Economics Principles, Applications And Tools 8th Edition by Arthur O’Sullivan – Test Bank 2021

The presence of unemployment in the labor market implies that:
1. A) at the current wage, there are people who want to work but cannot find work.
2. B) people are not willing to work at the current wage.
3. C) there are some people who will not work at the current wage.
4. D) there is excess demand in the labor market.
Answer: A
Diff: 1
Topic: How is Unemployment Defined and Measured?
Skill: Conceptual
AACSB: Reflective Thinking
Learning Outcome: Identify different types and measures of unemployment and discuss its
causes.
2) A person who is currently actively looking for a job, but has not found a job is classified by
the BLS as:
1. A) unemployed.
2. B) employed.
3. C) not in the labor force.
4. D) under 16.
Answer: A
Diff: 1
Topic: How is Unemployment Defined and Measured?
Skill: Definition
AACSB: Reflective Thinking
Learning Outcome: Identify different types and measures of unemployment and discuss its
causes.
3) A person who is currently actively looking for a job, but has a job that pays for 5 hours a week
only is classified by the BLS as:
1. A) unemployed.
2. B) employed.