Exam 8: Economic Fluctuations, unemployment, and Inflation

Answer the following questions: a.What is meant by the term "business cycle"? b.What economic indicators would indicate where the economy is in the business cycle? Explain. c.Give the four phases of the business cycle in their order of occurrence. d.What criterion must be met for our economy to be officially in a recession?

Structural unemployment means that

As the "baby boom" generation has become older,youthful workers as a share of the labor force have decreased causing a(n)

Suppose you received a 3 percent increase in your nominal wage.Over the year,inflation ran about 6 percent.Which of the following is true?

When people speak of the labor force participation rate,they are actually talking about the percentage of

Answer the following questions: a.Describe the three types of unemployment. b.Explain why economists believe some types of unemployment are efficient and some are not.Which ones are which?

Tom loses his job and immediately begins looking for another.Other things the same,the unemployment rate

If a country's population (age 16 and over)is 50 million,with 2 million unemployed and 23 million currently holding jobs,the

Suppose you received a 5 percent increase in your nominal wage.Over the year,inflation ran about 2 percent.Which of the following is true?

The natural rate of unemployment

When individuals are unemployed because they lack the qualifications to fill available jobs,this is called

Which of the following is true?

Which of the following is a danger of inflation?

Suppose there was a country with an adult (age 16 and over)population of 1,000,of which 100 were unemployed and 700 were employed.Which of the following is true?

The civilian labor force includes those individuals who are

Which of the following will most likely reduce the natural rate of unemployment?

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

During this century,the growth rate of real GDP in the United States has averaged approximately

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

Suppose the labor-force participation rate of men is greater in Troy than in Sparta.This could be because the men of Troy