Question

(61)Which of the following types of unemployment results when workers are willing to work at a prevailing wage rate though firms are unwilling to employ all of them at that wage rate?

(a)Cyclical

(b)Involuntary

(c)Seasonal

(d)Voluntary

(62)If a sizeable number of workers were switched from full-time to part time employment, then the official unemployment rate would:

(a)Fall

(b)Remain unchanged

(c)Rise

(d)None of the above

(63)The natural rate of unemployment in an economy typically consists of:

(a)Cyclical and technological unemployment

(b)Seasonal minus structural unemployment

(c)Structural plus frictional unemployment

(d)Structural, cyclical and frictional unemployment

(64)Marxist economists typically refer to unemployed persons in capitalist societies as:

(a)The sub-optimally employed

(b)The partially unemployed

(c)The reserve army of labor

(d)The industrial proletariat

(65)Jamal now 54 years old lost his job. He has very specialized skills that are no longer in demand. Jamal’s unemployment is best classified as:

(a)Cyclical

(b)Seasonal

(c)Structural

(d)Technological

Answer 1

(61)Which of the following types of unemployment results when workers are willing to work at a prevailing wage rate though firms are unwilling to employ all of them at that wage rate? (b)Involuntary

Involuntary unemployment occurs when a person is willing and able to work for a given wage but cannot find a job.

(62)If a sizeable number of workers were switched from full-time to part time employment, then the official unemployment rate would (b)Remain unchanged.

They are still employed, hence the unemployment rate would remain same.

(63)The natural rate of unemployment in an economy typically consists of: (c)Structural plus frictional unemployment

The natural rate of unemployment is a combination of frictional and structural unemployment

(64)Marxist economists typically refer to unemployed persons in capitalist societies as: (c)The reserve army of labor

(65)Jamal now 54 years old lost his job. He has very specialized skills that are no longer in demand. Jamal’s unemployment is best classified as (c)Structural

Structural unemployment typically results from technological change.