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Exam 8: Unemployment and Inflation

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Question 71

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The U.S. inflation rate was higher in the 2000s than it was in the 1970s.

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Question 72

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If a worker becomes unemployed because of an increase in the minimum wage, that worker is:

A) frictionally unemployed.
B) structurally unemployed.
C) cyclically unemployed.
D) engaged in job search.

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Question 73

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Alex expects the inflation rate to be 4%. If Alex borrows money at a nominal interest rate of 5%, his real interest rate is:

In a particular labor market, the demand for labor is given by W = 20 - (1 / 100) L, and the supply of labor is given by W = 4 + (1 / 100) L, where W is the wage rate and L is the number of workers. The equilibrium wage is _____, and the equilibrium number of workers is _____.

When the unemployment rate increased, the annual growth rate of real GDP has usually:

A survey reveals that on a small island initially 40 people have jobs, 10 people are not working but looking for jobs, and 30 people are neither working nor looking for work. Suppose that 10 of the 30 people who weren't working or looking for work now begin looking for work. There are now 20 people without jobs but looking for work and 40 people working. The unemployment rate:

If a country has a working-age population of 200 million, 135 million people with jobs, 10 million people who were looking for a job but have given up, and 5 million people unemployed and seeking employment, then its labor force is:

The consumer price index in 1979 was 72.6. In 1980 it was 82.4. What was the rate of inflation from 1979 to 1980?

Use the following to answer questions : -(Table: Dexter's Employment Statistics) Look at the table Dexter's Employment Statistics. Use these data to complete the following computations. a. What is the size of the labor force? b. What is the labor force participation rate?

Unemployment that results when more people are seeking jobs than there are jobs available is _____ unemployment.

Use the following to answer questions : -(Table: Employment Data) Look at the table Employment Data. If marginally attached workers are included in the labor force and in the unemployment rate, the unemployment rate is:

Use the following to answer questions : Table: Unemployment and Employment Data -(Table: Unemployment and Employment Data) Look at the table Unemployment and Employment Data. If marginally attached workers are included in the labor force and in the unemployment rate, the unemployment rate in this economy is:

Economists claim that the unemployment rate can understate the true level of unemployment because none of the following groups is included EXCEPT:

The threat of future inflation:

A survey reveals that on a small island 40 people have jobs, 10 people are not working but looking for jobs, and 30 people are neither working nor looking for work. The unemployment rate on the island is:

During Brazil's hyperinflation of the 1990s the economy lost real resources when the _____ sector grew very large to cope with the consequences of the high rate of inflation.

Income divided by the price level is _____ income.

Underemployed people are counted as employed even though they are not fully using their skills.

A wage offered by an employer as an incentive for more work effort and performance and that exceeds the equilibrium wage rate is known as a(n) _____ wage.

In 2011, 10 million people did not have a job but were actively looking for employment, and 85 million people had either a full-time or a part-time job. The unemployment rate in 2011 was: