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1. Which of the following is NOT in the labor force?
a. Discouraged workers
b. Those who worked full time, but in a family business
c. Those temporarily laid off who will be recalled soon
d. The unemployed
e. All of the above
For the question below, assume the following. The non-institutional civilian population is 400 million, of which 200 million are employed and 16 million are unemployed.
2. Based on the above, the labor force participation rate is
a. 4%
b. 5%
c. 7.4%
d. 8%
e. None of the above
3. Which of the following variables is most directly determined in the labor market?
a. Interest rates
b. Nominal wages
c. Stock prices
d. All of the above
e. None of the above
4. The reservation wage is
a. The wage offer that will end a labor strike
b. The lowest wage firms are allowed to pay workers
c. The wage that ensures a laid-off individual will wait for re-hire, rather than find another job.
d. The wage that an employer must pay workers to reduce turnover to a reasonable level.
e. None of the above.
5. The efficiency wage theory suggests that
a. Firms will be more resistant to wage increases as the labor market tightens.
b. The government can only set rax rates so high before people prefer not to work.
c. Unskilled workers will have a lower turnover rate than skilled workers.
d. D. Workers will be paid less than their reservation wage.
e. Productivity might drop if the wage rate is too low.
6. In the wage setting relation, the nominal wage increases when
a. The price level rises.
b. Unemployment benefits fall.
c. The minimum wage falls.
d. The unemployment rate rises.
e. All of the above.
7. For this question, assume there is perfect competition in the product market. Given this assumption, we know that m in the price setting equation P = (!+m)W will equal
a. P.
b. 1.
c. 0.
d. W.
e. W/P.
8. The natural rate of unemployment is the rate of unemployment
a. That occurs when the money
a. Discouraged workers
b. Those who worked full time, but in a family business
c. Those temporarily laid off who will be recalled soon
d. The unemployed
e. All of the above
For the question below, assume the following. The non-institutional civilian population is 400 million, of which 200 million are employed and 16 million are unemployed.
2. Based on the above, the labor force participation rate is
a. 4%
b. 5%
c. 7.4%
d. 8%
e. None of the above
3. Which of the following variables is most directly determined in the labor market?
a. Interest rates
b. Nominal wages
c. Stock prices
d. All of the above
e. None of the above
4. The reservation wage is
a. The wage offer that will end a labor strike
b. The lowest wage firms are allowed to pay workers
c. The wage that ensures a laid-off individual will wait for re-hire, rather than find another job.
d. The wage that an employer must pay workers to reduce turnover to a reasonable level.
e. None of the above.
5. The efficiency wage theory suggests that
a. Firms will be more resistant to wage increases as the labor market tightens.
b. The government can only set rax rates so high before people prefer not to work.
c. Unskilled workers will have a lower turnover rate than skilled workers.
d. D. Workers will be paid less than their reservation wage.
e. Productivity might drop if the wage rate is too low.
6. In the wage setting relation, the nominal wage increases when
a. The price level rises.
b. Unemployment benefits fall.
c. The minimum wage falls.
d. The unemployment rate rises.
e. All of the above.
7. For this question, assume there is perfect competition in the product market. Given this assumption, we know that m in the price setting equation P = (!+m)W will equal
a. P.
b. 1.
c. 0.
d. W.
e. W/P.
8. The natural rate of unemployment is the rate of unemployment
a. That occurs when the money