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Exam 28: Unemployment and Its Natural Rate

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Question 101

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Critics of unions argue that unions cause the allocation of labor to be inefficient and inequitable.

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Question 102

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Violett quit her job because she was unhappy at work. Alexandra was laid off from her landscaping job because her company was downsizing. Who is eligible for unemployment insurance benefits?

A) Both Violett and Alexandra
B) Violett but not Alexandra
C) Alexandra but not Violett
D) Neither Violett nor Alexandra

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Question 103

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Public policy, without intending to do so, can increase frictional unemployment.

Only paid workers are included in the Bureau of Labor Statistics' "employed" category.

Public policy can reduce the economy's natural rate of unemployment.

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.

Minimum wage laws, labor unions, and efficiency wages all generate unemployment by what common mechanism?

Evidence from research studies by economists

When a country keeps its workers as fully employed as possible, it achieves a higher level of GDP than if many of its workers were idle.

If the natural rate of unemployment is 4.7 percent and the actual rate of unemployment is 5.5 percent, then by definition there is

The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of about 600 households, called the Current Population Survey.

The Bureau of Labor Statistics produces data on unemployment, types of employment, length of the average workweek, and the duration of unemployment.

Briefly summarize the advantages and disadvantages of unemployment insurance.

Data on the unemployment rate in the U.S. since 1960 show that the unemployment rate sometimes is close to zero.

Table 28-3 ​ ​ $\begin{array} { | l | l | } \hline \text { Civilian labor force } & 100 \text { million } \\\hline \text { Persons unemployed } 15 \text { weeks or longer } & 1.6 \text { million } \\\hline \text { Job losers and persons who have completed temporary jobs (excludes job leavers) } & 3.1 \text { million } \\\hline \text { Total unemployed } & 6.2 \text { million } \\\hline \text { Total unemployed plus discouraged workers } & 7.0 \text { million } \\\hline \text { Total unemployed plus all marginally attached workers } & 8.1 \text { million } \\\hline \text { Total unemployed plus all marginally attached workers plus total employed part-time } & 9.2 \text { million } \\\text { for economic reasons } & \\\hline\end{array}$ -Refer to Table 28-3. What is the U-4 measure of labor underutilization?

The demand for labor by a certain firm is independent of the demand for that firm's product.

Define the natural rate of unemployment and cyclical unemployment.

The natural rate of unemployment

Public policy

The unemployment rate reported by the Bureau of Labor Statistics clearly understates the true unemployment rate.