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Exam 21: Monitoring Jobs and Inflation

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Question 51

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Table 21.3.1 Suppose a simple economy produces three goods only. The price and output data for some selected years are shown below. -Refer to Table 21.3.1. The reference base period is 2002. The CPI in 2014 is

A) 1,340.
B) 158.
C) 100.
D) 96.
E) 63.

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Question 52

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Jesse just graduated from university, and is looking for her first job. Jesse is

A) frictionally unemployed.
B) structurally unemployed.
C) not unemployed.
D) cyclically unemployed.
E) not in the labour force.

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Question 53

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R8 is

In a country with a working-age population of 22 million, 16 million are employed, 2 million are unemployed, and 1 million of the employed are working part-time, half of whom wish to work full-time. If 500,000 of those unemployed are cyclically unemployed, what is the natural unemployment rate?

Of the following sequences of price levels, which correctly represents a 5 percent inflation rate?

Which one of the following people would be counted as unemployed in Canada?

Counting involuntary part-time workers as unemployed would

Table 21.3.1 Suppose a simple economy produces three goods only. The price and output data for some selected years are shown below. -Refer to Table 21.3.1. The reference base period is 2014. The CPI in 2014 is

Who of the following would be counted as unemployed in Canada?

If the CPI was 180 at the end of 2013, and 216 at the end of 2014, the inflation rate in 2014 was

Table 21.2.1 This table shows the answers given by interviewees to the Labour Force Survey. Use the table below to answer the following questions. -In Table 21.2.1, which person is structurally unemployed?

Table 21.2.1 This table shows the answers given by interviewees to the Labour Force Survey. Use the table below to answer the following questions. -In Table 21.2.1, which person is cyclically unemployed?

The fixed basket of Econoland consists of 10 units of A, 20 units of B, and 30 units of C. Current prices are $1 per unit of A, $2 per unit of B, and $3 per unit of C. Base year prices are $1 for each unit of A, B, and C. What is the CPI in the current year?

In an expansion, typically

The labour force is the total number of

If the working-age population increases, then

In a country with a working-age population of 30 million, 18 million are employed, 2 million are unemployed, and 2 million of the employed are working part-time, half of whom wish to work full-time. If 1 million of those unemployed are cyclically unemployed, what is the natural unemployment rate?

The natural unemployment rate is

Fact 21.2.1 Some Firms Struggle to Hire Despite High Unemployment Matching people with available jobs is always difficult after a recession as the economy remakes itself. But labour market data suggest the disconnect is particularly acute this time. Since the recovery began, the number of job openings has risen more than twice as fast as actual hires. If the job market were working normally, openings would be getting filled as they appear. Some 5 million more would be employed and the unemployment rate would be 6.8%, instead of 9.5%. Source: The Wall Street Journal, August 9, 2010 -Consider Fact 21.2.1. Choose the statement that is incorrect. If the labour market is working properly, there is still unemployment because

Suppose a trade union and a firm agree to increase the wage rate by the same percentage as the increase in the Consumer Price Index. If the CPI increases by 5 percent, then the real income of workers will