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Exam 6: Measuring the Price Level and Inflation

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Question 41

Multiple Choice

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Real wages increased in industrialized countries in the twentieth century because the demand for labor:

A) increased more rapidly than the supply of labor increased.
B) increased more slowly than the supply of labor increased.
C) increased, while the supply of labor decreased.
D) decreased, while the supply of labor increased.

E) None of the above
F) All of the above

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Question 42

Multiple Choice

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In an economy of 100 people in the labor force, if 10 people are unemployed for 4 weeks during the year, and 30 people are unemployed for 8 weeks during the year, and the rest are employed continuously throughout the year, then the average duration of unemployment in this economy is:

A) 5 weeks.
B) 6 weeks.
C) 7 weeks.
D) 8 weeks.

E) A) and D)
F) All of the above

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Question 43

Multiple Choice

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Holding other factors constant, if the education and skills of the typical worker in an economy increases, then the real wages of workers will ______ and employment of workers will _____.

The following table provides information about production at the XYZ-TV Company. $\begin{array} { | c | c | c | c | } \hline \text { Number of Workers } & \text { TVs Produced } & \text { Marginal Product } & \begin{array} { c } \text { Value of Marginal } \\\text { Product }\end{array} \\\hline 0 & 0 & \cdots & \cdots \\\hline 1 & 35 & 35 & \$ 35,000 \\\hline 2 & 68 & 33 & \$ 33,000 \\\hline 3 & 99 & 31 & \$ 31,000 \\\hline 4 & 128 & 29 & \$ 29,000 \\\hline 5 & 155 & 27 & \$ 27,000 \\\hline\end{array}$ How many workers will the XYZ-TV Company hire if the going wage for TV production workers is $60,000?

Holding other factors constant, if food prices decline relative to the prices of other products, then the real wages of agricultural workers will ______ and employment of agricultural workers will _____.

The introduction of word processing software that increases the demand for workers with computer skills relative to those without such skills is an example of:

When unemployment insurance benefits exceed the wages a worker could earn when employed, the worker will have an incentive to:

Assume the union contract wage exceeds the market-clearing wage. If there is an increase in the labor supply, then the number of unemployed workers will ______ and the number of employed workers will _______.

Most economists generally argue ______ trying to block technological advances because these technological advances ______.

An increase in the size of the working-age population:

A long-term mismatch between the skills of some workers and the jobs available is a principal cause of ______ unemployment.

An unemployment spell is a period during which:

Leaving the labor force or finding a job are two ways that:

Technological change that affects the marginal products of high-skilled and low-skilled workers differently is called ______ technological change.

Minimum wage laws contribute to structural unemployment by:

In the United States between 1980 and 2007, employment:

Assume the minimum wage exceeds the market-clearing wage. If there is an increase in the labor supply, then the number of workers who are unemployed will ______ and the number of workers who are employed will _______.

Larger increases in the demand for labor than in the supply of labor explain:

Holding other factors constant, if a larger proportion of the population enters the labor force as a result of a growing social acceptance of women working, then the real wages of workers will ______ and employment of workers will _____.

Unemployment insurance contributes to structural unemployment by: