Question 1

What problems arise in interpreting unemployment data?

Accepted Answer

The answer of What problems arise in interpreting unemployment data?...

Question 2

Suppose that there is an excess supply of economics professors. Should universities necessarily reduce salaries? What does standard economic theory suggest? What does efficiency-wage theory suggest?

Accepted Answer

The answer of Suppose that there is an excess supply...

Question 3

Some degree of unemployment is in a complex economy.

Accepted Answer

The answer of Some degree of unemployment is in a...

Question 4

Almost half of all spells of unemployment end when the unemployed person .

Accepted Answer

The answer of Almost half of all spells of unemployment...

Question 5

How are discouraged workers counted in the unemployment rate?

Accepted Answer

The answer of How are discouraged workers counted in the...

Question 6

In 1914, Henry Ford began paying his workers $5 per day, about twice the going wage. As a result, turnover and absenteeism fell and productivity and profits rose.

Accepted Answer

This statement is true. Henry Ford did indeed begin paying his workers $5 per day in 1914, which was about twice the going wage at the time. This move had a positive impact on the company, as turnover and absenteeism fell while productivity and profits rose. It also helped Ford attract and retain a highly skilled workforce.

Question 7

What is the theory of efficiency wages? Provide four reasons that employers might pay efficiency wages.

Accepted Answer

The answer of What is the theory of efficiency wages?...

Question 8

Define the natural rate of unemployment and cyclical unemployment.

Accepted Answer

The answer of Define the natural rate of unemployment and...

Question 9

Compare the 2012 unemployment rates and labor-force participation rates of whites, blacks, adults of prime working age ages 25-54), and teenagers ages 16-19).

Accepted Answer

The answer of Compare the 2012 unemployment rates and labor-force...

Question 10

How does the government measure the economy's rate of unemployment?

Accepted Answer

The answer of How does the government measure the economy's...

Question 11

Following the recession of 2001, there was a month in which employment and the unemployment rate both rose. Assuming the computations were correct, how is it possible for both to have increased?

Accepted Answer

The answer of Following the recession of 2001, there was...

Question 12

An important determinant of a country's standard of living is the amount of it typically experiences.

Accepted Answer

The answer of An important determinant of a country's standard...

Question 13

Since unemployment rates are consistently higher in Canada and some Western European countries than in the United States, it appears that the natural rate of unemployment is lower in the United States. What might explain this difference?

Accepted Answer

The answer of Since unemployment rates are consistently higher in...

Question 14

Why have labor-force participation rates for women in the United States increased since World War II while labor- force participation rates for men have decreased?

Accepted Answer

The answer of Why have labor-force participation rates for women...

Question 15

Discuss the labor-force participation trends for men and women since 1950.

Accepted Answer

The answer of Discuss the labor-force participation trends for men...

Question 16

Most spells of unemployment are short, and most unemployment observed at any given time is long term. How can this be?

Accepted Answer

The answer of Most spells of unemployment are short, and...

Question 17

Teenage unemployment is higher than unemployment of people ages 20 and over. Explain why economists would attribute at least part of this difference to minimum-wage laws.

Accepted Answer

The answer of Teenage unemployment is higher than unemployment of...

Question 18

What is the theory of efficiency wages? Provide four reasons that employers might pay efficiency wages.

Accepted Answer

The answer of What is the theory of efficiency wages?...

Question 19

The table below uses data for the year 2003 provided by the Bureau of Labor Statistics and adjusted to be comparable to U.S. data. All values are in thousands. Fill in the blank entries in the table.

Accepted Answer

The answer of The table below uses data for the...

Question 20

Why might a favorable change in the economy, such as technological improvement or a decrease in the price of imported oil, be associated with an increase in frictional unemployment?

Accepted Answer

The answer of Why might a favorable change in the...

Quiz 15: Unemployment

What problems arise in interpreting unemployment data?

Suppose that there is an excess supply of economics professors. Should universities necessarily reduce salaries? What does standard economic theory suggest? What does efficiency-wage theory suggest?

Some degree of unemployment is in a complex economy.

Almost half of all spells of unemployment end when the unemployed person .

How are discouraged workers counted in the unemployment rate?

In 1914, Henry Ford began paying his workers $5 per day, about twice the going wage. As a result, turnover and absenteeism fell and productivity and profits rose.

What is the theory of efficiency wages? Provide four reasons that employers might pay efficiency wages.

Define the natural rate of unemployment and cyclical unemployment.

Compare the 2012 unemployment rates and labor-force participation rates of whites, blacks, adults of prime working age ages 25-54), and teenagers ages 16-19).

How does the government measure the economy's rate of unemployment?

Following the recession of 2001, there was a month in which employment and the unemployment rate both rose. Assuming the computations were correct, how is it possible for both to have increased?

An important determinant of a country's standard of living is the amount of it typically experiences.

Since unemployment rates are consistently higher in Canada and some Western European countries than in the United States, it appears that the natural rate of unemployment is lower in the United States. What might explain this difference?

Why have labor-force participation rates for women in the United States increased since World War II while labor- force participation rates for men have decreased?

Discuss the labor-force participation trends for men and women since 1950.

Most spells of unemployment are short, and most unemployment observed at any given time is long term. How can this be?

Teenage unemployment is higher than unemployment of people ages 20 and over. Explain why economists would attribute at least part of this difference to minimum-wage laws.

What is the theory of efficiency wages? Provide four reasons that employers might pay efficiency wages.

The table below uses data for the year 2003 provided by the Bureau of Labor Statistics and adjusted to be comparable to U.S. data. All values are in thousands. Fill in the blank entries in the table.

Why might a favorable change in the economy, such as technological improvement or a decrease in the price of imported oil, be associated with an increase in frictional unemployment?