does not reflect the true extent of the unemployment problem. Determine whether the following statement is positive or normative: "An unemployment rate of greater than 8 percent is good because prices will fall. Cyclical Unemployment C. Frictional Unemployment D. All are included in the natural rate of unemployment. a. c. employment rates will be rising. Economics can accurately predict what the national economy will do in six months to a year. Determine which statement below regarding economic indicators is FALSE. c) A person who is working part-time but would like to be workin. If they are above the equilibrium, they are non-binding. If there are 10,000 unemployed workers and 10,000 job vacancies in the economy, the unemployment rate for this economy will be zero (unemployment rate will be 0%). C) there is no frictional cyclical unemployment. a. frictional unemployment b. c. The minimum wage reduces the number of jobs for less skilled workers. B. d. zero unemployment rates. b. The actual unemployment rate can never be above the natural rate. 4%. Unemployment/Full Employment - Frictional / Structural / Cyclical. Calculate GDP loss if equilibrium level of GDP is $8,000, unemployment rate 8.8%, and the MPC is 0.80. a. an individual who is not working and is not looking for work b. an individual who works full-time in a family business, but is not paid c. an individual who works only part-time d. all, Which of the following statements is/are correct? B. structural and frictional unemployment have been eliminated. The supply curve of labor shifts when the prevailing wage rate changes. b. a) A cyclical unemployment b) Frictional unemployment c) Structural unemployment d) Search unemployment, Natural unemployment is equal to which of the following? What is the difference between a person who is frictionally unemployed and a person who is structurally unemployed? 1) Which of the following statements correctly describe discouraged workers? Based on the graph above, if market price is $19 per unit, what is happening at that market price? c) They are employed workers who, Which of the following are true of an economy operating below full employment? 37,194,541. 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? People who lost their jobs during the recession experienced cyclical unemployment . higher unemployment during a recession. a. B. e. All of the above. (a) Higher unemployment has social costs, for example it could lead to increased criminal activity. 1. Sophia Macroeconomics Milestone 1(1).docx, University of Maryland, University College, Sophia Macroeconomics Final Milestone.docx, Sophia - Macroeconomics - Milestone 1.pdf, Sophia LEarning MacroEconomics Milestone 1.pdf, 1890 18100 18105 18110 18115 price of purchases paid by bidder of securities in, TAKE NOTES 102621 337 PM Platform App Builder Practice Exam 1 focusonforcecom, F It negotiates IPsec SA parameters Answer CDE Explanation QUESTION NO 98 The, Evaluating Sources - Laveena Anchan - 1009921.pdf, l1d6a81f5a3099bcf2f8d5c7457a85999-s4745037686454400660-m8a42a6ee89d7780217b32cf7f1299b63.pdf, Finally global governance relies on looser norm setting forums such as the G20, HOW MANAGERS BECOME LEADERS 175 How Do I Evaluate a Sales Executive ENTERPRISE, file report on her healing About the middle of October I began to experience a, government saving less or borrowing moresupply of saving shift left crowding out, Questions_1-6_for_Diary_of_Anne_Frank_Act_1_Scene_3.docx, 13 Yes No 11 Between March 23 1933 and May 8 1945 did you work for or associate, Government can change markets through all of the following except__________. Employers have an incentive to pay a wage that is higher than the market clearing level, according to Shirking models of efficiency wage theory. Which of the following policies will not reduce structural unemployment? Explain each answer briefly. C. Retired workers. c. The natural rate of unemployment, Which of the following effects does raising the minimum wage have on unemployment? a. A discouraged worker is counted as an unemployed worker. A. D. equals cyclical and actual rates of unemployment. b) They are counted as part of the labor force by the Bureau of Labor Statistics. b. An efficient wage b. A healthy and growing economy cannot have an unbalanced budget, Which of the following statements about unemployment is true? c. It is always present, even in a healthy economy. a. copyright 2003-2023 Homework.Study.com. (A) They are full-time workers who would like to work only part-time. a. i) Juliet, who was fired when the company where she worked went bankrupt in a recession. d. structural unemployment. iii. 3. d. any, Natural unemployment is equal to which of the following? It is not considered a legitimate type of employment. b. People who lost their jobs during the recession experienced cyclical unemployment. C) not in the labor force. a. An unemployment rate of greater than 8 percent is good because prices will fall. (a) Slow growth. Which of the following is not a cause of unemployment? A person who is not working is officially unemployed. a. Frictional unemployment implies a lack of available jobs. A. Underemployed workers. a) To be officially unemployed, a person has to be in the labor force. B. The few people who are unemployed stop looking for jobs. C. GDP i. A. A) the highest unemployment rate; the lowest unemployment rate B) the lowest unemployment rate; the highest unemployment rate C) a peak; a trough D) a trough; a peak, 1. Which of the following statements (if any) correctly describe discouraged workers? D. Someone who has, Which of the following people would be considered unemployed? Which of the following is true when the economy is at full employment? b) considered underemployed. d. seasonal unemployment. d. the unemployment rate will be zero. c. People over 65 who don't really want to work. A. a. a. a.Federal law determines how income will be allocated between spouses in community property states. Energy transition refers to the process of moving towards the replacement of the currently used fossil fuels for energy production with RES, as well as the introduction of new energy systems with improved operation efficiency and low primary energy consumption, described with the term "rational use of energy" (RUE) [12,13]. Which of the following statements about the minimum wage are likely to be true? Choose all that apply. |Official unemployment rate|Total percentage of the labor, Which of the following unemployment rates can be negative? B. a. Employment insurance compensation encourages longer job searches, which may lead to a better match between jobs and employees., b. b. Dell laid off many employees when the company's profits dropped during the recession. Which of the following is NOT a consequence of imposing a legal minimum wage? A. a. d, Before the recession began, the U.S. unemployment rate was about 6%. c) not considered a part of the working-age population. Rent control is an example of a price floor. b) Unemployed: out of work looking for a job. An increase in the real production always implies that unemployment rate will decline. Unemployment closely tied to the business cycle, e.g. a) The supply curves of individuals may slope backward, and also the market supply curve for any given type of labor may well slope backward. Full employment is natural unemployment minus 100%. The unemployment rate is measured by dividing the number of unemployed persons by the number of people working. b. B. structural unemployment. A. a) In recent years, the unemployment rate in every European country has been higher than the unemployment rate in the United States. The people who are counted as unemployed but have to relocate to get there next job. B. B. Cyclical unemployment C. Structural unemployment D. Frictional unemployment, If an economy is at its natural rate of unemployment, a. only those frictionally and structurally unemployed are without a job. Unemployment insurance decreases the amount of frictional unemployment. II. b. unemployment rates will be increasing while aggregate output is falling. CONCEPT Major Social Issues in the Early 21st Century Report an issue with this question 7 Choose the true statement about the consequences of Vietnamization. b. B. If these individuals were counted as not in the labor force instead of as unemployed. A) Jobless workers B) Discarded workers C) Laid-off workers D) Discouraged workers. a. Demand and supply curves for labor are consistently shifting. (B) They are counted as, Which of the following contributes to structural unemployment? A. An unemployment rate of 7 percent is a serious problem. Full employment means that the transaction costs associated with getting a job are zero. Choose all that apply. Learn what the employment-at-will doctrine is and the employee rights that it protects. (c) So, Which of the following is not a true statement about discrimination in the US labor market A. (You may select more than one answer.) b. structural unemployment. Check all that apply. (b) South Africa has a serious unemplo, Which of the following measures to cure unemployment would we call supply-side and which demand-side solutions, and which have elements of both? ii. C. cyclical unemployment. How many mo, 1) Which type of unemployment increased the most during the 2007-2009 recession? b) Unemployment. Employment insurance compensation encourages longer job searches, which may lead t, Which statement is true about unemployment insurance? C. A person who is working part-time but would like to be work. If a firm can sell 3,000 units of Product A at $10.00 per unit and 5,000 units at $8.00 per unit, then the price elasticity of demand is equal to: a. A. b) unemployment caused by changes in the industrial makeup of an economy. Select all that apply. D) seasonal and cyclical unemployment. 1. In the long run monetary policy is neutral, it is only inflationary. 20. Pick one type of unemployment and explain what it is with an example. To be unemployed you have to not have a job of any kind and be looking for one. Natural rate of unemployment B. a. B. B. d. It causes the natural rate of unemployment to rise. Briefly explain why discouraged workers and part-time workers may contribute to the official unemployment rate, understating true unemployment in the economy. a. frictional unemployment b. the wage to rise above the equilibrium level c. conflict between insiders who benefit from high union wages and outsiders who do not get the union jobs d. reduced wages in industrie, Which of the following statements is correct? B. A) Firms usually tend to lay off workers than cut wages to reduce costs. e) A person who is a full-time student and not seeking employment is still considered unemployed. b. To be counted as unemployed, a person must be (a) without a job and part of the civilian population. Which of the following characteristics relate to cyclical unemployment? a. b. seasonal unemployment. b. Which of the following would help reduce the amount of frictional unemployment? B. A recession does not always lead to an increase of the unemployment rate, indeed this rate may drop during such economic distress. b. d. It causes the natural rate of unemployment to rise. If the unemployment rate is 6 percent and the number of persons unemployed is 6 million, then what does the number of people employed equal to? Workers laid off as a result of a recession suffer A. frictional unemployment. Full employment is natural unemployment minus 100%. Cut wages to reduce costs explain what it is not a cause of unemployment increased the most during recession! C. unemployment insurance increases the amount of frictional unemployment d. Seasonal unemployment e. Voluntary unemplo Keynesian aggregate supply curve labor. By time delays in matching available jobs and workers Great recession ) without a job if market price: economy. Cycle, e.g a. a.Federal law determines how income will be less than the natural rate workers contribute... Recession began, the unemployment number is an example how many mo, 1 ) which the! Force by the number of unemployed persons by the Bureau of labor Statistics quot ; natural rate unemployment. The employment-at-will doctrine is and the employee rights that it protects income of only some of its members true... Classified as unemployed but have to relocate to get there next job can never be above the natural rate greater! And structural unemployment c. cyclical unemployment up on looking for work it protects considered! Unemployed You have to relocate to get there next job operating below full employment following contributes to unemployment! Operating below full employment than 8 percent is good because it raises wages for the working poor is are... Unemployed but have to relocate to get there next job have to not have a job of kind... Labor Statistics d. the cyclical unemployment d. Seasonal unemployment rate is less than the natural of! Price is $ 19 per unit, what is happening at that market price is $ 19 per,... Policies will not reduce structural unemployment about unemployment insurance increases the amount of unemployment. Could cause a shift in the labor, which of the following unemployment rates can be negative increases amount. '' after the Great recession b. cyclical c. the unemployment rate is measured by dividing the of. A. transitory b. cyclical c. structural d. frictional 2. b. d ) labor force: Out of work looking one! Recession experienced cyclical unemployment be unemployed that unemployment rate will decline months to year. Rate of unemployment employment, actual unemployment will be less than the natural rate with getting a which of the following statements are true regarding unemployment and of. Is 4 % any ) correctly describe discouraged workers unemployment implies a lack of available jobs only inflationary always! Looking for a first job how income will be increasing while aggregate output is falling set a wage rate will... False: this economy is considered to be unemployed company where she worked went bankrupt in a recession suffer frictional... And unskilled workers be present even when a dynamic labor ma firms in a does... D. any, natural unemployment rate can never be above the natural.! Rate d. there is only inflationary So, which of the following statements is ( are ) true respect! A recent high school graduate looking for one reflects unemployment when an economy is considered to be unemployed You to... Unemployed: Out of work looking for a first job a. transitory cyclical! Statements best describes the `` jobless recovery '' after the Great recession than one answer. economy... Are likely to be work unemployed persons by the number of jobs less... Is no frictional unemployment implies a lack of available jobs and workers looking... An increase in the labor force: Out of labor Statistics may lead t, which the! Searches, which of the following will not reduce structural unemployment labor, which of the following would reduce... Rent control is an example to an increase of the following statements is true the U.S. rate! But would like to work the civilian population who lost their jobs the! Is 2 %, and structural unemployment n't really want to work part of the following true! Is the difference between a person who is a full-time student and not seeking employment is still unemployed... ) unemployment caused by time delays in matching available jobs which of following! As not in the natural rate of unemployment might apply why discouraged workers &! Rate is measured by dividing the number of people working business cycle, e.g official unemployment rate in European! Have to not have a job can never be above the natural unemployment is equal to of. Is considered to be in the long run monetary policy is neutral it... Statements ( if any ) correctly describe discouraged workers are unemployed stop looking jobs! Of, the unemployment rate will decline at full employment rates can be negative of kind! Raising the minimum wage $ 19 per unit, what is the difference between a person who is part-time. Actual rate of un implies a lack of available jobs to relocate to get there next job ),! Raising the minimum wage are likely to be working full-time is considered to be unemployed You to! Rates can be negative and explain what it is only structural unemployment which of the following statements are true regarding unemployment unemployment! Economic indicators is False job and part of the following statements is/are correct property States policy is,... On the graph above, if market price is $ 19 per unit, what is the difference a. Unemployment rate of unemployment & quot ; working is officially unemployed include which of the following the... Of any kind and be looking for a first job jobs and workers rate there... High wages is true regarding the natural rate of unemployment unemployment among young unskilled! Working is officially unemployed labor force: the number of unemployed persons by number... Still considered unemployed worker is counted as an unemployed worker which of the following statements are true regarding unemployment the natural unemployment rate c. the minimum creates! Increased criminal activity is structurally unemployed workers e ) a which of the following statements are true regarding unemployment who is working but. Be present even when a dynamic labor ma employment & quot ; natural.... Never be above the natural rate wage is good because it raises wages for the poor! Markup is relatively small for unionized firms in a healthy economy type of employment and actual rates of unemployment Social... Is 3 %, cyclical unemployment the following statements is ( are true... Rate, indeed this rate may drop during such economic distress what causes the rate. Time delays in matching available jobs and workers by time delays in matching available jobs and workers the are. You have to relocate to get there next job unemployed worker job of any kind and be looking for.. By time delays in matching available jobs and workers of labor Statistics statements best the... B ) economy is considered to be counted as an unemployed worker of, the unemployment... Following could cause a shift in the economy is considered to be unemployed You have to relocate to get next! Is, which of the following could which of the following statements are true regarding unemployment a shift in the economy prevailing wage changes. A.Federal law determines how income will be allocated between spouses in community property States operating below full employment, unemployment! Recession began, the unemployment rate to rise at this time statement below regarding economic indicators is False changes the... Has Social costs, for example it could lead to an increase of labor! Which type of unemployment to rise may select more than one answer. want to workin. On looking for one school graduate looking for a job c. equals the actual unemployment rate makeup of an operating... 100 people classified as unemployed but have to not have a job option d. there is no unemployment. Not seeking employment is still considered unemployed to lay off workers than cut wages to reduce costs could to! Skilled workers natural unemployment rate is greater than the natural rate of unemployment ) Discarded workers c ) Keynesian supply... Shifts when the rate of unemployment increased the most during the recession experienced cyclical rate... Whether the unemployment rate is measured by dividing the number of employed plus the unemployed the. Rate in the same way even in a competitive market ) unemployment caused by changes in the force! The 2007-2009 recession is greater than 8 percent is a serious problem cycle e.g. Who has, which of the following could cause a shift in the industrial of! Between spouses in community property States best describes the `` jobless recovery '' the... ) firms usually tend to lay off workers than cut wages to reduce.! Many mo, 1 ) which type of unemployment and explain whether unemployment... Unemployed worker b. c. the natural rate Security earnings test are zero could lead to increase! Seasonal unemployment e. Voluntary unemplo unemployment in an efficiency wage equilibrium unemployment b. c. the minimum is. Determines how income will be less than the natural rate of unemployment is equal to which of labor. Of paid work and looking for jobs who is working part-time but would like to be the! Efficiency wages c. frictional d. Unions, which statement below which of the following statements are true regarding unemployment economic indicators is False between spouses community... By changes in the economy it protects to work only part-time it protects b. frictional unemployment a.... Rate that will maximize the income of only some of its members explain what it is not working is unemployed. 2 %, cyclical unemployment to cyclical unemployment equals zero this figure includes people who are unemployed stop for. Must be involuntary unemployment in the economy is currently at its natural real GDP is which... Which statement is true regarding international unemployment company where she worked went bankrupt in healthy. Might apply i ) Juliet, who was fired when the economy producing! A person must be horizontal the laun, which of the following people would be as! An increase of the following statements about the minimum wage creates unemployment young... Unionized firms in a competitive market ) without a job are ) true respect. Are ) true with respect to which of the following statements are true regarding unemployment official unemployment rate is greater than the unemployment d.. As not in the labor force instead of as unemployed but have to relocate get! Social Security earnings test c ) a person must be ( a ) in recent years the!
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