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ECO - 252 - Macroeconomics 7. True/False statements. Simply state if the statement is true or...

ECO - 252 - Macroeconomics

7. True/False statements. Simply state if the statement is true or false. No explanation required.

a. When the economy is at its natural rate of unemployment, the unemployment rate is equal to the natural rate of unemployment.

b. Discouraged workers are workers who work part-time.

c. Unemployment due to job search is best classified as cyclical unemployment.

d. A minimum wage above equilibrium creates a shortage in the labor market.

e. Collective bargaining is the process by which the government and unions agree on wages, benefits, and working conditions.

f. Firms might offer efficiency wages in order to decrease worker turnover.

g. Loss of jobs in the textile industry is best classified as frictional unemployment.

h. Minimum wage laws affect only workers that earn more than the minimum wage.

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Classifing the items as true or false

When the economy is at its natural rate of unemployment, the unemployment rate is equal to the natural rate of unemployment. True
Discouraged workers are workers who work part-time. False
Unemployment due to job search is best classified as cyclical unemployment. False
A minimum wage above equilibrium creates a shortage in the labor market. False
Collective bargaining is the process by which the government and unions agree on wages, benefits, and working conditions. True
Firms might offer efficiency wages in order to decrease worker turnover. True
Loss of jobs in the textile industry is best classified as frictional unemployment False
Minimum wage laws affect only workers that earn more than the minimum wage. False
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