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Unemployment Classification Criteria

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Questions and Answers

What is the primary reason why wages are slow to respond to shifts in the economy?

Labor union bargaining

Government minimum-wage legislation

Sticky wages due to various factors (correct)

Efficiency wages

What is the term for wages deliberately set above the market rate to increase productivity?

Efficiency wages (correct)

Equilibrium wages

Sticky wages

Market-clearing wages

During an economic slowdown, what happens to the labor demand curve?

It becomes vertical

It shifts to the left (correct)

It remains unchanged

It shifts to the right

Why does unemployment tend to be a lagging indicator?

Because it takes time to adjust to new economic conditions Signup and view all the answers

What is the primary purpose of unemployment insurance?

To provide financial support to the unemployed Signup and view all the answers

How do labor unions influence the labor market?

By preventing wages from adjusting to changes in the economy Signup and view all the answers

What is the effect of taxes on wage income on unemployment?

It reduces unemployment Signup and view all the answers

Why do firms might voluntarily choose to pay higher wages than necessary?

To increase labor productivity Signup and view all the answers

What is the term for the pattern of short-term ups and downs in the economy?

Business cycles Signup and view all the answers

What happens to the market wage during a recession?

It rises above the equilibrium wage Signup and view all the answers