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CHAPTER 7 The Labor Market, Wages, and Unemployment
MULTIPLE CHOICE
1. The quote “It’s a recession when your neighbor loses his job; it’s a depression when you
lose yours” is attributed to:
a. Karl Marx.
b. Franklin D. Roosevelt.
c. John Maynard Keynes.
d. Harry S Truman.
e. Alan Greenspan
ANS: D REF: Section 7.1 TOP: Factual
2. Over the course of his or her lifetime, the average American worker will spend __________
hours on the job.
a. 40,000
b. 1 million
c. 90,000
d. 100,000
e. 35,000
ANS: C REF: Section 7.1 TOP: Factual
3. The labor market determines:

a. structural unemployment.
b. the equilibrium quantity of employment.
c. the equilibrium wage and the quantity of employment.
d. the number of unemployed.
e. the minimum wage.
ANS: C REF: Section 7.2 TOP: Applied
4. If the U.S. real output is growing and labor income accounts for about two-thirds of this,
a. the unemployment rate is falling.
b. on average, capital is getting poorer over time.
c. income inequality is decreasing.
d. on average, workers are getting richer over time.
e. we are not getting any better off.
ANS: D REF: Section 7.2 TOP: Applied
5. Over the past 50 years or so,

a. the employment-population ratio always has been rising.
b. the employment-population ratio generally has been falling.
c. the unemployment-population ratio generally has been rising
d. the employment-population ratio generally has been rising.
e. None of the above is correct.
6. Over the past 50 years or so,
a. the male employment-population ratio always has been rising.
b. the female employment-population ratio generally has been falling.
c. the male employment-population ratio generally has been rising.
d. the female employment-population ratio generally has been rising.
7. Consider Table 7.1. In December 2006, the unemployment rate was:

a. about 3.0 percent.
b. about 4.5 percent.
c. about 33.8 percent.
d. about 63.4 percent.
e. about 4.7 percent.
ANS: B REF: Section 7.2 TOP: Applied
8. Consider Table 7.1. In January 2007, the unemployment rate was:

a. about 4.8 percent.
b. about 4.6 percent.
c. about 33.8 percent.
d. about 3.0 percent.
e. about 9.0 percent.
9. Consider Table 7.1. Between December 2006 and January 2007, the unemployment rate
_______________ and the labor participation rate _______________ (rounded to 1 decimal
point).
a. rose; fell
b. rose; rose
c. rose; was about the same
d. fell; fell
e. Not enough information is given.
ANS: C REF: Section 7.2 TOP: Conceptual
10. Generally, during a recession:
a. inflation rises.
b. the natural rate of unemployment rises.
c. the employment rate rises.
d. the unemployment rate rises.
e. there is no change in the unemployment rate.
11. Using Figure 7.1, which depicts the U.S. unemployment rate, which of the following year(s)
are the trough of a recession?
a. 1974
b. 1983
c. 1992
d. all of the above
e. none of the above
ANS: D REF: Section 7.2 TOP: Conceptual
a. 1980
b. 1989
c. 2001
d. all of the above
ANS: E REF: Section 7.2 TOP: Conceptual
a. 2001
b. 1983
c. 1979
d. all of the above
ANS: B REF: Section 7.2 TOP: Conceptual
14. Using Figure 7.1, which depicts the U.S. unemployment rate, identify the year(s) of the peak
of the boom.
a. 1983
b. 1989
c. 2001
d. all of the above
15. Given the unemployment rate data depicted in Figure 7.1, identify the year(s) of the peak of
the boom.
a. 1989
b. 2001
c. 1983
d. all of the above
16. The unemployment rate is defined as:

a. the ratio of all adults not working to the total population.
b. the ratio of unemployed to employed members of the labor force.
c. the ratio of unemployed members of the labor force to the total labor force.
d. the ratio of discouraged workers to the total population.
e. the ratio of unemployed members of the labor force to the total population.
17. During the Great Depression, unemployment reached about __________ at its peak.
a. 8 percent
b. 15 percent
c. 25 percent
d. 40 percent
e. 5 percent
18. The Great Depression:

a. is synonymous with the birth of modern macroeconomics.
b. was a rapid expansion in output.
c. stimulated the creation of Keynesian economics.
d. was largely responsible for the rational expectations revolution.
e. Both a and c are correct.
ANS: E REF: Section 7.2 TOP: Applied
19. The net change in employment is:
a. new jobs.
b. the difference between job creation and job destruction.
c. called job creation.
d. the unemployment rate.
e. the labor force participation rate.
20. Historically, for most Americans, the length of unemployment is:

a. usually more than one year.
b. usually more than three months.
c. usually less than three months.
d. indefinite.
e. less than one week.
21. Most of the total weeks of lost work are accounted for by:
a. retirees.
b. people who are discouraged workers.
c. people who are incarcerated.
d. people who are unemployed for a long period of time.
e. None of the above.
22. When an individual becomes unemployed, the average unemployment benefit:

a. is about $10,000 per year.
b. is about $275 per month.
c. is about $275 per week.
d. equals what the individual earned before becoming unemployed.
e. is about $10 per day.
23. A drawback of unemployment benefits is:

a. it gives workers a disincentive to find work.
b. it costs taxpayers over 50 percent of their income.
c. the payments are too large.
d. it lengthens the time spent unemployed.
e. Both a and d are correct.
24. The demand for labor curve is:

a. ad hoc.
b. derived from the firm’s profit maximization problem.
c. equal to the average product of labor.
d. derived from the marginal product of labor.
e. Both b and d are correct.
25. The labor demand curve slopes downward because:

a. wages are inflexible.
b. wages are higher when demand falls.
c. of the diminishing marginal product of labor.
d. of the income effect.
26. The explanation for the upward sloping supply of labor curve is that:
a. the marginal product of capital is positive.
b. as the wage rises the opportunity cost of leisure rises, so people work more.
c. as the wage rises, people want to work less.
d. the marginal product of labor is diminishing.
27. In the labor market, the intersection of the supply and demand for labor determines:
a. inflation and the real wage.
b. the wage and the population, N.
c. the interest rate and the unemployment rate.
d. the wage and the employment-population ratio, L/N.
e. the wage and the number of discouraged workers.
28. In the labor market depicted in Figure 7.2, an increase in the income tax would result in:
a. a shift in labor supply from to .
b. a shift in labor demand from to .
c. a shift in labor demand from to .
d. a shift in labor supply from to .
ANS: A REF: Section 7.3 TOP: Applied
29. In the labor market depicted in Figure 7.2, an increase in the income tax would result in:
a. a shift in labor supply from to .
b. a shift in labor demand from to .
c. a shift in labor demand from to .
d. no change in either the labor supply or demand curves.
30. In the labor market depicted in Figure 7.2, an increase in oil prices:
a. shifts labor demand from to .
b. shifts labor supply from to .
c. shifts labor demand from to .
d. produces no change in either the labor supply or demand curves.
e. does none of the above.
ANS: C REF: Section 7.3 TOP: Conceptual
31. In the labor market depicted in Figure 7.2, a decrease in labor regulation:
a. shifts labor supply from to .
b. shifts labor demand from to .
d. shifts labor supply from to .
32. In the labor market depicted in Figure 7.2, investment in new physical capital:
a. shifts labor supply from to .
b. shifts labor supply from to .
d. shifts labor demand from to
33. If the income taxes on wages increase, the labor supply curve will shift left, but what
happens to the unemployment rate?
a. It unambiguously falls because the labor participation rate changes.
b. It unambiguously falls because some workers drop out of the workforce.
c. It unambiguously rises because some workers drop out of the workforce.
d. It is ambiguous because some workers drop out of the workforce.
34. An increase in the income taxes on wages results in:

a. the labor demand curve shifting left.
b. the labor supply curve shifting left.
c. the labor supply and demand curves shifting left.
d. the labor demand curve shifting right.
e. neither the labor supply nor demand curves shifting.
35. A decrease in the income tax will result in:

a. the labor demand curve shifting right.
b. the labor demand curve shifting left.
c. the labor supply curve shifting left and the labor demand curve shifting right.
d. the labor supply curve shifting right.
36. An increase in labor regulations results in:

a. the supply curve shifting left.
b. the labor demand curve shifting left.
c. the labor supply curve shifting left and the labor demand curve shifting right.
d. the labor demand curve shifting right.
37. Because of the dynamics of the workforce, for example, whether or not workers become
discouraged when there are changes in the economy,
a. the unemployment rate is not necessarily an accurate gauge of the labor market.
b. the unemployment rate is a precise gauge of the labor market.
c. it might be best to consider the employment population ratio rather than the
unemployment rate.
d. Both a and c are correct
38. An institutional fixed wage set above the equilibrium wage is called:
a. the market wage.
b. the minimum wage.
c. a wage rigidity.
d. a real rigidity.
39. Wage rigidity:

a. helps the labor market achieve equilibrium.
b. prevents the capital market from realizing equilibrium.
c. prevents the labor market from realizing equilibrium.
d. prevents unemployment.
40. If the minimum wage is set below the equilibrium market wage,
a. it increases unemployment.
b. it is effective and reduces unemployment.
c. it equals the black market wage.
d. it is not effective, because it is lower than firms are willing to pay for labor.
e. None of the above are correct.
41. One, or more, consequence(s) of wage rigidity is (are):

a. higher rates of unemployment.
b. greater labor market volatility.
c. labor market stability.
d. a lower unemployment rate.
e. a and b
42. Consider the labor market depicted in Figure 7.3.
Wage w¯ is called __________ and __________ unemployment.
a. wage rigidity; decreases
b. wage rigidity; increases
c. the market wage; does nothing to
d. the market wage; increases
43. Consider the labor market depicted in Figure 7.3. Wage w¯ is called __________ and
__________.
a. wage rigidity; reduces unemployment
b. wage rigidity; decreases labor market volatility
c. a flexible wage; increases labor market volatility
d. wage rigidity; increases labor market volatility
e. the market wage; increases unemployment
44. The rise in the employment-population ratio largely is due to:

a. a shrinking U.S. population.
b. more teenagers entering the labor force.
c. more women entering the labor force.
d. an increase in immigrant workers.
e. It is unexplained.
45. The causes of increased female participation in the labor market are:
a. changing social norms.
b. technological changes in managing fertility.
c. reduced discrimination.
d. all of the above
e. a and c
46. The gradual rise in unemployment in the 1960s and 1970s, in part, is explained by:
a. the Vietnam War.
b. increased female participation in the labor force.
c. the baby boomers.
d. all of the above
47. The “natural rate of unemployment” is the unemployment rate that would prevail:
a. during changes in the business cycle.
b. if the economy were in neither a boom nor a recession.
c. if people voluntarily leave work.
d. during seasonal changes in the economy.
e. if the unemployment rate were zero.
ANS: B REF: Section 7.3 TOP: Factual
48. The natural rate of unemployment is the unemployment rate that would prevail:
a. if inflation is zero.
b. if there are no discouraged workers.
c. if the economy were in neither a boom nor a recession.
d. during seasonal changes in the economy.
e. if the unemployment rate is zero.
49. The natural rate of unemployment is decomposed into:

a. cyclical and frictional unemployment.
b. structural and seasonal unemployment.
c. structural and frictional unemployment.
d. seasonal and frictional unemployment.
e. structural, frictional, and seasonal unemployment.
50. Frictional unemployment is the unemployment that results from:

a. workers losing jobs during recession.
b. workers losing their jobs during seasonal changes.
c. workers changing jobs in a dynamic economy.
d. prevailing labor market institutions.
e. workers leaving the labor force.
51. Structural unemployment is the unemployment that results from:

a. workers leaving the labor force.
b. workers changing jobs in a dynamic economy.
c. workers losing their jobs during seasonal changes.
d. workers losing jobs during recession.
e. prevailing labor market institutions.
ANS: E REF: Section 7.3 TOP: Factual
52. Cyclical unemployment is the unemployment that results from:

a. prevailing labor market institutions.
b. workers losing jobs during recession.
c. workers changing jobs in a dynamic economy.
d. workers losing their jobs during seasonal changes.
e. workers leaving the labor force.
53. Unemployment is given by __________ and the natural rate of unemployment is

__________.
a. Frictional + Structural + Cyclical unemployment; Frictional + Structural
unemployment
b. Frictional + Structural – Cyclical unemployment; Frictional + Structural
unemployment
c. Frictional + Cyclical unemployment; Frictional + Cyclical unemployment
d. Structural + Cyclical unemployment; Structural unemployment
e. Cyclical unemployment; Frictional + Structural unemployment
ANS: A REF: Section 7.3 TOP: Applied
54. Conventional wisdom is that most of the natural rate of unemployment is due to:
a. bad fiscal policy.
b. frictional unemployment.
c. cyclical unemployment.
d. structural unemployment.
e. bad monetary policy.
55. A key reason that unemployment in the United States is so low compared to most of Europe
is because of:
a. no cyclical unemployment.
b. low frictional unemployment.
c. high structural unemployment.
d. low structural unemployment.
e. no structural unemployment.
56. In the 1960s, European unemployment rates were __________ compared to the United
States and now are __________.
a. much higher; much higher
b. much lower; about the same
c. much lower; much higher
d. about the same; much lower
57. __________ historically has had the lowest unemployment rate since 1960.
a. The United States
b. Japan
c. France
d. The United Kingdom
e. Germany
58. Europe’s relatively high unemployment rates can be attributed to:

a. adverse shocks.
b. inefficient labor market institutions.
c. strong labor unions.
d. generous unemployment insurance.
e. all of the above
59. Unemployment benefits in the United States are extended generally about __________,
while in Europe they average __________.
a. six months; one year
b. six months; five years
c. three months; two years
d. six weeks; six months
e. five years; six months
60. Of the richest countries, __________ work the most hours per week.
a. Germans
b. Americans
c. the Japanese
d. Canadians
e. Australians
61. The idea that you value receiving $1,000 today more than in 10 years in the future is called:
a. real rate of return.
b. compound interest.
c. present discounted value.
d. utility maximization.
e. intertemporal substitution.
62. The equation means you:
a. would prefer to receive $386 today than $1,000 in 10 years.

b. are indifferent between receiving $386 today and $1,000 in 10 years.
c. would prefer to receive $1,000 in 10 years than $386 today.
d. are indifferent between receiving $386 today and $1,000 in 100 years.
e. do not have enough information.
63. You win the lottery, which pays $1 million in 20 annual $50,000 payments. Your friends
ask how much that would be if you received a single lump sum payment today. You do not
have your calculator, but you show them the following equation to help them solve it
themselves, assuming the interest rate is 10 percent:
a.
b.
c.
d.
e. Either a or b is correct.
64. Consider the simplified payment system for the victims of 9/11:
• The family of a 65-year-old service worker earning $10,000 a year receives $300,000 in
compensation.
• The family of a 30-year-old bond trader earning $175,000 a year receives $4.35 million.
Which statement best describes the difference in the payments between the service worker
and the bond trader?
a. The present value of the bond trader’s lifetime income is greater than the service
worker’s.
b. Because of her age, the bond trader had less savings to rely on so her family
received more compensation.
c. The future value of the bond trader’s lifetime income is less than the service
worker’s.
d. Such a discrepancy in compensation would never be the case.
ANS: A REF: Section 7.6 TOP: Conceptual
65. By 2002, the college wage premium was about __________ than the wage of the typical
worker with a high school education.
a. 50 percent more
b. 10 percent more
c. 100 percent more
d. 90 percent more
66. Beginning in __________, the wage premium began __________.

a. 1980; slowing down
b. 1980; accelerating
c. 1963; trending down
d. 1970; accelerating
e. 1970; rising
67. The percentage of total hours worked by the supply of college-educated workers compared
to the percentage of total hours worked by high-school educated workers has been:
a. constant.
b. climbing steadily to about 20 percent.
c. falling steadily to about 50 percent.
d. climbing steadily to about 50 percent.
e. doing none of the above.
68. Consider Figure 7.4. Given what we know about the number of hours worked by college
graduates and the wage premium received by college graduates, which equilibrium in the
figure characterizes these empirical observations, on average?
a. the intersection of and
b. the intersection of and
c. the intersection of and
d. the intersection of and
69. Consider Figure 7.4. Given what we know about the difference between college- and high
school-educated workers, which equilibrium characterizes the high school graduate
experience, on average?
a. the intersection of and
b. the intersection of and
c. the intersection of and
d. the intersection of and
70. Consider Figure 7.4. If the demand curve for college graduates is characterized by ,
which of the following describes why the demand for labor for college graduates is higher
than that for high school students, characterized by ?
a. There is a growing number of college graduates.
b. There are fewer college graduates than high school graduates.
c. College graduates have a higher marginal product.
d. College graduates are smarter than high school graduates.
71. Consider Figure 7.4. If the demand curve for college graduates is characterized by ,
which of the following is a reason why the demand for labor for college graduates is higher
than that for high school students, characterized by L1D?
a. skill-based technological change
b. globalization, which leads to college graduate scarcity
c. There are fewer college graduates than high school graduates.
d. There is a growing number of college graduates.
e. a and b are correct.
TRUE/FALSE
1. Unemployment due to institutional frictions is called structural unemployment.
ANS: T REF: Section 7.3 TOP: Factual
2. Since the end of World War II, the percentage of women in the workforce has been falling.
ANS: F
FEEDBACK: It has been rising; indeed, a higher percentage of workers are women than
men.
REF: Section 7.2 TOP: Factual
3. If the number of employed is 145,926, the number of unemployed is 6,849, and the number
of discouraged workers is 77,676, the unemployment rate is about 4.5 percent.
ANS: T REF: Section 7.2 TOP: Applied
4. 5% = 6,849/(6,849 + 145,926)
REF: Section 7.2
TOP: Applied
4. If the civilian noninstitutionalized population is 230,108, the number of employed is
145,926, the number of unemployed is 6,849, and the number of discouraged workers is
77,676, the unemployment rate is about 3.0 percent.
ANS: F
FEEDBACK: This is the ratio of the unemployed workers to the civilian
noninstitutionalized population.
REF: Section 7.2 TOP: Applied
5. Unemployment generally falls during economic booms.
6. Unemployment due to workers shuffling from one job to the next is called cyclical
unemployment.
ANS: F
FEEDBACK: It is called frictional unemployment.
7. The average unemployment benefit of an American worker is about $275 per week and lasts
about six months.
8. Large unemployment benefits give workers an incentive to find work.
ANS: F
FEEDBACK: They give a disincentive for work; witness continental Europe; generous
benefits create moral hazard.
9. For most Americans, the length of unemployment is usually less than three months.
10. The labor demand curve is derived from the marginal product of labor.
11. When a firm purchases more capital, ceteris paribus, the demand for labor will fall.
ANS: F
FEEDBACK: It will rise because of increased marginal product.

12. An increase in the income tax causes the labor demand curve to shift inward.
ANS: F
FEEDBACK: It causes the labor supply to shift inward because it gives workers a
disincentive to work.
13. The supply of labor curve slopes upward because, with a higher wage, the opportunity cost
of leisure rises.
14. Wage rigidity decreases labor market volatility.
ANS: F
FEEDBACK: Volatility rises because it causes larger swings in the equilibrium number of
workers hired.
15. If the minimum wage is set below the equilibrium wage, it will have no effect on
unemployment.
ANS: T
FEEDBACK: If , it is nonbinding.
16. Of the richest countries, the Japanese spend more hours working than any other country’s
workers.
17. The idea that you value receiving $1,000 today more than 10 years in the future is called
compound interest.
ANS: F
FEEDBACK: It is called present discounted value.
18. The equation
means that you would prefer receiving $621 today rather than $1,000 in five years.
ANS: F
FEEDBACK: It implies you are indifferent between the two payments.
19. In 2002, the wage premium for a college-educated worker was about 50 percent above that
of a high school-educated worker.
ANS: F
FEEDBACK: It was about 90 percent.
20. One explanation for the college wage premium is that demand for skill-based knowledge is
rising.
21. The unemployment rate in Europe has always been higher than the rate in the United States.
ANS: F
FEEDBACK: It was lower than in the United States until about 1972.
22. The natural rate of unemployment is equal to frictional plus cyclical unemployment.
ANS: F
FEEDBACK: It is equal to frictional plus structural unemployment.
23. The natural rate of unemployment is equal to frictional plus structural unemployment.
SHORT ANSWER
1. Consider the following data from August, 2010:
(a) Calculate the labor participation rate.

(b) Calculate the unemployment rate.
(c) What is the number of discouraged workers?
(d) Consider Figure 7.5 below. What might explain the decline in the labor participation rate
from 2001 to 2010?
ANS:
(a) u = UNEM/LF = 9.67%

(b) LPR = LF/CPOP = 154.1/238.1 = 64.7%
(c) Not enough information.
(d) High persistent unemployment. Indeed, the number of the chronically unemployed is
higher than the number of short-run unemployed for the first time, as discussed in Section
7.2.1. This is also due to the growth of “discouraged workers.”
REF: Section 7.2 TOP: Conceptual

2. Leading up to the 2010 mid-term elections, there was lively debate on whether or not the
Bush tax cuts, enacted in 2003, should be allowed to expire for families with annual
incomes over $250 thousand. What would be the impact of allowing income taxes on these
families to rise on their income and the number of labor participants?
ANS:
Using the labor market we would see a decline in the supply of labor, which would increase
wages/salaries for those workers still in the market as the number of workers declined (see
Figure 7.4).
3. Historically, young French workers (under age 26) have had relatively high unemployment
rates, 23.5 percent in 2005. In 2006 the French government proposed to allow employers to
fire young employees without cause (a labor restriction). How should this policy improve
employment prospects for young French workers? What would the impact on their wages
be?
ANS:
Labor demand is a function of the marginal product of labor, changes in output prices, and
labor regulation. A heavily regulated labor market reduces the demand for labor. Removing
these restrictions would increase the demand for young labor and commensurately increase
their wages.
REF: Section 7.3| Section 7.4 TOP: Applied

4. Consider Figure 7.6, which shows the unemployment rate from 1948–2010.
(a) What does the smooth line represent? How can it be represented?
(b) Based solely on this data, was the period from approximately 1963–1971 an expansion
or recession? Explain. What about the period 1981–1986?
(c) Based on the data presented, what is your prediction for future rates of unemployment?
ANS:
(a) It is the natural rate of unemployment, which is the prevailing rate of unemployment
when the economy is neither expanding nor in recession. It can be approximated by adding
frictional and structural rates of
unemployment.
(b) Because the unemployment rate is below the natural rate, the economy is expanding.
Vice versa for the period 1981–86.
(c) The natural rate of unemployment is trending up, based on this information (the most
recent); unemployment rates are likely to remain relatively high for some time, though this
answer is somewhat subjective.
5. You are a senior graduating soon. In 2010 the average annual wage was about $62,000.
Suppose you graduate when you are 22 and will retire when you are 67 (normal in the
United States, about 45 years of work). Assuming your wages don't grow over time,
ignoring inflation, and assuming we discount the future at 4.5 percent, what would be
present value of your human capital? If we discount the future at 3 percent what would be
your present value lifetime income? Intuitively explain the difference.
ANS:
We use the equation in Section 7.5, for R = 0.045:
million
R = 0.03:
million
As you lower the discount rate, the more the future is worth to you today, so the present
value would be higher.
6. What has been happening to cause returns to a college education over the past 50 years or
so, compared to only receiving a high school education? What explains this difference?
ANS:
See Figure 7.11 in text. College wages have been rising relative to high school wages. Using
the labor market equilibrium this is due to higher demand and lower supply of college
graduates, as seen in Figure 7.9.

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respeto á Castalio, que más que á
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de ella, viendo la igualdad de los
dos ricos pastores en edad y
suerte, y que ambos le pedían y
ambos eran dignos, y á Castalio
heredero y á Cardenio heredado,
dió la palabra á Cardenio y dejó á
Castalio, de manera que estuvo
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estos trances tan dolorosos se
pasó lo restante del invierno. No
os he dicho nada de Galafrón,
siendo mucho lo que hay que
decir; mas presto celebraremos el
sepulcro de Elisa, donde serán
sus lágrimas las mejores, porque
allí faltarán las de Mendino; y
ahora veréis que llega á la ribera
un galán cortesano en hábito de
pastor; Alfeo se llama, y con dolor
viene: tratemos dél, en tanto que
de Mendino y Castalio sus
recientes daños no nos dan lugar:
que tal vendrá, que los hallemos
más tratables, pues
El mal que el tiempo hace,

el tiempo le suele curar.
SEGUNDA PARTE
DEL PASTOR DE FILIDA
En tanto que el generoso Alfeo

siguió las pomposas Cortes tan
satisfecho de su habitación, que
le parecía tiempo perdido el que
en otra parte se gastaba,
mayormente el de aquellos que
de las ciudades y villas, retirados
á las humildes aldeas, vivían
entre aquella soledad
acompañada de murmuración, y
aquella compañía desierta de
consejo, no es de maravillar que
así amasse el trato cortesano:
porque criado en él y aficionado á
las artes, hallaba allí del mundo lo
mejor; ayudábale á gozarlo ser
rico y liberal, gentil, cortés,
discreto y bien nacido, amado de
todos, y sobre todo, señor de su
voluntad. Pero después que vió la
hermosura de Andria, que era sin
igual, y probó su condición, tan
fácil al mal y al bien, que en
breves días, enamorado y creído,
sintió el favor de su parte, medida
de su deseo, y en más breves la
ponzoña secreta de su dulzor,
juzgó enemigos al cielo y á la
tierra, llamó la muerte, aborreció
la vida, estragó su pecho hasta
quedar tan trocado de sí, que á sí
mismo no se conocía, y tan
enemigo del lugar, que á otra
cosa que infierno no le
comparaba. Huyó dél, corrido de
sus amigos, desesperado de su
contento y atónito de su perdición;
buscó la ausencia, con deseo de
que en ella le viniese la muerte
sin que la despiadada Andria
supiese de su muerte ni de su
vida. Así como iba trocada su
fortuna, así lo iba su traje: camisa
cruda llevaba y sayo pardo
vaquero, caperuza de faldas y
calzón de lienzo, polaina tosca y
zapato gruesso, é intencionado
de encubrir su suerte y guardar
cabras y ovejas en la ribera del
Tajo, donde al silencio de la
noche enderezó sus pasos, sin
más compañía que su dolor y
cuidado, que casi con alas del
viento apresuraban su jornada,
llegó á su verde ribera al punto
que el sol con la primera lumbre
ahuyentaba las postreras
sombras de la noche. Era el
tiempo que la deleitosa
primavera, desechando las flores
de sus plantas, casi apenas el
deseado fruto entre las tiernas
hojas descubría. Y á las aves de
la noche por las cavernas
encerrándose, las del día
(desamparados los nidos)
dulcíssimos cantares acordaban.
Ya el rústico Arsindo, desde un
alto peñasco que sobre el Tajo
pendía, tocaba una sonora
bocina, á que de todas partes de
la ribera le comenzaron á
responder con flautas, chapas,
adufres y otros instrumentos
pastorales, donde Alfeo entendió
ser día entre ellos de gran
solemnidad y fiesta, y
acrecentando su pena, se entró
por la espesura de unos tarayes,
y recostado en la tierra junto á un
pequeño arroyo que del Tajo
salía, los ojos en él y el
pensamiento en Andria, al son del
agua y al compás de sus suspiros
comenzó á decir:
ALFEO
Apartado de la vida
pago, viniendo á morir,
con la pena del partir
la culpa de la partida;
culpa que (si bien se apura)
procede en tal ocasión,
no por falta de razón,
mas por mengua de ventura.
Húyome de vos agora,
aunque decirlo es afrenta,
mas si vos quedáis contenta,
iré pagado, señora;
sin derramar más querellas,
que en su mayor fundamento
las ha de llevar el viento
y á mí la vida tras ellas.
Partíme de vos sin veros,
porque no puedan decirme
que fué possible partirme
y no lo fué enterneceros;
excusaré, mal mi grado,
el juzgar en la partida
á vos por desconocida
y á mí por desesperado.
No hay fortuna que
assegure
aquel que de vos se parte,
ni tiempo, razón ni arte
que por su salud procure;
y así á tan amarga suerte
no buscaré resistencia,
pues vos disteis la sentencia,
yo ejecutaré mi muerte.
No crece en esta jornada
la pena como el quereros,
que no es mayor mal no veros
que veros contino airada;
y pues iguala á la ausencia
lo que padezco presente,
no podrá llamarme ausente
quien no me lloró en
presencia.
Yo me huyo, y no me quejo,
porque no vengo conmigo,
perdonadme que os lo digo
por galardón de que os dejo;
y si os mostráredes servida
en partirme desta suerte,
podré decir que la muerte
me valió más que la vida.
Coged el fruto que ofrece
mi partida en mis enojos,
pues quita de vuestros ojos
lo que vuestra alma aborrece;
quedad satisfecha así,
que aunque soy el agraviado,
triunfaré como vengado
si sé vengaros de mí.
De este bien desconfiando,
mis males agradeciendo,
vuestro desdén conociendo,
de la vida no curando,
tal me voy á tierra extraña
á volverme en tierra poca
con vuestro nombre en la boca
y en el alma vuestra saña.
Bien pensó Alfeo que se quexaba

á solas, ignorando que á su
siniestro lado, á la caída del río, al
fin de la espesura, estaba la
cabaña de la pastora Finea,
discreta y bella serrana, la cual,
recordando á la bocina de
Arsindo, fué herida de las
palabras del afligido amante;
mientras las cuales duraron, dejó
el humilde lecho, calzó abarcas
de limpio cuero con cordones de
fina lana, vistió su cuerpo gentil
de saya parda oscura con saino
baxo y camisa blanca gayada,
cogió sus cabellos, y cubriéndolos
con un ancho y alto tocado á fuer
de la serranía, salió al lugar
donde Alfeo estaba con más
semejanza de muerto que de
vivo. Y aunque la graciosa Finea
había bien entendido de sus
palabras la causa de su dolor,
dissimulando le dijo: ¿Duermes,
pastor? No duermo, dixo Alfeo.
¿Pues por qué, dixo Finea, dejas
passar el río tu manada, que
cuando della no cures, del daño
que puede hacer deberías tener
cuidado? No tengo cosa, dixo
Alfeo, que á nadie pueda dañar,
sin haberla en el mundo que á mí
no me dañe. Según esso, dixo
Finea, tú eres el más desdichado
de los hombres, pues ninguno lo
es tanto que no halle quien dél se
duela. Y sin duda ya yo lo hago
de ti, porque me pareces
enamorado y forastero. En lo uno
y lo otro, dixo Alfeo, has acertado;
sólo yerras en tener compassión
de mí, y así te ruego no la tengas
si no eres amiga de tiempo muy
perdido. ¿Qué sabes, dixo Finea,
si puedes pagarme en mi
moneda? ¿Eres acaso, dixo
Alfeo, enamorada y forastera?
Esso, dixo Finea, puedes tú ver,
sin preguntarlo, en mi traje por
una parte y en mi piedad por otra.
Pero dime, pastor, así triunfes de
tus enojos, ¿quién eres, de dónde
y á qué eres venido, que tu hábito
me dice uno y tu persona me
descubre otro? No creas nada,
dixo Alfeo, que aquí estoy yo que
te desengañaré de todo, pues no
puedo ser ingrato al cargo que en
tan breves razones me has
echado: suplícote primero me
digas qué es la causa del ruido
que esta mañana (al parecer del
sol) sonó en la ribera. La causa,
dixo Finea, de las voces é
instrumentos que has oído es una
junta casi general de los pastores
desta ribera que hoy se hace en
lugar señalado, por recordación
de la difunta Elisa, hija del
caudaloso rabadán Sileno, cuyas
cenizas serán cada año en este
mismo día celebradas. Por esto
subió el rústico Arsindo á avisar
con su ronca bocina desde las
altas peñas, y toda la pastoral
compañía desde sus moradas le
respondieron, á cuyo son recordé
yo y oí tus quexas, y estimo en lo
que es razón la voluntad con que
te ofreces á darme cuenta de ti;
pero el detenimiento en este lugar
podría ser peligroso, porque el
sitio de Elisa es más de una milla
distante de donde estamos, y la
obligación de entrar yo á tiempo,
forzosa, y sin duda no hay pastor
ni pastora que no vaya
caminando, así que en el camino
podré saber lo que tanto deseo, y
tú mandar lo que ya quisieres de
tu gusto, que responderé á él con
toda la obligación que me has
hecho. Pastora, dixo Alfeo, yo no
debo hacer essa jornada si no es
porque tú lo quieras, y así te
acompañaré hasta donde fueres
contenta, que para mí no tiene
más un lugar que otro, salvo los
de la soledad á que mi mala
fortuna me tiene tan obligado.
Sígueme, pastor, dixo Finea, y
saliendo de entre los tarayes se
entraron por una senda estrecha
y deleitosa, entre olmos y salces,
y á poco espacio, antes que nada
pudiessen tratar, sobrevino á la
parte del río una banda de
apuestos pastores y hermosas
pastoras, y entre ellos Licio,
pastor de mucha estima,
desfavorecido y celoso de Silvia,
una de las pastoras que allí iban.
Fuéles forzoso á los dos, Alfeo y
Finea, seguir su compañía, que
sin esquivarse del nuevo pastor,
iban en dulces pláticas
entreteniéndose, y á la mitad del
camino Finea pidió á Ergasto que
tañese y á Licio que cantasse, á
cuyo ruego Ergasto sacó la flauta,
y á su son Licio comenzó á cantar
de aquesta suerte:
LICIO
¿De qué sirve, ojos serenos,
que no me miréis jamás?
De que yo padezca más,
mas no de que os quiera
menos.
Si el que con gusto moría,
queréis que rabiando muera,
aunque mudéis la manera,
firme está la fantasía:
de ira y gracia llenos
dais por un mismo compás
el mal de menos á más
y el favor de más á menos.
Si imagináis que dexarme
tan sin ley y sin razón
en mí ha de ser ocasión
para desaficionarme;
pues no bastan ser ajenos,
industrias son por demás,
antes el deseo es más
cuando la esperanza es
menos.
Podéis con desabrimiento
quitarme el verme y el veros,
mas no que por conoceros
no me agrade mi tormento;
ser tan hermosos y buenos
que lo dexáis todo atrás,
esto en mí siempre fué más
y lo demás todo menos.
Si por matar al amigo
no podéis ser alabados,
y os queréis ver disculpados
con todo el mundo y conmigo;
cuando huya de sus senos
el alma triste además,
miradme, y no pido más,
mas tampoco pido menos.
Todos, sino Silvia, oyeron

atentamente la tierna canción del
angustiado Licio; pero ella, que de
costumbre tenía esquivarse con él
en todo, mientras duró se
entretuvo con Dinarda en plática
de poca importancia, según
pareció por lo que Dinarda hizo,
que pidiendo á Ergasto que no
cessase y á Licio que le
respondiesse, Ergasto empezó á
tañer, y ella á cantar, y Licio á
responder desta manera:
DINARDA Y LICIO
—¿Si Silvia se te desvía,
más la sigues?—Hago bien.
—Morirás por ello.—Amén;
quizá la contentaría.
—Pon más consideración
en tan confusa aspereza,
que te lleva tu firmeza
carrera de perdición;
¿cuando más males te envía
más te humillas?—Hago bien.
—Tú te destruyes.—Amén;
que esso es lo que yo querría.
—No abras con tal error
tu mal soldada herida,
que si es mala la caída,
la recaída es peor;
mira que es gran niñería,
no escarmentar.—Hago bien.
—¿Y si te pierdes?—Amén;
que poco se perdería.
—De tantos males y enojos
¿qué nuevas esperas buenas,
si tu afición y tus penas
son culpas ante sus ojos?
¿A la que te desafía
te avassallas?—Hago bien.
—Veráse vengada.—Amén;
que entonces yo triunfaría.
—Eres juez tan cruel
en sentenciar tu processo
que, ó se te ha enjugado el
seso
ó no naciste con él;
lo que en tu frente se cría,
¿es locura?—Hago bien.
—¿Y si te atassen?—Amén;
que por cuerdo quedaría.
O por oir Silvia á Dinarda, ó

porque el cantar la movió á más
atención que el primero, mientras
duró estuvo puestos los ojos en
los pastores que cantaban. Mas
ya que vió que era acabado, con
rostro grave y hermoso, vuelta á
la pastora le dixo: Volvamos,
Dinarda, á nuestro cuento, que
aunque el día es largo, para esso
faltará lugar y para essotro no,
que llegados al valle todos
cantaremos. Esso creo yo, dixo
Uranio (pastor de pocas palabras,
pero de mucho aviso), mas será
la diferencia que cantaréis en la
rama y Licio en la red. Si yo la
hice, dixo Silvia, en ella muera.
¿Pues quién la hizo? dixo Licio.
Tú, pastor, dixo Silvia; si alguna
hay, aunque tu desassossiego no
es prisión, sin duda, sino temor de
venganza de las más conocidas
sinrazones que jamás contra
mujer se han hecho. ¿Quién las
hizo? dixo Licio. Tú, dixo Silvia,
que en medio de una tierníssima
voluntad mía, donde eras solo
señor, moviste en pago tus pies y
tu lengua contra mí. Si tú primero,
dixo Licio, me quitaste el seso, no
fué mucho que yo hiciesse
locuras. ¿Pues tengo yo culpa,
dixo Silvia, á tus desvariadas
sospechas? Desso, dixo Licio, tú
eres testigo, pero sey juez, que yo
huelgo de ser el condenado. Sola
una cosa, dixo Silvia, quiero
preguntarte: ¿Qué te movió á
desterrar á Celio de la ribera?
Esso, dixo el pastor, fué concierto
de nuestra contienda que el que
quedasse vencido no pudiesse,
por término de un año, apacentar
en la ribera del Tajo: condición fué
sacada por su boca y desafío
hecho por su mano, y pena por
que yo passara (aunque á mi
pesar) si él me venciera. Y oxalá
Licio fuera el vencido, con que el
cielo me ayudara con la más
mínima parte del sentimiento que
por Celio tienes. Mira, pastor, dixo
Silvia con rostro más altivo y
tierno; vuelve á Celio á su
cabaña, y de mí y de la mía no te
acuerdes jamás, y agradece
mucho que me humillo á
enseñarte cómo podrás tenerme
menos agraviada. Sí, agradezco á
ti y al cielo, dixo Licio; y llamando
á Ergasto, á passo largo se
entraron por una senda que á
mano derecha estaba, quedando
los demás pastores muy
agradecidos del noble respeto del
pastor y del buen proceder de la
pastora. Pero viéndola casi
forzada á llorar, no quisieron
enternecerla; antes, vuelto Uranio
al nuevo pastor Alfeo, con gran
cortesía le preguntó su nombre y
su venida. Mi nombre, dixo el
pastor, es Alfeo; mi venida, de
passo, y serlo ha más si os soy
inconveniente. Esso estuviera á
mi cargo, dixo la serrana Finea. Y
volviendo á los demás les
asseguró que Alfeo era muy digno
de su compañía y trato. Y en
estos agradables razonamientos
llegaron á una hermosa y gran
floresta que á la entrada del valle
de Elisa estaba, y donde había
orden de irse aguardando los
pastores hasta que juntos
entrassen al sagrado valle. Y assí
agora hallaron muchos, divididos
por los arroyos y fuentes, tejiendo
guirnaldas, juntando ramos de
diversas flores y algunos tañendo
y cantando con gran harmonía y
arte, que allí estaban Sasio,
Filardo y Arsiano, y la pastora
Belisa, hija del doctíssimo
lusitanio Coelio, los cuatro más
aventajados en música y canto
que en las españolas riberas se
hallaban. Ayudábales el mucho
estudio, suaves voces v
discreción y donaire, aunque en
suavidad y harmonía Belisa los
dejaba atrás. Cantando estaba
Arsiano cuando nuestros pastores
llegaron; pero á poco rato, Belisa,
ayudada de Sasio, al son de la
lira con gran dulzura comenzó á
cantar aquestos versos:
BELISA
Entre hierbas fresquíssimas
floridas,
un cendal por los ojos
rodeado,
juntos los pies, las alas
escondidas,
Suelta la aljava, el arco floxo
al lado,
durmiendo estaba con
descuido y gana
el pequeñuelo dios de Amor
echado.
Llevaba en el frescor de la
mañana
Filida sus ovejas, que las
flores
iban barriendo con la blanca
lana.
No sonaban zampoñas de
pastores,
iba cantando (cuando vió
dormido
al mismo Amor) qué cosa es
mal de amores.
No conoció quién era,
aunque le vido,
porque nunca sintió su pena
grave,
mas llegó á conocerle sin
ruido.
Miróle y dixo con su voz
suave:
¿Hombre y ciego y con alas?
No eres hombre.
¿Ave con solas alas? No eres
ave.
Si te pusiste aquí porque me
assombre
con tu nueva facción, por no
hacello
quiero saber de ti cuál es tu
nombre.
Una trenza texió de su
cabello
y atóle, y recordando el Amor
luego,
se vió cautiva della y preso en
ello.
Filida dixo: Dime, alado
ciego,
cómo te llamas. Respondió
riendo:
Furor causado de tu gran
sossiego.
Filida le responde: No te
entiendo.
Y dice Amor: Mi nombre es tu
belleza,
con cuya luz la misma nieve
enciendo.
Yo soy Amor, si quieres más
certeza,
ves allí el arco, ves allí la
aljaba,
tiéntalos y verás su fortaleza.
Filida dice: El tiempo que
me amaba
el que solo obligada me tenía
al yugo que atajó la muerte
brava,
Cuatro coronas el Amor
traía,
no era arquero, no era amor
alado,
ni ciego como tú, que bien
veía.
Tú vienes con dos jaras
adornado,
una ligera y otra muy pesada,
y el efeto por dicha más
pesado.
Dícele humilde Amor: Essa
dorada,
de sólo bien querer está
sangrienta,
y essa de plomo, en desamor
bañada.
Sin quebrar la pesada te
contenta
puedes, pues para el hombre
que te viere
es imposible que su fuerza
sienta;
Mas cuanto tu beldad acá
viviere,
por fuerza essotra vivirá
segura,
que cuando de mi aljaba se
perdiere,
la hallaré en tu gracia y
hermosura.
La mucha arte, la gran harmonía

del vario son que la pastora
Belisa á sus versos iba dando, fué
de manera que no quedó pastor
ni pastora que por una y otra
parte no la rodeassen. Y al fin de
su cantar, como maravillados de
oirla y no menos satisfechos de
mirarla, no se movían de aquel
lugar, deseosos que tornasse á su
agradable canto. Pero á esta hora
ya la floresta estaba llena de la
más noble y lucida gente que
jamás se ha visto entre pastores.
Y el viejo Sileno, con largo sayo y
retorcido bastón, la barba al cinto,
cana como la limpia nieve, y
sobre su arrugada frente una
corona de funeral ciprés, salió del
valle acompañado de los cuatro
escogidos y gallardos pastores
Mireno y Liardo, Galafrón y
Barcino, en discreción y gentileza
iguales, y en caudal y estimación
lo mismo. Traían de varios
pellicos sus vestiduras, con
dardos gruessos de fresno de
puntas de luciente acero en sus
manos, sus cabellos limpios y
peinados, cubiertos con
guirnaldas de verde yedra, á cuya
entrada todo el pastoral concurso
prestó un atento silencio. Y
después que Sileno con sus
cuatro pastores hubo pasado y
visto por todas partes la floresta,
vuelto al encerrado valle mandó
que Arsindo tocasse en él su
bocina, cuyo son apenas fué oído
cuando por una sola entrada que
el valle tenía se trasladó en él
toda la gente que en la floresta
estaba. Dispuesto era el lugar
para la gran fiesta que se
ordenaba. Tenía de ancho media
milla y una en largo. Guardábale
de ambos lados un espesso y alto
monte de gruessos robles y viejas
encinas, por entre los cuales
baxaban muchos arroyos de agua
clara, que unos hacían estanques
en el fresco valle y otros por las
cavernas sumiéndose,
acrecentaban su deleite y
hermosura. No faltaban en el
llano fuentes puríssimas que,
como de cristal, bañaban los
troncos á las diversas y hermosas
plantas. Estaba entre ellas una
alta pirámide de rico mármol, casi
toda cubierta de nativa yedra y de

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3. The labor market determines:

5. Over the past 50 years or so,

7. Consider Table 7.1. In December 2006, the unemployment rate was:

8. Consider Table 7.1. In January 2007, the unemployment rate was:

16. The unemployment rate is defined as:

18. The Great Depression:

20. Historically, for most Americans, the length of unemployment is:

22. When an individual becomes unemployed, the average unemployment benefit:

23. A drawback of unemployment benefits is:

24. The demand for labor curve is:

25. The labor demand curve slopes downward because:

34. An increase in the income taxes on wages results in:

35. A decrease in the income tax will result in:

36. An increase in labor regulations results in:

39. Wage rigidity:

41. One, or more, consequence(s) of wage rigidity is (are):

44. The rise in the employment-population ratio largely is due to:

49. The natural rate of unemployment is decomposed into:

50. Frictional unemployment is the unemployment that results from:

51. Structural unemployment is the unemployment that results from:

52. Cyclical unemployment is the unemployment that results from:

53. Unemployment is given by __________ and the natural rate of unemployment is

58. Europe’s relatively high unemployment rates can be attributed to:

62. The equation means you:

a. would prefer to receive $386 today than $1,000 in 10 years.

66. Beginning in __________, the wage premium began __________.

1. Unemployment due to institutional frictions is called structural unemployment.

ANS: T REF: Section 7.3 TOP: Factual

REF: Section 7.2 TOP: Factual

ANS: T REF: Section 7.2 TOP: Applied

REF: Section 7.2 TOP: Applied

5. Unemployment generally falls during economic booms.

ANS: T REF: Section 7.2 TOP: Factual

REF: Section 7.2 TOP: Factual

ANS: T REF: Section 7.2 TOP: Factual

8. Large unemployment benefits give workers an incentive to find work.

REF: Section 7.4 TOP: Applied

ANS: T REF: Section 7.2 TOP: Factual

ANS: T REF: Section 7.3 TOP: Factual

REF: Section 7.3 TOP: Applied

REF: Section 7.3 TOP: Applied

ANS: T REF: Section 7.3 TOP: Applied

14. Wage rigidity decreases labor market volatility.

REF: Section 7.3 TOP: Applied

REF: Section 7.3 TOP: Applied

ANS: T REF: Section 7.4 TOP: Factual

REF: Section 7.6 TOP: Factual

18. The equation

REF: Section 7.6 TOP: Applied

REF: Section 7.7 TOP: Factual

ANS: T REF: Section 7.7 TOP: Applied

REF: Section 7.4 TOP: Factual

REF: Section 7.3 TOP: Factual

ANS: T REF: Section 7.3 TOP: Factual

(a) Calculate the labor participation rate.

66. Beginning in , the wage premium began .