Review Questions

1.
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Why is it unreasonable to classify every nonemployed person as unemployed?
2.
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What is meant by the going wage?
3.
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What is the distinction between voluntary and involuntary unemployment? Suppose that Dougal rejects an available job offer to become a taxidermist but insists that he is involuntarily unemployed. Under what circumstances might his claim be justified?
4.
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Should policy makers seek to drive the unemployment rate to zero?
5.
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In the news media, frequent reference is made to the real unemployment rate, which corresponds to the U6 series of labor underutilization that is provided by the BLS. What is the U6 series and is it a better measure of unemployment than the traditional U3 series?
6.
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Outline the main trends of unemployment in the United States over the last 100 years or so.
7.
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Briefly explain how involuntary unemployment can arise in a competitive labor market.
8.
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What is meant by an efficiency wage, and what does it have to do with unemployment?
9.
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Explain why the use of exit fees can eliminate involuntary unemployment in the shirking variant of the efficiency wage hypothesis.

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