Exam 8: Economic Fluctuations, unemployment, and Inflation

Shawn is on a two-week layoff as the result of a model change at the auto plant where he works.According to employment statistics,Shawn is classified as

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

Which of the following is a true statement?

Frictional unemployment

When economists say that full employment is present,they mean that

Suppose there are 100 working-age people,80 of whom are in the labor force.Of these,70 are employed and 10 are unemployed.

Which of the following is true?

Economists define full employment as the level of employment that results when

The expansionary phase of the business cycle is characterized by

Anna has just finished high school and started looking for her first job,but has not yet found one.As a result,the unemployment rate

Dr.Smith on the Channel 6 news says,"The recent figures showing that the unemployment rate is lower this quarter than last quarter are a definite sign that our economy is coming out of the recession." Dr.Jones on the Channel 8 news says,"Recent figures showing that employment is lower this quarter than it was last quarter are a definite sign that our economy is still plunging deeper into the recession." a.Is it possible for both unemployment and employment to fall at the same time? What factor could account for the observed phenomenon? b.In light of your answer,what do you think about the health of the economy relative to last quarter?

Potential output is the

A person is considered unemployed if she is

Which of the following will most likely occur during the expansionary phase of a business cycle?

Which of the following would be classified as unemployed?

High and variable rates of inflation will

Structural unemployment is a result of

If Sam Jackson voluntarily quits one job,possesses marketable skills,and expects to find a new job in a few weeks,then Mr.Jackson is considered

The unemployment rate will increase whenever there is

How would the Bureau of Labor Statistics classify a person who is not working and refuses an offer of employment in order to keep looking for a better job?