Exam 12: Business Cycles and Unemployment

Why might the official measure of civilian unemployment in the U.S. be an understatement of actual unemployment?

Eric lost his job because a recession caused his employer's sales to fall. This is an example of:

If real GDP declines for at least one-half year, the economy is experiencing a:

Cyclical unemployment is caused by:

John Steinbeck's Cannery Row describes a character who takes his own life because of poor job prospects. If he was an unemployed person who gave up looking for work, he would be considered:

In a dynamic economy under ideal conditions:

The presence of discouraged workers may cause:

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:

Which of the following is not a coincident indicator?

The phase of the business cycle that follows a recession is known as the:

An example of structural unemployment is a(n):

Susan Greenberg, who works in a typewriter factory, becomes unemployed because people start buying personal computers instead of typewriters. Susan can best be described as:

A phase in the business cycle in which the economy's real GDP declines is known as:

Exhibit 12-3  Unemployment categories According to data in Exhibit 12-3 and assuming the total number of workers is 8,400, the civilian labor force is:

Full employment is the situation in which the economy operates at an unemployment rate equal to the sum of:

The combination of frictional and structural unemployment is the:

What does the GDP gap measure?

Since 1929, real GDP in the United States has grown at an average annual rate of about:

Which of the following is not a lagging indicator?

The natural rate of unemployment exists when cyclical unemployment equals zero.