ECO Chpt 15

(15.1) The labor force excludes

• the employed

• the unemployed

• those not looking for employment

• all of the above

(15.1) The labor force participation rate is calculated as

• Labor force / Employed

• Employed / Labor force

• Labor force / Adult population

• Employed / Adult population

(15.1) Discouraged workers are those who are

• Working and not happy

• Unemployed but looking

• Those who want a job but have given up

(15.1) Frictional unemployment can happen because it takes time to find a job that matches your skills and wants

• True

• False

• Need more information

(15.3) The author notes that minimum wage laws

• Increase the supply of labor

• Decrease in the demand for labor

• Both of the above

• Neither of the above

(15.4) The author notes that unions' impact on non-union jobs is to

• Increase wages

• Decrease wages

• Decrease supply of labor

(15.5) The theory of efficient wages states that firms pay higher wages to employees

• to get the best

• for loyalty

• for productivity

• all of the above

(15.2) The author notes that job search is related to

• Frictional unemployment

• Structural unemployment