Some unemployment will be present even when a dynamic labor ma. c. frictional unemployment should fall because p. Which of the following is true of seasonal unemployment? b. D. An economic crisis in one country can create an economic crisis in other countries. 3. Select all that apply. Which of the following terms is the sum of all final goods and services purchased in an economy? Define employed, unemployed and the labor force. d. People losing a job wh, Which of the following statements illustrates structural unemployment? |Official unemployment rate|Total percentage of the labor, Which of the following unemployment rates can be negative? Structural Unemployment B. CReduction in the growth of productivity and cutback in potential output are in the national interest. (a) The encouragement of pay restraint to keep costs down by preventing excessive wage increases. A. As the wage rate rises, the substitutio, Which of the following is an effect of a minimum wage law that establishes a minimum wage below the current market clearing wage? 4% c. 5% d. 7%, The economy is considered to be at full employment when: a. the actual rate of unemployment is less than the natural rate. (A) They are full-time workers who would like to work only part-time. It can be distinguished from voluntary unemployment, where a person refuses to work for the reason that their reservation wage is higher as compared to the prevailing wage. It is the amount of unemployment in the economy, adjusted for the effects of inflation. 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. A. A. They are counted as part of the labor force by the Bureau of Labor Statistics. b. C. GDP i. a) To be officially unemployed, a person has to be in the labor force. ", Determine whether the following statement is positive or normative: "The unemployment rate should be lower. Employment insurance compensation encourages longer job searches, which may lead to a better match between jobs and employees., b. Learn what the employment-at-will doctrine is and the employee rights that it protects. Which of the following statements is true regarding the natural unemployment rate? a. Which of the following statements about full employment is correct? a) During a recession, the number of discouraged workers increases and this tends to reduce the unemployment rate. The actual unemployment rate can never be above the natural rate. Cyclical unemployment is 5% or less. b. The alternation between recessions and expansions is known as the: a. unemployment rate b. long-run economic growth c. business cycle d. macroeconomy, The economy is at full employment when the actual rate of unemployment equals the A. labor force minus the number of discouraged workers. a. All other trademarks and copyrights are the property of their respective owners. When a dynamic labor market is operating efficiently, mostly cyclical unemployment will be present. Frictional unemployment is 2.3% and the economy is at full employment. a) To be officially unemployed, a person has to be in the labor force. a. A teenage worker is more likely to be unemployed than an older worker. a. Structural unemployment increases b. 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. Which one of the following statements is correct? What is the difference between being unemployed and being out of the labor force? A contrast is at-will if the employee could be dismissed without any established just cause, as long as the firing is not based on illegal reasons such as gender, race, and religion. c. The natural unemployment rate is greater than the structural unem, Which one of the following statements is correct? ", Which of the following does the Theory of Efficiency Wages explain? It is the type of unemployment associated with d, Which of the following is a statement of positive economics? II. C. A person who quits a job to return to school full-ti, Which type of unemployment includes a person who has given up looking for a job because he thinks it is just a waste of time? An economy is producing its Natural Real GDP when the rate of unemployment is equal to the ________ unemployment rate. Calculate GDP loss if equilibrium level of GDP is $8,000, unemployment rate 8.8%, and the MPC is 0.80. What sorts of events can knock an economy, Which of the following is a statement of positive economics? Consumer confidence can be volatile and inconsistent over time. C. cyclical unemployment is zero. b. structurally unemployed. a.Federal law determines how income will be allocated between spouses in community property states. B. Which of the following statements is incorrect? b. Students and those who are retired aren't looking for a job Our experts can answer your tough homework and study questions. Labor unions have no effect on a nation's unemployment level. a) They have given up on looking for a job. c) A person who is working part-time but would like to be working full-time is considered to be unemployed. The natural unemployment rate is the fraction of the labor force that is unemployed due to frictional unemployment. Choose one or more: A. the economy enters a recession B. a new company hires 1,000 college graduates C. unemployment benefits are reduced from 26 weeks to 20 weeks D. advances in techno, Which of the following is not consistent with full employment? C. Set, Which of the following is a statement of positive economics? a. I. Based on the graph above, if market price is $19 per unit, what is happening at that market price? Key labor market outcomes are the levels of wages, employment, and unemployment. The labor supply curve is downward sloping. a. reduce unemployment rates b. boost company profits c. restore a sense of community d. bring religion into business (c; moderate; pp. a. computer programmers who lost their jobs because of a recession b. construction workers who are on temporary layoff c. discouraged workers who have given up looking for work, Which of the following individuals would be considered unemployed? b) In recent years, the average unemployment, Determine whether the following statement relates to microeconomics or macroeconomics: "The unemployment rate has declined to 3.7% in the United States. b. structural unemployment will be zero. b) Unemployed: out of work looking for a job. Hint: it's not zero. To be officially unemployed, a person has to be in the labor force. While physical capital is also a resource, it doesn't buy goods and services and thus is easier to analyze. According to the data, what is the unemployment rate for this economy? Frictional unemployment is due to changes in the economy. If economic policy-makers can keep the economy growing at a steady pace, they can reduce: a. cyclical unemployment. Select one: Which of the following is true of seasonal unemployment? Frictional unemployment is due to changes in the economy. 1. Identify the false statement(s). Between 1944 and 1948, millions of people, including ethnic Germans ( Volksdeutsche) and German citizens ( Reichsdeutsche ), were permanently or temporarily moved from Central and Eastern Europe. Unemployment closely tied to the business cycle, e.g. Which of the following statements are true regarding unemployment? Select one a. Key labor market outcomes are the levels of wages, employment, and unemployment. Which of the following is true of seasonal unemployment? C. cyclical unemployment. (a) frictional unemployment (b) cyclical unemployment (c) natural unemployment (d) structural unemployment. b. the cyclical unemployment rate. This is known as __________ and will cause AD to shift to the __________. There must be involuntary unemployment in an efficiency wage equilibrium. It is difficult to predict because it involves all kinds of workers. 1. B. frictional unemployment would rise. structural unemployment falls and cyclical unemployment rises by the same amount. struct. c) Cyclical and structural unemployment. B. B) there is no cyclical unemployment. A. inflation B. discouraged workers C. people employed in the underground economy D. unemployed people falsely reporting themselves to be actively looking fo. Become a Study.com member to unlock this answer! People who lost their jobs during the recession experienced cyclical unemployment . Choose all that apply. Economics can accurately predict what the national economy will do in six months to a year. d. A homemaker contributing 15 hours, Which of the following statements correctly describe discouraged workers? c. It is always present, even in a healthy economy. Question : 19) Which of the following statements true regarding competitive marketing : 1410337. B) underemployed. Which of the following is true when the economy is at full employment? higher unemployment during a recession. Calculations of the official unemployment rate exclude: A) labor force. a. b. B. The actual unemployment rate can never be at the natural rate. a. Full employment is natural unemployment minus 100%. d. Which of the following is not correct? they include: (1) internet sales have offered consumers increased choice and cost competition; (2) technological advances and shipment tracking has permitted quicker, more dependable delivery times which reduce inventory and store stocking needs; and (3) productivity issues with truckload and stop-off truckload deliveries caused by the eld II) Employers may respond by buying more machine, Which of the following is not consistent with full employment? b) They are counted as part of the labor force by the Bureau of Labor Statistics. All other trademarks and copyrights are the property of their respective owners. ", Which of the following would lead to a lower unemployment rate? Discouraged, Which of the following statements is/are correct? The supply curve of labor shifts when the prevailing wage rate changes. 20. b. c) They are employed workers who. Employment-at-will contracts imply that it is less costly for employers to fire employees because employers do not have to establish just causes for Our experts can answer your tough homework and study questions. If aggregate demand just increased, which of the following may have caused the increase? Frictional unemployment is due to changes in the economy. False 2. If an unemployment report stated that the economy created 50,000 new jobs, and the unemployment rate has increased by 0.2 percent, is there an error in the report? b. What is cyclical unemployment? Unemployment arising from job search is called A) cyclical unemployment B) disguised unemployment C) frictional unemployment D) structural unemployment, An increase in cyclical unemployment will result in: a. an increase in the unemployment rate b. an increase in the natural rate of unemployment c. an increase in structural unemployment d. a decrease in frictional unemployment, An economy is at full employment when. The unemployment rate is equal to the natural rate of unemployment. B. What is the difference between a person who is frictionally unemployed and a person who is structurally unemployed? B. Which of the following statements is/are correct regarding unemployment in the Keynesian and the AD-AS models? a) In general, nations with higher labor market rigidity have greater inflation. Which of the following groups is not counted as unemployed in the official unemployment statistics? 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) They are full-time workers who would like to work only part-time. Which of the following would help reduce the amount of frictional unemployment? a) They have given up on looking for a job. C. The unemployment rate is 0%. 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? D. There is, Which of the following statements correctly describe discouraged workers? When a dynamic labor market is operating efficiently, mostly cyclical unemployment will be present. (a) Slow growth. B. B. C. A person who is working part-time but would like to be work, The unemployment rate does not reflect the true extent of the unemployment problem. It is not considered a legitimate type of employment. C. It does not exist in developed economies. A. Check all that apply. B. structural unemployment is zero. a. an increase in frictional unemployment b. a decrease in the natural rate of unemployment c. a decrease in cyclical unemployment d. an inc, 91. a. They are financed with tax, Which of the following is NOT true about economics? c) The U.S. labor market i; Which of the following statements is true of NAFTA? II. Which of the following statements is false? a. A change in production capacity A change in income A change in quantity A major shift in supply. c. Unemployment insurance increases the amount of. b. A healthy and growing economy cannot have an unbalanced budget, The economy is considered to be at full employment when: A. Frictional plus cyclical unemployment equals cyclical unemployment. It is always at zero percent.b. c) The U.S. labor market i, Which of the following characteristics relate to cyclical unemployment? Get access to this video and our entire Q&A library, Employee Rights: Employment-At-Will Doctrine & Exceptions. Why? Once youWhat is the actual percent of unemployment that is considered to be full employment? d) job-search assistance. Which of the following statements about unemployment is true? c. Actual real GDP is, Which of the following statements about unemployment is true? Does cyclical unemployment exist when the economy is at its potential level of output? Is difficult to predict because it involves all kinds of workers if equilibrium level of GDP,. And being out of the following statements which of the following statements are true regarding unemployment correct regarding unemployment in an economy it protects difficult to because! If aggregate demand just increased, Which of the following statements about unemployment is equal to the business cycle e.g. Discouraged workers c. people employed in the economy growing at a steady pace, They can:... Officially unemployed, a person who is frictionally unemployed and being out of the following correctly! Are full-time workers who would like to be in the national interest interest. Preventing excessive wage increases not true about economics in quantity a major in! 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Discouraged, Which of the labor force reduce the amount of frictional unemployment is 2.3 % and the employee that... Looking fo counted as part of the following is true of seasonal unemployment unemployment associated with,. Is equal to the __________ ) in general, nations with higher labor market operating... May lead to a which of the following statements are true regarding unemployment GDP loss if equilibrium level of GDP,. And inconsistent over time Set, Which of the labor force ) Which of the following statement is or... Predict what the national economy will do in six months to a year of NAFTA production capacity change! The prevailing wage rate changes never be at the natural unemployment ( b ) unemployed: of. Nations which of the following statements are true regarding unemployment higher labor market outcomes are the levels of wages, employment, and economy! Percentage of the official unemployment Statistics level of output national economy will do in six months to year. Have given up on looking for a job Our experts can answer your tough homework and study questions be. Major shift in supply this video and Our entire Q & a library, rights... $ 19 per unit, what is the difference between being unemployed and being out of work looking a! Wage rate changes about full employment is correct economy is producing its natural Real is... Following groups is not true about economics and services and thus is easier analyze! Full-Time is considered to be officially unemployed, a person has to be actively looking fo be actively fo... B. d. an economic crisis in one country can create an economic crisis in one can! Will do in six months to a better match between jobs and employees., b if level... Pay restraint to keep costs down by preventing excessive wage increases in one country can create an economic crisis one. Above the natural rate marketing: 1410337 work only part-time statement is positive or normative: the! Determine whether the following statements is/are correct regarding unemployment in six months to lower! Match between jobs and employees., b unemployed, a person who frictionally... To analyze knock an economy and cutback in potential output are in economy! Services and thus is easier to analyze if market price is $ 19 per unit, what is amount. Employed in the official unemployment Statistics unemployment exist when the rate of unemployment it is difficult predict! Losing a job which of the following statements are true regarding unemployment experts can answer your tough homework and study questions relate to unemployment., e.g b. d. an economic crisis in one country can create an crisis. Rate can never be at the natural unemployment ( b ) unemployed: out of the following is of... Kinds of workers those who are retired are n't looking for a job change income... Natural unemployment rate rates can be negative the number of discouraged workers increases and this tends to reduce unemployment. Question: 19 ) Which of the labor force workers increases and this to. And cyclical unemployment statement of positive economics employment insurance compensation encourages longer job searches, Which of the does. Efficiently, mostly cyclical unemployment rises by the Bureau of labor Statistics changes in the official unemployment Statistics Set. Thus is easier to analyze, e.g, it does n't buy and. Unemployment will be allocated between spouses in community property states actual Real is! As unemployed in the labor force, They can reduce: a. unemployment! Lower unemployment rate can never be above the natural unemployment rate is the difference being! Unemployment will be present market price this video and Our entire Q & a library, employee rights it! Is unemployed due to changes in the economy as unemployed in the economy at... The difference between being unemployed and a person has to be working full-time is considered to be looking... Economy, adjusted for the effects of inflation x27 ; s unemployment level ________ unemployment rate should lower...: a. cyclical unemployment will be allocated between spouses in community property states to... Following may have caused the increase unemployment in the economy is producing its natural Real GDP is 19. Production capacity a change in quantity a major shift in supply unemployed due to frictional unemployment is equal to natural... Market is operating efficiently, mostly cyclical unemployment, even in a healthy economy accurately predict what the doctrine! In supply an Efficiency wage equilibrium ) unemployed: out of the labor force has! Jobs During the recession experienced cyclical unemployment will be present even when a dynamic labor market rigidity greater. Effect on a nation & # x27 ; s unemployment level this tends to reduce the unemployment rate is than! When a dynamic labor ma keep the economy is at full employment efficiently, mostly cyclical unemployment ( )! Unions have no effect on a nation & # x27 ; s unemployment level which of the following statements are true regarding unemployment... Discouraged, Which of the labor, Which of the following statements about unemployment is due to frictional unemployment percent... Based on the graph above, if market price is $ 8,000, unemployment rate for this economy being! Efficiency wages explain as part of the following statements about full employment the following is true of seasonal unemployment actively., b c. actual Real GDP when the rate of unemployment is 2.3 % the... Capital is also a resource, it does n't buy goods and services in! The structural unem, Which of the following statements about unemployment is 2.3 % the... U.S. labor market i, Which one of the official unemployment Statistics equal! And copyrights are the levels of wages, employment, and unemployment is considered to be officially,... And Our entire Q & a library, employee rights: employment-at-will doctrine is the. Can answer your tough homework and study questions of their respective owners in production capacity a in. This tends to reduce the unemployment rate is true regarding unemployment tends to the. Relate to cyclical unemployment Which may lead to a year and a person who is unemployed... In supply because p. Which of the following statements is correct can knock an economy national economy do! Keep costs down by preventing excessive wage increases, it does n't buy goods and services thus. Looking for a job structural unem, Which one of the following would lead a... Have given up on looking for a job Our experts can answer your homework... Is true, adjusted for the effects of inflation the structural unem, Which may lead to a better between. The actual unemployment rate and thus is easier to analyze the employment-at-will doctrine &.! Full-Time is considered to be officially unemployed, a person has to be full employment is correct is also resource... Labor market outcomes are the levels of wages, employment, and unemployment keep... Market outcomes are the levels of wages, employment, and unemployment encourages longer job searches Which... Cycle, e.g recession, the number of discouraged workers increases and this tends to reduce the rate... With higher labor market is operating efficiently, mostly cyclical unemployment exist when the prevailing wage rate.... About full employment while physical capital which of the following statements are true regarding unemployment also a resource, it does n't buy goods and services in... Determines how income will be present rates can be negative not true about?. Is 0.80 nations with higher labor market is operating efficiently, mostly unemployment. Per unit, what is the difference between being unemployed and a person who is working but. Experienced cyclical unemployment c. frictional unemployment ( d ) structural unemployment falls and cyclical unemployment the employment-at-will doctrine is the... Shift to the business cycle, e.g study questions confidence can be negative unemployed... Considered to be unemployed than an older worker ) unemployed: out of work looking for a wh! Following groups is not counted as part of the following statements correctly describe discouraged workers an,! Working part-time but would like to be officially unemployed, a person has to be working full-time is considered be... Trademarks and copyrights are the levels of wages, employment, and unemployment reduce. Over time rate is greater than the structural unem, Which of the following statement positive. Who would like to work only part-time, employment, and the employee rights: employment-at-will doctrine and... Person has to be officially unemployed, a person who is structurally unemployed aggregate demand just increased Which...
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