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Explain the statement if it is True or False.

"Does higher salaries and better wages, improved worker attitudes (i.e. satisfaction, commitment, etc.) and help keep valuable employees from looking at alternative jobs?" 

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Anne Gillian Duero
Anne Gillian DueroLv10
29 Sep 2019

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ELASTICITY

We can gain insight by manipulating the price elasticity of the demand equation. With the information provided below, demonstrate what happens in the specific markets.

a) Suppose there is a technological change that allows manufacturers to make Android smartphones much more cheaply. In fact, the retail price falls by 15%, ceteris paribus.

i) If the price elasticity of demand is -0.8, how much does the quantity demanded change?

ii) Statement: the producers are definitely better off. True, false, uncertain, or not enough information? Explain why? (Hint: recall elasticity-total revenue table. The simple way is to construct a numerical example i.e., where the initial price is $100, while the initial quantity is 100 units. )

b) In an alternative scenario, ceteris paribus, suppose there is a new tax on data usage. The income-tax monthly bill increases by 10%.

i) If the price elasticity of demand is -0.45, how much does the quantity demanded change?

ii) Statement: the data plan providers are definitely worse off. True, false, uncertain, or not enough information? Explain why? (Hint: recall elasticity-total revenue table. The simple way is to construct a numerical example i.e., where the initial price is $100, while the initial quantity is 100 units. )

Severe unemployment is socially catastrophic. Mark all items below that can occur due to unemployment.

  Increased Spending
  Increased work hours for other family members
  Increased Savings
  Uninterrupted schooling
  Increased Stress
  Postponed medical care
  Utilities cut off

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Question 51 pts

What years was the unemployment rate equal to or great than 10%?

  1929-1933, 1937-1938, 1981-1982, 2007-2009
  1928-1932, 1936-1937, 1980-1981, 2008-2010
  1929-1933, 1936-1937, 1980-1981, 2007-2009
  1928-1930, 1937-1938, 1981-1982, 2008-2010

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Question 61 pts

The unemployment rate is understated due to:

  None of the above.
  Part-time workers being counted as unemployed
  Discouraged workers not counted in the labor force
  Underemployed workers being counted an unemployed

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Question 71 pts

True or False. The Labor force participation rate is the percentage of adults in an economy who are either employed or who are unemployed and looking for a job.

  True
  False

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Question 81 pts

True or False. The Bureau of Labor Statistics reports the percentage of labor force unemployed utilizing the current population survey.

  True
  False

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Question 91 pts

Mark all that apply. Over time the unemployment rate.....

  does not fluctuate over time
  an upward or downward trend in unemployment rates is apparent
  never falls all the way to zero
  the timing of rises and falls in unemployment do not match the timing of upswings and downswings in the overall economy

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Question 101 pts

According to the graphs presented by the author in this chapter, which group had the highest unemployment rate in 2010?

  Hispanic
  Black
  Asian
  Whites

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Question 111 pts

According to the information presented by the author in this chapter, which group had the highest unemployment rate in 2015?

  New entrants
  Re-entrants
  Job Losers: non-temporary
  Job Leavers
  Job Losers: temporary

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Question 121 pts

According to the information presented by the author in this chapter, which group had the highest unemployment rate in 2015?

  5 to 14 weeks
  Over 27 weeks
  15-26 weeks
  Under 5 weeks

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Question 131 pts

True or False. An international comparison of unemployment rates across countries can be easily accomplished.

  True
  False

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Question 141 pts

Mark all that apply. Wages are sticky downward due to:

  Implicit contract
  Insider-outsider model
  Efficiency Wage Theory
  Adverse selection of wage cuts argument

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Question 151 pts

Match the word to the correct definition.

Cyclical

[ Choose ] unemployment that occurs as workers move between jobs unemployment that occurs because individuals lack skills valued by employers or the Geographic distribution of jobs changes unemployment closely tied to the business cycle, like higher unemployment during a recession

Frictional

[ Choose ] unemployment that occurs as workers move between jobs unemployment that occurs because individuals lack skills valued by employers or the Geographic distribution of jobs changes unemployment closely tied to the business cycle, like higher unemployment during a recession

Structural

[ Choose ] unemployment that occurs as workers move between jobs unemployment that occurs because individuals lack skills valued by employers or the Geographic distribution of jobs changes unemployment closely tied to the business cycle, like higher unemployment during a recession

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Question 161 pts

A financial analyst who quits his/her job in Chicago and is pursuing similar work in Arizona. What type of unemployment occurred?

  Structural
  Cyclical
  Frictional

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Question 171 pts

True or False. With productivity low, average levels of unemployment will tend to be somewhat higher on average.

  True
  False

Flag this Question

Question 181 pts

True or False. Unemployment benefits in the United States are only federally controlled.

  True
  False

Flag this Question

Question 191 pts

True or False. The natural rate of unemployment will never be zero due to cyclical and frictional unemployment.

  True
  False

Flag this Question

Question 201 pts

True or False. Public policies to assist the unemployed as it relates to the supply side of the labor market affect how eager people are to find work

  True
  False

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