Question :
51) The Fair Labor Standards Act originally set the minimum : 1238531
51) The Fair Labor Standards Act originally set the minimum wage at
A) $1.25 in 1983.
B) $1.25 in 1938.
C) $0.25 in 1938.
D) $0.25 in 1983.
E) $3.00 in 1960.
52) The real minimum wage rate
A) has generally increased since 1967.
B) has generally decreased during the 1970s and 1980s and has fluctuated around a $6.50 per hour average since the mid-1980s.
C) was at its highest level in 1995.
D) fell after 1967 until it reached a minimum around 1985 and has generally risen since then.
E) has stayed in the range between $6 and $5 (measured in 2009 dollars per hour) since 1967.
53) The two fundamental causes of unemployment at full employment are
A) seasonal jobs and technological change.
B) foreign competition and financial bankruptcies.
C) job search and job rationing.
D) decreases in labor productivity and more generous retirement benefits.
E) demographic change and decreases in the demand for labor.
54) In the United States since 1960, the average unemployment rate was highest during the decade of the
A) 1960s.
B) 1970s.
C) 1980s.
D) 1990s.
E) 2000s.
55) Job search is defined as
A) the activity of looking for an acceptable, vacant job.
B) saying you are looking for a job when you are actually not looking.
C) attending school to increase your employability.
D) equivalent to job rationing.
E) being paid an efficiency wage.
56) The more generous the amount of unemployment benefits, the
A) higher the opportunity cost of job search.
B) lower the opportunity cost of job search.
C) shorter the time spent searching until accepting a suitable job.
D) shorter the time spent searching for a suitable job and the higher the opportunity cost of being unemployed.
E) lower the natural unemployment rate.
57) The existence of union wages, efficiency wages, and the minimum wage
A) raises the real wage rate above the equilibrium wage rate and creates a shortage of labor.
B) lowers the real wage rate below the equilibrium wage rate and creates a shortage of labor.
C) raises the real wage rate above the equilibrium wage rate and raises the natural unemployment rate.
D) does not have an impact on the equilibrium wage rate or on the amount of unemployment.
E) raises the real wage rate above the equilibrium wage rate and lowers the natural unemployment rate.
58) Job rationing occurs if
A) the minimum wage is set below the equilibrium wage rate.
B) an efficiency wage is set below the equilibrium wage rate.
C) a union wage is set below the equilibrium wage rate.
D) the real wage rate is pushed above the equilibrium wage rate.
E) the Lucas wedge is positive.
59) Intel wants to attract the most productive and knowledgeable workers. To achieve this goal it could pay ________ wage.
A) an efficiency
B) a minimum
C) a nominal
D) an equilibrium
E) a Lucas wedge
60) Collective bargaining by unions can result in a union wage rate that is ________ the equilibrium real wage rate and creates a ________ of labor.
A) above; surplus
B) above; shortage
C) below; surplus
D) below; shortage
E) equal to; surplus
