4. Sectoral shifts, frictional unemployment, and job searches. TheSuppose the world price of steel falls substantially. The demand for labor among steel-producing firms in Pennsylvania willdemand for labor among automobile-producing firms in Michigan, for which steel is an input, willThe temporary unemploymentunemployment.resulting from such sectoral shifts in the economy is best described asSuppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all thatapply.O Establishing government-run employment agencies to connect unemployed workers to job vacanciesO Extending the number of weeks for which unemployed workers are eligible for unemployment insurance benefits from the governmentO Improving a widely used job-search website so that it matches workers to job vacancies more effectively

Blank 1. Decrease.The labor demand in Pennsylvania will decrease because the fall in the price of…

Answered: 4. Sectoral shifts, frictional…

ENGR.ECONOMIC ANALYSIS

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Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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10 DRAW A GRAPH. WITHOUT GRAPH THUMBS DOWN!Suppose the markup of goods prices over marginal cost is 2% and the wage-setting equation is W=P(1-u) with u being the unemployment rate.1. What is the Natural level on Unemployment?2. What is the real wage as determined by the price setting equation?3. If the markup increases to 2.5% due to an increase in the price of Oil what happens to the natural rate of employment? Explain briefly and graphically this change.
(a) Explain the difference between the nominal wage and the real wage. Using a wage setting curve and a price setting curve illustrate how the real wage determines the equilibrium level of employment in the economy. (b) On a new diagram use a wage setting curve and a price setting curve to illustrate the change to the equilibrium level of employment if there is a reduction in the degree of competition faced by firms. Clearly state what will occur to the real wage and the level of unemployment.
Which of the following statements are FALSE, all else being equal? Choose TWO The better the unemployment benefits, the lower the natural rate of unemployment. The higher unemployment rate in Europe is due to their weaker labour unions. If the technology of job search improves, the natural rate of unemployment decreases. O If there is an influx of large number of working-age migrants, the natural rate of unemployment increases.
Link the below reasons for the existence of unemployment (left) with the relevant type of unemployment and unemployment theory (right): 1. Job seekers need time to learn about and find available jobs. This explains why unemployment and job vacancies are observed to coexist. a. Frictional unemployment the Job search model. b. Structural unemployment efficiency wage theory. c. Seasonal unemployment seasonal variation in the demand for workers (in certain sectors). d. Cyclical & seasonal unemployment reasons for downward wage rigidity. e. Cyclical unemployment the Job search model. f. Structural unemployment the Sectoral Shifts hypothesis. g. Cyclical unemployment Intertemporal Substitution hypothesis. 2. Unemployed job seekers might not have the skills in demand by employers. a. Frictional unemployment the Job search model. b. Structural unemployment efficiency wage theory. c. Seasonal unemployment seasonal variation in the demand for workers (in certain sectors). d.…
The Suppose the world price of tobacco falls significantly. The demand for labor among tobacco-producing firms in Kentucky will demand for labor among cigarette manufacturing firms in Virginia, which use tobacco as an input, will The temporary unemployment that results from sectoral shifts such as the ones describes above is best categorized as unemployment. Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply. Offering recipients of unemployment insurance benefits a cash bonus if they find a new job within a specified number of weeks Increasing the benefits offered to unemployed workers through the government's unemployment insurance program Establishing government-run employment agencies to connect unemployed workers to job vacancies
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4. Consider the Keynesian Efficiency Wage Model.
4. Sectoral shifts, frictional unemployment, and job searches Suppose the world price of cotton rises substantially. The demand for labor among cotton-producing firms in Texas will The demand for labor among textile-producing firms in South Carolina, for which cotton is an input, will . The temporary unemployment resulting from such sectoral shifts in the economy is best described as unemployment. Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply. O Improving a widely used job-search website so that it matches workers to job vacancies more effectively O Taxing the price of placing a resume or posting a job opening on a job-search website O Extending the number of weeks for which unemployed workers are eligible for unemployment insurance benefits from the government
The figure on the right shows the average monthly flows (in millions) between employment, unemployment, and non-participation for a hypothetical economy. According to the figure, the proportion of unemployed workers finding jobs in an average month is %. (Round your response to one decimal place.) U.S. data covering the 1996-2014 period show that the proportion of unemployed workers finding jobs has O A. an indeterminate relationship with the unemployment rate. OB. a strong inverse relationship with the unemployment rate. OC. a weak inverse relationship with the unemployment rate. OD. a strong positive relationship with the unemployment rate. Employment 165.8 million 1.9 4.7 2.6 1.7 5.3 Unemployment Out of the labor force 7.7 million 2.0 77.1 million G
Question 17

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