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1、Answers to Textbook Questions and ProblemsCHAPTER 7Unemployment and the Labor MarketQuestions for Review1.The rates of job separation and job finding determine the natural rate of unemployment. The rate of job separation is the fraction of people who lose their job each month. The higher the rate of
2、 job separation, the higher the natural rate of unemployment. The rate of job finding is the fraction of unemployed people who find a job each month. The higher the rate of job finding, the lower the natural rate of unemployment.2.Frictional unemployment is the unemployment caused by the time it tak
3、es to match workers and jobs. Finding an appropriate job takes time because the flow of information about job candidates and job vacancies is not instantaneous. Because different jobs require different skills and pay different wages, unemployed workers may not accept the first job offer they receive
4、.In contrast, structural unemployment is the unemployment resulting from wage rigidity and job rationing. These workers are unemployed not because they are actively searching for a job that best suits their skills (as in the case of frictional unemployment), but because at the prevailing real wage t
5、he quantity of labor supplied exceeds the quantity of labor demanded. If the wage does not adjust to clear the labor market, then these workers must wait for jobs to become available. Structural unemployment thus arises because firms fail to reduce wages despite an excess supply of labor.3.The real
6、wage may remain above the level that equilibrates labor supply and labor demand because of minimum wage laws, the monopoly power of unions, and efficiency wages.Minimum-wage laws cause wage rigidity when they prevent wages from falling to equilibrium levels. Although most workers are paid a wage abo
7、ve the minimum level, for some workers, especially the unskilled and inexperienced, the minimum wage raises their wage above the equilibrium level. It therefore reduces the quantity of their labor that firms demand, and creates an excess supply of workers, which increases unemployment.The monopoly p
8、ower of unions causes wage rigidity because the wages of unionized workers are determined not by the equilibrium of supply and demand but by collective bargaining between union leaders and firm management. The wage agreement often raises the wage above the equilibrium level and allows the firm to de
9、cide how many workers to employ. These high wages cause firms to hire fewer workers than at the market-clearing wage, so structural unemployment increases.Efficiency-wage theories suggest that high wages make workers more productive. The influence of wages on worker efficiency may explain why firms
10、do not cut wages despite an excess supply of labor. Even though a wage reduction decreases the firms wage bill, it may also lower worker productivity and therefore the firms profits.4.Depending on how one looks at the data, most unemployment can appear to be either short term or long term. Most spel
11、ls of unemployment are short; that is, most of those who became unemployed find jobs quickly. On the other hand, most weeks of unemployment are attributable to the small number of long-term unemployed. By definition, the long-term unemployed do not find jobs quickly, so they appear on unemployment r
12、olls for many weeks or months.5.Europeans work fewer hours than Americans. One explanation is that the higher income tax rates in Europe reduce the incentive to work. A second explanation is a larger underground economy in Europe as a result of more people attempting to evade the high tax rates. A t
13、hird explanation is the greater importance of unions in Europe and their ability to bargain for reduced work hours. A final explanation is based on preferences, whereby Europeans value leisure more than Americans do, and therefore elect to work fewer hours.Problems and Applications1.a.In the example
14、 that follows, we assume that during the school year you look for a part-time job, and that, on average, it takes 2 weeks to find one. We also assume that the typical job lasts 1 semester, or 12 weeks.b.If it takes 2 weeks to find a job, then the rate of job finding in weeks is f = (1 job/2 weeks) =
15、 0.5 jobs/week.If the job lasts for 12 weeks, then the rate of job separation in weeks iss = (1 job/12 weeks) = 0.083 jobs/week.c.From the text, we know that the formula for the natural rate of unemployment is(U/L) = s/(s + f ),where U is the number of people unemployed, and L is the number of peopl
16、e in the labor force.Plugging in the values for f and s that were calculated in part (b), we find(U/L) = 0.083/(0.083 + 0.5) = 0.14.Thus, if on average it takes 2 weeks to find a job that lasts 12 weeks, the natural rate of unemployment for this population of college students seeking part-time employment is 14 percent.2. Call the number of residents of the dorm who
