a. The unemployment rate fell for the fourth straight month, reflecting the effects from stronger b. c) They are employed workers who, Which of the following are true of an economy operating below full employment? C) cyclical unemployment. The unemployment rate is understated due to: a) None of the above. D. Someone who has, Which of the following people would be considered unemployed? Which of the following could cause a shift in the demand curve? Define unemployment. 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. c) Discouraged workers not counted in the labor force. What is the difference between a person who is frictionally unemployed and one who is structurally unemployed? Full employment means that the transaction costs associated with getting a job are zero. Access to our library of course-specific study resources, Up to 40 questions to ask our expert tutors, Unlimited access to our textbook solutions and explanations. a. Frictional unemployment is due to changes in the economy. b. D. There is only structural unemployment in the economy. Productivity is pro-cyclical. Cyclical b. The incidence of the subsidy on the consumer will decrease. Which of the following statements is correct regarding involuntary unemployment? Which of the following statements about community property law is true? The typical employment insurance compensation is roughly one-third of one's latest salary for up to 26 weeks. b. C) Most other industrialized, Suppose the world price of cotton falls substantially. a) raising unemployment benefits. c. a recessionary gap exists and wages are likely to fall. b. d) All of the above. The unemployment rate is equal to 0%. a) To be officially unemployed, a person has to be in 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. 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? Zero, b. There is no cyclical unemployment in the economy. People who lost their jobs during the recession experienced cyclical unemployment. A decrease in the market clearing wage c. Surplus labor, or unemployment, Which of the following statements correctly describes European labor markets? ", Which of the following would lead to a lower unemployment rate? An unemployment rate of greater than 8 percent is good because prices will fall. The few people who are unemployed stop looking for jobs. They are counted as part of the labor force by the Bureau of Labor Statistics. When the economy is at its full employment Real GDP, the unemployment rate is equal to a. zero. Which of the following statements is true regarding the 5-M model? Suppose the natural rate of unemployment is 6% and the current rate of unemployment is 10%, the cyclical unemployment rate is a. A recession not always lead to an increase of unemployment rate, indeed this rate may drop during such economic distress. c) Cyclical and structural unemployment. c) The U.S. labor market i; Which of the following statements is true of NAFTA? The economy is in the peak phase of the business cycle. The people who are employed but not in the job they want to be in. (B) They are counted as, Which of the following statements is true? A. Is the correlation between unemployment and inflation true in the current economy? -Unemployment figures that estimate the number of unemployed are prepared by the U.S. Department of Labor. c) Keynesian aggregate supply curve must be horizontal. It is reflected in the GDP gap. a. b. People who lost their jobs during the recession experienced cyclical unemployment. Discover three exceptions to employment-at-will and participating states. The actual unemployment rate can never be above the natural rate. 2. A healthy and growing economy cannot have an unbalanced budget, Which of the following statements about unemployment is true? c. frictional unemployment. 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. ii. c. There is no involuntary unemployment. a. b. frictional unemployment. (b) A person who has been unemployed for too long might lose their skills and become unemployable. A) 0.4% B) - 0.6% C) - 4.5% D) 4.5% E) 10%. D. frictional unemployment. People who work at least one hour per week. C. It is positive in recessions and negative in economic booms. Unions can either increase demand or decrease the supply of labor. b. Which of the following is true when the economy is at full employment? Added 1/30/2021 4:49:13 PM. The increase in unemployment associated with a recession is called a. structural unemployment. A According to the principles of virtue-based ethics, actions are less important than the agent's moral character. Full employment means that the unemployment rate is less than 1/2 of 1 percent. If one dollar can purchase 0.74 euros, what is the exchange rate when using U.S. dollars as the base. D. seasonal unemployment. Structural Unemployment B. c. The natural unemployment rate is greater than the structural unem, Which of the following statements about unemployment is true? A. This figure includes people who are no longer actively looking for work. Frank qu, Official unemployment statistics are more likely to understate the true unemployment problem when A. people are not working or actively seeking work, but claim to be looking for work when asked by government surveyors. a. What defines a person as unemployed? Which of the following statements is supported by the passage AAs productivity rises, a greater amount of labor per dollar of national product can be expected. Labor income Which statement below about the exchange rate is FALSE? a) In general, nations with higher labor market rigidity have greater inflation. 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? 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. b. what is the unemployment rate? B. unemployment caused by changes in the industrial makeup of an economy. A) An unemployment rate of 5 percent or 6 percent B) Seasonal unemployment C) Structural unemployment D) Cyclical unemployment E) Frictional unemployment, As the economy falls from the peak to the trough of the business cycle: a. inflationary pressures should increase as unemployment rises. The labor supply curve is downward sloping. The unemployment produced by fluctuations in economic activity is called _________. During a recession, cyclical unemployment will be low. c.Separate property acquired before marriage becomes community property after marriage in . 4. Pick one type of unemployment and explain what it is with an example. Demand and supply curves for labor are consistently shifting. c. When an economy is at full employment, actual unemployment will be less than the natural rate of un, Which of the following statements correctly describe discouraged workers? Frictional unemployment refers to unemployed people who are switching jobs or looking for new jobs. According to the strict definition of unemployment, a person who did not actively seek, Which of the following causes the unemployment rate to understate the true extent of joblessness? Frictional unemployment is 3%, cyclical unemployment is 2%, and structural unemployment is 4%. A decline in the markup on wages by 10% along with no change in the pa. a. b. a person cannot get a job but is willing to work and is actively seeking work. b) A person who is not working is officially unemployed. C. A person who is working part-time but would like to be work. d. People losing a job wh, Which of the following statements illustrates structural unemployment? c. Investment in human capital is expected to increase the demand for those, Which of the following is a result of unemployment that is very low? 1. a. C. It is decided upon by the federal government. Learn the various types of unemployment. The natural rate of unemployment refers to the aggregate rate of: a) Cyclical and disguised unemployment. c. Unemployment insurance increases the amount of. Unemployed workers as a percentage of the labor force. a) It occurs even when an economy is producing at a point on its production possibilities frontier. Seasonal unemployment happens when people are out of work due to the season. a. B) cyclical, seasonal, and structural unemployment. B. "Full employment" is said to exist when the unemployment rate equals a. zero. b. a. cyclical b. structural c. frictional d. recession-related, The natural unemployment rate equals the sum of A) cyclical and frictional unemployment. c. Companies have difficulties recruiting workers. b) Unemployed: out of work looking for a job. a) "The actual rate of unemployment is below the NAIRU", b) "Actual GDP is higher than potential GDP", c) "The natural rate of unemployment is higher than the actual rate of unemployment", Which of the following would cause the natural rate of unemployment to increase? c. It is always present, even in a healthy economy. A) Natural unemployment + Cyclical unemployment. b. How many fewer workers would have been unemployed? a. 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. The natural unemployment rate b. Workers wish to supply more hours of work than firms are willing to buy, leading to unemployment. a. Full employment means that the transaction costs associated with getting a job are zero. 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. Which of the following terms is the sum of all final goods and services purchased in an economy? c. structural unemployment is zero. 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. Which of the following are microeconomic problems? a. why setting wages at the equilibrium level may increase Unemployment. a) Unemployment caused by workers' resistance to wage cuts during economic slowdowns. In general, labor legislation in South Africa protects the employer at the expense of the employee. The structural unemployment rate, c. The natural unemployment rate, d. The frictional unemployment rate. C) there is no frictional cyclical unemployment. Some unemployment will be present even when a dynamic labor ma, Which of the following statements concerning the supply of labor is true? Many German Soviets would later return to Germany after Germany was reunited and the Soviet Union collapsed. The unemployment rate is equal to the natural rate of unemployment. Full employment is natural unemployment minus 100%. Check all that apply. A. b) considered underemployed. )contractionary monetary policy; left b.)contractionary. Hint: (Use Okun's law to calculate GDP loss) a) How much money should the government spend to eliminate this GDP loss? Retail sales measure the current outlook for the economy. It is possible to eliminate natural unemployment. b. The economy is considered at full employment when: A. the unemployment rate is zero. B. Cyclical Unemployment C. Frictional Unemployment D. All are included in the natural rate of unemployment. b. there is 0% cyclical unemployment. 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