Exam 16: Business Cycles and Unemployment

If you look for a job for eighteen months after graduation, but fail to generate an offer, even after lowering your expectations, the economy is probably in the business cycle phase called a:

The GDP gap is the difference between:

Exhibit 6-3 Unemployment categories According to data in Exhibit 6-3 and assuming the total number of workers is 8,400, the unemployment rate is:

Full employment is the rate of employment that results when:

Cyclical unemployment is primarily caused by:

Frictional unemployment refers to:

What does the GDP gap measure?

Which of the following statements would come from someone classified as unemployed?

The government's chief forecasting gauge for business cycles is the:

The business cycle consists of four phases. At the top we have:

Find the size of the civilian labor force from the following data: frictional unemployment = 150, structural unemployment = 200, cyclical unemployment = 225, discouraged workers = 25, underemployed workers = 75, fully employed workers = 850, total population = 2,000.

Juanita earned a B.S. in engineering and went to work for a large defense contractor in a small town in California. When the government cut spending, Juanita and 99 others were laid off. The only other business in the town is growing grapes to be made into raisins, but the growers refuse to hire laid-off engineers, knowing they will leave at the first opportunity. The unemployment Juanita is experiencing is:

Sam is a musician who is out of work because electronic equipment replaced live musicians. This is an example of:

Which of the following demographic groups in the U.S. has the highest unemployment rates?

A decrease in aggregate demand and the subsequent cutbacks in production lead to:

Exhibit 16-2 Unemployment categories Consider an economy made up of 100 people, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The unemployment rate is approximately:

When full employment is present in the United States:

The primary cause of frictional unemployment is:

Althea, a brilliant new Ph.D. in economics, has turned down many job offers because she hopes eventually to teach at one of the top 10 universities in her field. The type of unemployment she is experiencing is:

Which of the following is true ?