( 1.) Which of the following scenarios best justifies a unionized labor force? A
ID: 1127750 • Letter: #
Question
( 1.) Which of the following scenarios best justifies a unionized labor force?
A. There is only one employer in a small, closed community.
B. There are many firms in the same, highly competitive industry within the same region. These firms actively compete for the best labor.
C. The industry requires highly specialized skills that only a small number of workers possess.
( 2.) Frictional unemployment is associated with
A. Workers who are looking for or "between" jobs.
B. Seasonal changes.
C. The business cycle.
D. Changes in technology and the structure of the economy.
( 3.) Which of the following is not included in the natural rate of unemployment?
A. Structural Unemployment
B. Cyclical Unemployment
C. Frictional Unemployment
D. All are included in the natural rate of unemployment.
( 4.) Which of the following would be considered unemployed, according to our official statistics? (U-3)
A. A person working for the family business after school without pay.
B. Someone who has lost her job in the last week.
C. A part-time worker.
D. Someone who has been unemployed for 2 years and has stopped looking for work.
E. All of the above
( 5.) Firms that believe in the effectiveness of efficiency wages will pay a wage ________ the equilibrium wage.
A. Less than
B. Equal to
C. Greater than
Explanation / Answer
Answer : (1) A unionized labor force is that B. There are many firms in the same, highly competitive industry within the same region. These firms actively compete for the best labor.
( 2.) Frictional unemployment is associated with
A. Workers who are looking for or "between" jobs.
(3) Natural rate of unemployment not include B. Cyclical Unemployment.
(4) According to our official statistics B. Someone who has lost her job in the last week.
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