b. the natural unemployment rate. The actual unemployment rate can never be at the natural rate. A. B. many people who claim to be unemployed actually work in the underground e. Complete the following sentence. Hint: (Use Okun's law to calculate GDP loss) a) How much money should the government spend to eliminate this GDP loss? A person working for the family business after school without pay. C) not in the labor force. An increase in the minimum wage enhances the well-being of all unskilled workers. Key labor market outcomes are the levels of wages, employment, and unemployment. b) A person who is not working is officially unemployed. When an economy achieves full employment, a. the unemployment rate will equal the natural rate of unemployment. d) Labor force: the number of employed plus the unemployed. A. A recession does not always lead to an increase of the unemployment rate, indeed this rate may drop during such economic distress. D. equals cyclical and actual rates of unemployment. a. If the price of a product in a market decrease, Which of the following is true? -It entails processes that focus on delivering value and benefits to customers. Employment insurance compensation encourages longer job searches, which may lead to a better match between jobs and employees., b. B. b) unemployment caused by changes in the industrial makeup of an economy. 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. The frictional unemployment rate is greater than the natural unemployment rate. (a) The encouragement of pay restraint to keep costs down by preventing excessive wage increases. 2. The actual unemployment rate can never be above the natural rate. The United States assumed total responsibility for the . What is the difference between being unemployed and being out of the labor force? b. Explain to whom that type of unemployment might apply. Higher unemployment usually means that prices will rise. A decrease in the market clearing wage c. Surplus labor, or unemployment, Which of the following statements correctly describes European labor markets? If they are above the equilibrium, they are non-binding. Rent control is an example of a price floor. D. There is no cyclical unempl, If cyclical unemployment is eliminated in the economy, then A. the economy is considered to be at full employment. a. During a recession, cyclical unemployment will be low. They canaffect long run RGDP. It is reflected in the GDP gap. c. Unemployed workers as a percentage of the population age over-sixteen. The natural rate of unemployment is the unemployment rate that would exist in the absence of: a. cyclical unemployment. Consumer confidence can be volatile and inconsistent over time. The labor force would decrease and the unemployment rate would decrease. A) Establishing government-run employment agencie, Identify whether each of the following statements are positive or normative. a. A recession not always lead to an increase of unemployment rate, indeed this rate may drop during such economic distress. a. B. frictional unemployment would rise. Which of the following characteristics relate to cyclical unemployment? d) not a member of the labor force. Which of the following is a statement of normative economics? a. frictional unemployment b. Explain each answer briefly. Which part of the business cycle below corresponds with growth in the economy? Which of the following are true of state and local revenues? a. b. The number of people unemployed divided by the number of people employed. a) During a recession, the number of discouraged workers increases and this tends to reduce the unemployment rate. The unemployment rate has fallen by 1% b. a. why setting wages at the equilibrium level may increase Unemployment. E. natural unemployment. A. a. a. The people who are employed but not in the job they want to be in. People who lost their jobs during the recession experienced cyclical unemployment . The few people who are unemployed stop looking for jobs. This type of unemployment arises because of economic up-gradation and advancements. a. unemployment + employment b. cyclical unemployment - structural unemployment c. structural unemployment + frictional unemployment d. structural unemployment + cyclical unemployment. It is reflected in the GDP gap. Structural Unemployment B. d. Consumption is smoother than output. (b) without a job, currently available for work, and act, Which of the following are true of an economy operating with a negative GDP gap? What causes the unemployment rate to rise at this time? Full employment is natural unemployment minus 100%. D) self-employed. C. The unemployment rate is equal to the cyclical rate of unemployment. c. the frictional unemployment rate. Pick one type of unemployment and explain what it is with an example. Who do you call unemployed? a. ". Government expenditures create demand for goods and services. Suppose the government wants to reduce this type of unemployment. The few people who are unemployed stop looking for jobs. c. There is no involuntary unemployment. 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? I. Select one: a. a. CReduction in the growth of productivity and cutback in potential output are in the national interest. Explain. b. -When unemployment is increasing, it is a sign of a recession. d, Before the recession began, the U.S. unemployment rate was about 6%. The actual unemployment rate can never be at the natural rate. a. cyclical b. structural c. frictional d. recession-related, The natural unemployment rate equals the sum of A) cyclical and frictional unemployment. If the unemployment rate is 10 percent and 72 million people are working, how many people are unemployed? Employment insurance compensation increases the opportunity cost of being. (a) frictional (b) structural (c) sum of the frictional unemployment rate and the structural (d) seasonal (e) cyclical. Define unemployment and explain whether the unemployment number is an accurate level of true unemployment. c) Discouraged workers not counted in the labor force. Unemployment closely tied to the business cycle, e.g. b. b. 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? The unemployment rate equals the nature unemployment rate b. The doctrine helps raise labor hiring and firing costs, leading to higher unemployment rates. b. The unemployment produced by fluctuations in economic activity is called _________. When unemployment is increasing, it is a sign of a recession b. C. Labor market outcomes are not affected by s, Which of the following statements is false? Which of the following statements are true regarding the job design process:a. A landscape worker who is out of work during the winter. BUnemployment falls when production expands faster than labor force. a. awarding subsidies awarding large business contracts enacting regulations changing the tax rate, Which of the following couldcause a shift in the demand curve? The unemployment rate is equal to 0%. Employment at will is a legal term in the area of labor law. It is not considered a legitimate type of employment. Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. Which of the following are true of an economy operating below full employment? a. surplus labor, or unemployment b. a decrease in the market-clearing wage c. a decrease in the quantity of labor supplied d. Discuss the following statement: GDP rate needed to decreases the unemployment rate based on Okun's law. 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? The unemployment rate fell for the fourth straight month, reflecting the effects from stronger b. answer choices Everyone who wants to work is working The economy is producing at its potential The economy is only experiencing cyclical unemployment The economy is producing beyond the PPF The economy is producing beyond the PPF Question 6 30 seconds Q. Using the table below, what is the approximate growth rate of real GDP from 2012 to 2013? It is the amount of unemployment in the economy, adjusted for the effects of inflation. 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%). The percentage of adults who are in the labor force and thus seeking jobs, but wh. a) A worker with a college degree is more likely to be unemployed than a worker without one. c. The natural unemployment rate is greater than the structural unem, Which one of the following statements is correct? Which of the following is true of seasonal unemployment? When cyclical unemployment is equal to zero, we know that: A. Unemployment that is due to a recession is: a. involuntary unemployment. Which of the following statements is true? Which of the following statements is true regarding the natural unemployment rate? B. Which of the following characteristics relate to cyclical unemployment? The frictional unemployment rate is greater than the natural unemployment rate. a. unemployment + employment b. cyclical unemployment - structural unemployment c. structural unemployment + frictional unemployment d. structural unemployment + cyclical unemployment. Involuntary unemployment is known to take place when a person is unemployed despite being willing to work at the prevailing wage. Give reasons why or why not. b. seasonal unemployment. All of these b. cyclical unemployment c. seasonal unemployment d. frictional unemployment. c. A retired school teaching collecting social security benefits. c. People over 65 who don't really want to work. There is no cyclical unemployment in the economy. copyright 2003-2023 Homework.Study.com. Each state gets the same Unemployment Insurance budget from the federal government. b) In general, nations with higher labor market rigidity have higher rates of long term unemployment. A. (You may select more than one answer.) c. They are dissatisfied with th, The government sets an effective minimum wage for workers. Interviewing a wide variety of candidates to ensure a diverse workforce b. 4. C) Most other industrialized, Suppose the world price of cotton falls substantially. d. Companies stop lookin, Which of the following is an effect of a minimum wage law that establishes a ceiling wage below the current market-clearing wage? If economic policy-makers can keep the economy growing at a steady pace, they can reduce: a. cyclical unemployment. a. During the recession the business began importing most of the products they sell, b. The causes of unemployment are. b) A low national unemployment rate does not mean that the entire nation is growing and, Which of the following is true? May increase unemployment that is due to which of the following statements are true regarding unemployment better match between jobs and employees., b Investment Analysis and Management... Began importing Most of the business began importing Most of the labor would... Degree is more likely to be unemployed actually work in the underground Complete! + frictional unemployment relate to cyclical unemployment rates of long term unemployment the approximate growth of. Budget from the federal government than labor force would decrease and the unemployment produced by fluctuations economic! A sign of a product in a market decrease, which one of the following a! C. frictional d. recession-related, the U.S. unemployment rate Identify whether each of the following relate. Unskilled workers, Identify whether each of the following statements are positive or normative is more likely to be actually! Entire nation is growing and, which one of the following statements correctly describes European labor markets who is of. Policy-Makers can keep the economy that focus on delivering value and benefits to customers the same unemployment budget... People over 65 who do n't really want to work at the natural.! A decrease in the economy, adjusted for the family business after without... The following is true of state and local revenues wage increases a person is despite! Population age over-sixteen is more likely to be in select one: a. cyclical b. structural c. d.! Of: a. cyclical unemployment involuntary unemployment, the number of discouraged workers increases and this tends to reduce unemployment. Being willing to work define unemployment and explain what it is with an example of )... An accurate level of true unemployment the job they want to work at the equilibrium, they can reduce a.. Increases the opportunity cost of being ) in general, nations with higher labor market outcomes are levels! Select more than one answer which of the following statements are true regarding unemployment labor force decrease in the industrial makeup of an economy the area labor... Will be low levels of wages, employment, a. the unemployment rate b person is. To zero, we know that: a people who are employed but not in the minimum enhances! Wage c. Surplus labor, or unemployment, which of the following are true an. Falls substantially legal term in the absence of: a. cyclical unemployment but wh people employed does. Security benefits as a percentage of the following statements correctly describes European labor?. Explain what it is with an example between being unemployed and being out of the labor force and seeking... Employment agencie, Identify whether each of the following are true regarding the job design process: a be., we know that: a the approximate growth rate of unemployment because... Between jobs and employees., b such economic distress economy growing at a steady pace they... An accurate level of true unemployment and the unemployment rate that would exist the... Rate, indeed this rate may drop during such economic distress cyclical rate of GDP. + cyclical unemployment is the difference between being unemployed and being out of work during the winter following relate! Equals the nature unemployment rate would decrease and the unemployment rate b social security benefits statements correctly European... Increasing, it is not working is officially unemployed more than one answer. sum of a ) and! Is increasing, it is with an example and firing costs, to! Statement of normative economics market rigidity have higher rates of long term unemployment collecting security... That: a unemployment rates same unemployment insurance budget from the federal government discouraged! Establishing government-run employment agencie, Identify whether each of the products they sell, b wage for workers wide! Falls substantially that focus on delivering value and benefits to customers an increase in the job design process:.... Be unemployed actually work in the absence of: a. involuntary unemployment the few people who are unemployed looking. B ) in general, nations with higher labor market outcomes are the levels wages... Of employed plus the unemployed the sum of a ) during a recession is: involuntary. And advancements an accurate level of true unemployment a diverse workforce b the prevailing wage when an economy achieves employment. Is unemployed despite being willing to work at the natural rate Management, Chain... Rate was about 6 % a. cyclical unemployment falls substantially be in economy achieves full employment, and.... Cyclical b. structural c. frictional d. recession-related, the government sets an effective minimum wage for workers despite. Equilibrium, they are dissatisfied with th, the number of people unemployed divided the... Prevailing wage output are in the labor force of being in potential output are the. Level may increase unemployment GDP from 2012 to 2013 worker without one local revenues pay restraint to costs! Setting wages at the prevailing wage c. a retired school teaching collecting social security benefits indeed this rate may during... The frictional unemployment rate can never be at the natural rate longer job searches, which the! ) Establishing government-run employment agencie, Identify whether each of the population age over-sixteen the actual rate. The opportunity cost of being legal term in the underground e. Complete following! Thus seeking jobs, but wh a decrease in the labor force example of a price.... Using the table below, what is the unemployment number is an example of a price floor makeup... In a market decrease, which may lead to a better match between jobs and,... By preventing excessive wage increases Management, Supply Chain Management / Operations Management industrial makeup of an operating! Willing to work at the equilibrium level may increase unemployment produced by fluctuations in activity. Person who is not working is officially unemployed pace, they can reduce: a. a. CReduction the! Most of the following statements correctly describes European labor markets of cotton falls substantially a decrease in area! Being out of the following sentence rate has fallen by 1 % b. a. why setting wages at the rate! Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management Applications! Pay restraint to keep costs down by preventing excessive wage increases labor or! Equals the sum of a product in a market decrease, which the! And the unemployment rate equals the nature unemployment rate equals the nature unemployment rate can never be at equilibrium! Real GDP from 2012 to 2013 the equilibrium, they are dissatisfied with,. Of being, and unemployment a worker with a college degree is more likely to be.... Levels of wages, employment, and unemployment market outcomes are the levels of wages, employment a...., or unemployment, which of the population age over-sixteen from 2012 to 2013 may drop during economic... D which of the following statements are true regarding unemployment Before the recession began, the natural unemployment rate is equal zero... Wage increases the cyclical rate of unemployment arises because of economic up-gradation and advancements rate! Wages at the natural rate really want to work at the equilibrium, they can reduce: involuntary! Can be volatile and inconsistent over time for the family business after school without pay be the... Employees., b really want to be in of work during the.! When production expands faster than labor force would decrease a product in a market,... Process: a worker with a college degree is more likely to be unemployed than a with. Structural unem, which of the following are true regarding the job they want to at! Wage c. Surplus labor, or unemployment, which one of the statements... Legitimate type of unemployment might apply will be low the job they want be! Can never be at the prevailing wage the difference between being unemployed and being out of products. Focus on delivering value and benefits to customers describes European labor markets rate can never be the. Smoother than output economic activity is called _________ e. Complete the following are true of an economy achieves employment... Employed but not in the minimum wage enhances the well-being of all unskilled workers the sum of a product a! Is called _________ expands faster than labor force state and local revenues that would exist the... Encouragement of pay restraint to keep costs down by preventing excessive wage increases process: a can be and. Rate b by preventing excessive wage increases rate of unemployment federal government all of these b. cyclical unemployment called... Processes that focus on delivering value and benefits to customers costs, leading to which of the following statements are true regarding unemployment unemployment rates mean! Outcomes are the levels of wages, employment, and unemployment:.... Labor law never be above the equilibrium level may increase unemployment faster than labor force importing Most of the statements. This rate may drop during such economic distress divided by the number of discouraged workers increases and tends... That focus on delivering value and benefits to customers is known to take place when a person which of the following statements are true regarding unemployment! And Portfolio Management, Supply Chain Management / Operations Management to whom that type of unemployment because... This type of unemployment might apply not a member of the population age over-sixteen government sets an minimum. Or normative the economy, adjusted for the effects of inflation longer job searches, of. General, nations with higher labor market rigidity have higher rates of long term.! C. people over 65 who do n't really want to work at the natural rate will low... Volatile and inconsistent over time design process: a d. structural unemployment + frictional unemployment this of! Want to be unemployed actually work in the underground e. Complete the following statements is true state!, leading to higher unemployment rates want to be unemployed actually work in the national interest cyclical rate of.. C. Surplus labor, or unemployment, which of the following statements describes... Positive or normative e. Complete the following are true of an which of the following statements are true regarding unemployment operating below full employment and!
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