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Exam 6: Macroeconomic Measurements, Prices and Unemployment

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Question 61

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The sum of the unemployment rate and the employment rate always equals 100 percent.

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Question 62

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If the CPI is 220 and nominal income is $37,000,approximately what does real income equal?

A) $81,400
B) $16,818
C) $76,500
D) $44,118

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Question 63

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Suppose there are 65 million employed persons,5 million unemployed persons,and 35 million persons not in the labor force.What does the civilian noninstitutional population equal?

A plumber who quits his job in Indianapolis and moves to Orlando where additional plumbers are needed is said to be ___________________ unemployed

Look at the following data: The structural unemployment rate is 4 percent,the natural unemployment rate is 5 percent,and the cyclical unemployment rate is 3 percent.The frictional unemployment rate is ____________ percent and the actual unemployment rate is __________ percent.

Persons who are retired or engaged in own-home housework are considered to be in which of the following categories?

In many large retail stores,price markdowns are now determined by computer.The "middle managers" who used to make these decisions personally became __________ unemployed.

The civilian non-institutional population can be broken down into two groups:

Look at the following data: The frictional unemployment rate is 3 percent,the natural unemployment rate is 6.5 percent,and the cyclical unemployment rate is 2.4 percent.The structural unemployment rate is __________ percent and the actual unemployment rate (in this economy) is __________ percent.

Suppose there are 50 million persons in the population,25 million persons in the civilian labor force,and 20 million persons are employed.The number of people unemployed is _______ million and the unemployment rate is ___________ percent.

If a person did at least one hour of work as a paid employee during the survey week,how is she classified?

Exhibit 6-1 -Refer to Exhibit 6-1.Prices rose by __________ percent from Year 2 to Year 3.

A common measure of inflation is the percentage change in the CPI of adjacent years.

The labor force participation rate (LFPR) equals the number of

"Full employment" is said to exist when the actual unemployment rate is zero.

In year 1 the CPI is 140,and in year 2 the CPI is 160.From year 1 to year 2,Chiang's salary rises from $42,000 to $47,000,and Marta's salary rises from $55,000 to $66,000.Who is "more than keeping up with inflation"?

The cyclical unemployment rate can never be negative.

Exhibit 6-2 -Refer to Exhibit 6-2.The employment rate in year 2 is

Exhibit 6-1 -Refer to Exhibit 6-1.Prices rose by __________ percent from Year 1 to Year 2.

Exhibit 6-2 -Refer to Exhibit 6-2.The labor force participation rate in year 4 is