SCHOOL OF BUSINESS – WOLFSON COLLEGE SPRING 2013 (2012-2) MACROECONOMICS 2013

SCHOOL OF BUSINESS – WOLFSON COLLEGE SPRING 2013 (2012-2) MACROECONOMICS 2013 HOME WORK # 8 1. The labor force consists of all a. the people in the economy who are not retiredb. people in the economy over 16 years of agec. the adults in the economy between 18 and 65 years old who are able to workd. the noninstitutionalized population over 16 in the economy who hold jobs or are looking for theme. the citizens in the economy who are graduates of high school 2. Which of the following people would be counted in the labor force?a. Chou, who lost his job and last looked for work three months agob. Stephanie, who holds a Ph.D. in history, but can only find part-time employment at a fast-food restaurantc. Jordan, who would like to work as a stockbroker but is now a househusbandd. Stefan, who thinks he could easily earn $100,000 per year, despite the opinion of the psychiatrist at the state hospital where he is a patiente. Monique, age 90, who is enjoying her retirement in Montana 3. With a total population of 1,000, in the country of Fictivia: 250 people are working, 150 are retired, 45 people are not working but they are actively looking for a job, 101 are children too young to work, 20 people dropped out of the labor force because they won the lottery. How many people are considered unemployed?a. 20b. 45c. 150d. 250e. 295 4. People who are not currently employed, but say they want a job, are counted as unemployed only if theya. have previously held a jobb. are actively seeking employmentc. are willing to accept a reasonable offerd. are between 16 and 65 years of agee. are willing to accept any offer of employment 5. A discouraged worker is one whoa. is under qualified for his current jobb. dislikes his current job but is afraid to quitc. drops out of the labor force because he cannot find a jobd. quits his job because the possibility of advancement was very lowe. is overqualified for his current job 6. Suppose the official unemployment rate is 10 percent. We can conclude without question thata. the same 10 percent of the people in the economy were out of work for the entire yearb. one of every ten people in the labor force is currently unemployedc. the same 10 percent of the people in the labor force were out of work for the entire yeard. every person in the labor force was out of work for 10 percent of the yeare. 10 percent of the people in the economy were each out of work for 10 percent of the year 7. The labor force participation rate for women in the United States hasa. stayed the same over the last 30 yearsb. increased significantly since the 1950sc. been influenced by decreasing real wages since 1960d. fluctuated substantially both upward and downward since the 1950se. increased only very slightly since the 1950s 8. The labor force participation rate is the number of peoplea. employed divided by the adult populationb. employed divided by the number of people in the labor forcec. in the labor force divided by the adult populationd. unemployed divided by the number of people in the labor forcee. in the labor force divided by the number of people employed 9. Different demographic groupsa. have identical durations of unemploymentb. have identical unemployment ratesc. are weighted equally in the official unemployment rated. have different unemployment ratese. are weighted more heavily in the official unemployment rate if they have larger unemployment rates 10. Juanita earned a B.S. in engineering and went to work for a defense contractor. When the government cut spending, Juanita and 99 others were laid off. The only other business in the town is growing grapes, but the growers refuse to hire laid-off engineers, knowing they will leave at the first opportunity. The unemployment Juanita is experiencing isa. Cyclicalb. Structuralc. Seasonald. Frictionale. Voluntary 11. Frictional unemployment refers to unemployment that results froma. a mismatch of skillsb. being in the wrong geographical locationc. taking the time to find the best jobd. seasonal decreases in demand for labore. a recession in the economy 12. Seasonal unemployment refers to unemployment that results froma. a mismatch of skillsb. being in the wrong geographical locationc. taking the time to find the best jobd. seasonal decreases in demand for labore. a recession in the economy 13. Structural unemployment refers to unemployment that results froma. inefficiencies in the market for labor that prolong the job searchb. being in the wrong geographical locationc. taking the time to find the best jobd. seasonal decreases in demand for labore. a recession in the economy 14. Cyclical unemployment results froma. a mismatch of skillsb. being in the wrong geographical locationc. taking the time to find the best jobd. seasonal decreases in demand for labore. a recession in the economy 15. Which of the following types of unemployment is the hardest to reduce?a. Cyclicalb. Structuralc. Voluntaryd. involuntarye. speculative 16. Which type of unemployment is likely to increase the most in a recession?a. frictional unemploymentb. seasonal unemploymentc. structural unemploymentd. cyclical unemploymente. employment 17. Full employmenta. exists when everyone in the economy has a jobb. exists when everyone who wants a job has onec. exists when the unemployment rate is zerod. exists when everyone in the labor force has a jobe. will always include some unemployment 18. Which of the following is not consistent with full employment?a. an unemployment rate of 5 percent or 6 percentb. seasonal unemploymentc. structural unemploymentd. cyclical unemploymente. frictional unemployment 19. One consequence of an increase in the unemployment benefits is a reduced incentive to find a job.a. Trueb. False 20. Because of the way discouraged workers and part-time employment are measured, the official unemployment ratea. overstates the unemployment problemb. understates the unemployment problemc. truly reflects the level of unemploymentd. overstates the size of the labor forcee. understates the size of the labor force

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