Exam 8: Economic Fluctuations, unemployment, and Inflation

Todd stops looking for work because he believes his prospects are so poor that he is unlikely to find a job.The Bureau of Labor Statistics would classify Todd as

The natural rate of unemployment

The unemployment rate will decrease whenever there is

Figure 8-1 -In Figure 8-1,the recession phase of the business cycle can be represented by point(s):

Which of the following types of unemployment can exist in an economy that is at its potential output level?

Figure 8-1 -In Figure 8-1,point E represents:

The population (age 16 and over)of Yakutsk is 48 million;4 million are unemployed,and 40 million hold jobs.Indicate the rate of unemployment and the employment/population ratio of Yakutsk.

When the inflation rate of a country is high over a lengthy time period,

Use the data below to answer the following question(s). Table 8-3 -Refer to Table 8-3.What is the labor force of the economy?

When full employment is present in the United States,

When full employment is present,

What is the natural rate of unemployment,and how does it relate to the concept of potential (or full-employment)GDP?

In a dynamic economy under ideal conditions,

The natural rate of unemployment

Economists use the phrase "business cycle" when referring to fluctuations in

John begins looking for work after two years of not working because he believes his prospects of finding a job have greatly improved.The Bureau of Labor Statistics would classify John as

Which of the following groups will generally have the highest rate of unemployment?

Use the data below to answer the following question(s). Table 8-3 -Refer to Table 8-3.What is the employment/population ratio of the economy?

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

When the rate of cyclical unemployment is zero,the