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Exam 29: Business Cycles, Unemployment, and Inflation

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Question 81

Multiple Choice

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The unemployment rate is interpreted as the percentage of the

A) adult population who are unemployed.
B) labor force that are not employed.
C) able-bodied population who are not working.
D) workforce that have been laid off.

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Question 82

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Most economists agree that the immediate determinant of the volume of output and employment is the

A) composition of consumer spending.
B) ratio of public goods to private goods production.
C) level of total spending.
D) size of the labor force.

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Question 83

Multiple Choice

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The phase of the business cycle in which real GDP is at a minimum is called

Which statement about inflation is correct?

Wait unemployment and search unemployment are both types of

Kevin has lost his job in an automobile plant because the company switched to robots for its welding step in the assembly line.Kevin plans to go to technical school to learn how to repair microcomputers.The type of unemployment Kevin is faced with is

Kara voluntarily quit her job as an insurance agent to return to school full time to earn an MBA degree.With degree in hand, she is now searching for a position in management.Kara presently is

Full-Time Employed = 80 Part- Time Employed = 25 Unemployed = 15 Discouraged Workers = 5 Members of Underground Economy = 6 Consumer Price Index = 110 Refer to the given information about a hypothetical economy.If members of the underground economy are currently counted as part of the unemployed when in fact they are employed, the official unemployment rate is overstated by about

If the Consumer Price Index was 125 in one year and 120 in the following year, then the rate of inflation was approximately

Which phase of the business cycle would be most closely associated with an economic contraction?

Which of the following statements about deflation is true?

Cross-country studies that bolster the "zero inflation" view indicate that lower rates of inflation are associated with

Suppose that a person's nominal income rises from $10,000 to $12,000 and the consumer price index rises from 100 to 105.The person's real income will

As it relates to economic growth, the term long-run trend refers to

The consumer price index was 177.1 in 2001 and 179.9 in 2002.Therefore, the rate of inflation in 2002 was about

Unemployment rates in the United States from 2005 to 2015 were in the range of

A cumulative wage-price spiral that produces very rapid inflation is called

A headline states, "Real GDP falls again as the economy slumps." This condition is most likely to produce what type of unemployment?

Over a 10-year period, the Consumer Price Index doubled.On the basis of this information and using the rule of 70, we can say that the average annual rate of inflation over this period was approximately

(Last Word) Which of the following statements best describes employment changes since the Great Recession?