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A.is calculated as the percentage of the working dash age population who are unemployed
B. decreases in expansions
C. is calculated as the percentage of the working dash age population who are unemployed or discouraged nothing
D. shows an upward trend
A. has a downward trend that is mainly accounted for by the decreasing participation of women in the labor market
B. for women is higher than the female labor force participation rates in Canada and the United Kingdom
C.is calculated as the percentage of the working dash age population who are employed
D. decreased between 2000 and 2016
A. the natural unemployment rate does not change
B.the natural unemployment rate decreases
C.the amount of frictional unemployment increases
D. the amount of structural unemployment increases
What is the unemployment? rate?
The unemployment rate is
______ percent.
?;;; Answer to 1 decimal place.
Labor Market Data:
?Working-age population
221.2 million
Labor force
146.5 million
Unemployed
8.8 million
A.less; negative
B.?less; positive
C.?greater; is increasing
D.greater; negative
What is the labor force participation? rate?
The labor force participation rate is
____ percent.
Labor Market Data:
Working dash age population
221.2 million
Employed
137.7 million
Unemployed
8.8 million
A. high; zero
B. positive; negative
C. ?zero; low
D. negative; positive
What is the number employed??
The number employed is
______ million.
?Labor Market Data:
Labor force
146.5 million
Not in labor force
74.7 million
Unemployed
8.8 million
A.real GDP is greater than potential GDP
B. all unemployment is cyclical
C. the unemployment rate is greater than the natural unemployment rate
D. the unemployment rate equals the natural unemployment rate
A.cyclical unemployment
B.frictional unemployment
C.structural unemployment
D. recessional unemployment
The prices and quantities for 2015 and 2016 are listed in the table.
The reference base period for? Dexter’s CPI is 2015 and 2015 is also the year of the Consumer Expenditure Survey.
2015
Item: Book
Price: $6
Quantity: 6
Item: Pens
Price: $4
Quantity: 2
2016
Item: Book
Price: $4
Quantity: 5
Item Pens:
Price: $8
Quantity: 4
The CPI in 2016 is? ______.
A. 90.9
B.40.0
C.100.0
D.110.0
The base year is 2014.
Item: Bread
Quantity: 2 loaves
2014 Price: $0.50 a loaf
2015 Price: $0.75 a loaf
2016 Price: $0.75 a loaf
Item: Milk
Quantity: 5 cartons
2014 Price: $0.75 a carton
2015 Price: $1.00 a carton
2016 Price: $0.75 a carton
Item: Movie Rentals
Quantity: 3 rentals
2014 Price: $2.00 each
2015 Price: $3.00 each
2016 Price: $2.50 each
The cost of the CPI basket in 2015 prices is ?______ and the cost of the CPI basket in 2016 prices is ?________.
The CPI in 2015 is _____ and the CPI in 2016 is _____.
The inflation rate in 2016 is _____ percent.
A. on? average, the price paid by urban consumers for a fixed basket of consumer goods and services rises by 5 percent
B. on average comma the price paid by urban consumers for a fixed basket of consumer goods and services rises by 6 percent
C. the price of gasoline rises by 5 percent
D. the price of transportation rises by at least 6 percent
During the? year, the average price level rises by 2 percent.
The real interest rate on your savings account is? ______.
A.?$6
B.3 percent a year
C.6 percent a year
D. 2 percent a year
The prices and quantities for 2015 and 2016 are listed in the table.
The reference base period for? Dexter’s CPI is? 2015, and 2015 is also the year of the Consumer Expenditure Survey.
2015
Item: Book
Price: $6
Quantity: 6
Item: Pens
Price: $2
Quantity: 2
2016
Item: Book
Price: $9
Quantity: 4
Item Pens:
Price: $7
Quantity: 4
The inflation rate in 2016 is? ______ percent.
A. 70.0
B. 68.0
C. 170.0
D. 1.4
What is the nominal wage? rate?
The nominal wage rate is ?$____ an hour.
What is the value of nominal GDP in 2010??
The value of nominal GDP in 2010 is $_____ billion.
A. is 100 no matter what reference base period is chosen
B.can be greater? than, equal? to, or less than 100
C. is relevant only if the base period is within the last 10 years
D. changes when the reference base period changes
A.urban? households; it is updated every month
B.all? households; the reference base period changes whenever the market basket changes
C.urban? households; the Consumer Expenditure Survey is used to update it frequently
D. all? households; a greater weight is put on the items purchased by urban households
In January 2013?, the CPI was 230.3.
This number tells us that the? ______ of the prices paid by urban consumers for a fixed basket of consumer goods and services was? ______.
A.inflation? rate; 30.3 percent per year
B.average; 230.3 percent higher in January 2013 than the average of? 1982-1984
C.average; 130.3 percent higher in January 2013 than the average of? 1982-1984
D.inflation? rate; 130.3 percent per year
economy.
A. ?Long-run
B. Keynesian
C.Monetarist
D. Classical
A. fell into disrepute during the Great Depression
B.explains how the economy performs in the face of a major slump in spending
C.had its beginnings with the 1936 publication The General Theory of? Employment, Interest, and Money
D.is currently championed by Paul Krugman in his weekly column in the New York Times
A. fewer?; shorter
B. more?; longer
C. the same number of?; the same number of
D. more?; the same number of
The? ______ would? ______.
A. supply of? labor; increase
B. supply of? labor; remain the same
C. quantity of labor? supplied; increase
D. quantity of labor? supplied; remain the same
A. unemployment benefits decrease
B. the natural unemployment rate decreases
C. the quantity of labor demanded increases
D. the natural unemployment rate increases
A. raises the natural unemployment rate because labor turnover is high
B. lowers the natural unemployment rate because new jobs are found quickly
C. creates new jobs but job search increases because most people do not possess the required skills
D. has no effect on the natural unemployment rate
A. a demographic shock decreases the rate of entry into the? working-age population
B. a prolonged structural slump occurs
C. the efficiency wage rate rises
D. unemployment compensation decreases
A. The demand for labor curve is downward sloping because hours per person increase as the real wage rate falls.
B. The real wage rate influences the quantity of labor demanded because what matters to firms is how much output they must sell to earn the dollars they pay the workers.
C. The higher the real wage? rate, the greater is the quantity of labor that firms find it profitable to hire because firms can hire? higher-skilled labor at higher wage rates.
D. Each additional hour of labor hired produces more additional output than the previous hour.
A. surplus of labor
B. surplus of jobs
C. wage rate below the equilibrium wage rate
D. decrease in the natural unemployment rate
Real wage rate
?(2009 dollars per? hour)
15
20
25
30
30
35
Quantity of labor demanded
60
50
40
30
20
Quantity of labor supplied
?(billions of hours per? year)
20
30
40
50
60
Table 2
Labor
?(billions of hours per? year)
?20
30
40
50
60
(trillions of 2009? dollars)
2.0
2.7
3.2
3.5
3.6
Table 1 shows the labor market schedule and Table 2 shows the production function schedule for the country of Moldovokia.
An increase in the population changes the quantity of labor supplied by 20 billion hours at each real wage rate.
What is the new potential? GDP?
Potential GDP is ?$____ trillion.
A. equal to potential? GDP, which is the most that can be produced
B. equal to potential? GDP, which is efficient but is not the most that can be produced
C. at its highest attainable and efficient level
D. at or below potential GDP depending on the level of employment
A. unemployment benefits are low
B. the quantity of labor supplied persistently exceeds the quantity demanded
C. firms find it difficult to attract productive workers
D. labor is allocated by market forces
A. ?less; labor
B. less; capital
C. more; capital
D. more; labor
A. Adam? Smith; 1776
B. John Maynard? Keynes; 1936
C.Milton? Friedman; 1967
D. Donald? Trump; 2015
His theory was that? ______.
A. an economy will gradually work itself out of depression with no government intervention
B. prices and wages react quickly to shocks in the economy
C. too little private spending is the cause of depression and recession
D. too much government spending is the cause of depression and recession
