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Macroecon > Chapter 7 - Unemployment > Flashcards

Chapter 7 - Unemployment Flashcards

1
Q

The highest amount of skilled and unskilled labor that could be employed within an economy at any given time

A

Full employment

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2
Q

True or false: when there is full employment the number of jobseekers is approximately equal to the number of job vacancies

A

True

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3
Q

True or false: during periods of recession and economy usually experiences a relatively high unemployment rate

A

True

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4
Q

True or false: a recent college graduate who suddenly becomes available in the job market but has yet to find his first job is an example of cyclical unemployment

A

False

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5
Q

I don’t work or maybe laid off during a recession this is an example of what kind of unemployment?

A

Cyclical

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6
Q

Voluntary unemployment like a labor strike is an example of what kind of unemployment?

A

Frictional

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7
Q

John completed his Masters degree and waited for three months to get selected by a company as an assistant project manager. This three-month period of unemployment is called what kind of unemployment?

A

Frictional

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8
Q

What kind of unemployment occurs when available workers do not match the jobs available in terms of skills or location?

A

Structural

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9
Q

People who lose their job in one industry often do not have the skills to immediately get a job in a new industry

A

Structural Shift

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10
Q

What kind of unemployment occurs when workers are laid off because every fall into me and generally or specifically for the products they produce?

A

Cyclical

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11
Q

True or false: macro economics policies intending to reduce cyclical unemployment try to create jobs by increasing demand for total output

A

True

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12
Q

True or false: excess labor in Montana and a shortage of workers in Virginia is an example of structural unemployment

A

True

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13
Q

A measure of economic performance that shows changes in output per worker hour from one year to the next

A

Productivity

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14
Q

True or false. Unemployment allows for growth in the economy

A

True

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15
Q

True or false. The system of income distribution in a market economy is not dependent on employment

A

False

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16
Q

The policy of stealing employees away from jobs by offering them a higher salaries doesn’t lead to more production for the economy. Instead, this policy just rearrange is what is produced and leads to what?

A

Inflation

17
Q

True or false. Full employment means that everyone in the population is employed or even that 100% of those who are able are willing to take a job

A

False

18
Q

True or false. By definition and economy is at full employment with 93% to 94% of those who want to work are employed

A

True

19
Q

What happens to output when unemployment happens for extended periods of time and who loses

A

Output is below its potential level and society as a whole loses

20
Q

Costs of cyclical unemployment include?

A

output lost (economy not at full employment) and distributional impact (1% increase

21
Q

True or False: Unemployment benefits increase the rate of unemployment

A

True

22
Q

True or False: the replacement ratio creates less of an urgency for the unemployed to become employed

A

True

23
Q

What is replacement ratio?

A

after-tax income while unemployed to after tax income while employed

24
Q

True or False: Reducing minimum wage may be a way of reducing the teenage unemployment rate?

A

True

25
Q

The phenomenon that extended periods of high unemployment raise the natural is known as

A

unemployment hysteresis

26
Q

What are the determinants of the frequency unemployment

A

variability of demand for labor and the rate at which new workers enter the labor force.

27
Q

What are the determinants of the natural rate

A

frequency and duration of unemployment

28
Q

Spell unemployment is

A

period individual ramains continuously unemployed

29
Q

unemployment that exists when the economy is at full employment

A

frictional

30
Q

unemployment in excess of frictional unemployment: it occures when output is below its full-employment level

A

cyclical

31
Q

the relation between job vacancies and the unemployment rate

A

beveridge curve

Macroecon (6 decks)

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