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ECON 214 Quiz Unemployment ( Liberty University) FALL 2024 $25.49   Add to cart
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ECON 214 Quiz Unemployment ( Liberty University) FALL 2024
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  • ECON 214
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  • ECON 214

In an ideal labor market, wages would adjust to balance the quantity of labor supplied and the quantity of labor demanded, ensuring that all workers are always fully employed. a. True b. False Minimum wages create unemployment in markets where they create a a. surplus of labor. Unemployment ...

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  • October 10, 2024
  • 5
  • 2024/2025
  • Other
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  • econ 214 quiz unemployment liberty university f

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  • ECON 214
  • ECON 214

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In an ideal labor market, wages would adjust to balance the quantity of labor
supplied and the quantity of labor demanded, ensuring that all workers are always
fully employed.


a. True
b. False
Minimum wages create unemployment in markets where they create a

a. surplus of labor. Unemployment of this type is called
frictional.

b. surplus of labor. Unemployment of this type is called
structural.

c. shortage of labor. Unemployment of this type is called
structural.

d. shortage of labor. Unemployment of this type is called
frictional.



When a minimum-wage law forces the wage to remain above the level that
balances supply and demand, there are more workers willing to work than there are
jobs, so some workers are unemployed.

a.
True

b.
False



Table 28-5

2015 Labor Data for Tajnia

Number of adults employed 10,000
Number of adults unemployed 2,250
Number of adults not in the labor force 17,750

, Refer to Table 28-5. The total adult population of Tajnia in 2015 is 30,000.

a.
True

b.
False

Retirees are included in the Bureau of Labor Statistics’ “not in the labor force”
category.


a. True
b. False
The normal rate of unemployment around which the unemployment rate fluctuates
is called cyclical unemployment.

a.
True

b.
False

Which of the following is an example of an efficiency wage?

a. A below-equilibrium wage paid by a small business exempt from
minimum-wage laws

b. An above-equilibrium wage paid by a firm to reduce
turnover costs

c. A higher wage paid to a more
experienced worker

d. A wage tied to participation in a government-sponsored job
training program




One reason economies always experience some unemployment is job search.

a.
True

b.
False

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