Exam 5: Monitoring Jobs and Inflation

Auto and steel workers commonly experience this type of unemployment in a recession.

The natural unemployment rate I. occurs when only there is no cyclical unemployment present. II) is the unemployment rate when the economy is at potential GDP.

Suppose there are 100 million in the labor force,and 6 million unemployed people.During the next month,200,000 people lose their jobs and 300,000 find jobs.The new total of employed persons is ________ and the new unemployment rate is ________.

If the CPI this year is 175.2 and next year the CPI is 176.1,what was the inflation rate over the year?

Substitution bias in the CPI refers to the fact that the CPI

Frictional unemployment increases when

Suppose the natural unemployment rate equals 6 percent and the current unemployment rate is 8 percent.We can conclude that

A labor force survey in Brownland records the following data: Employed: 189,000 Unemployed: 15,000 Not in the labor force: 84,000 a) Calculate the unemployment rate. b) Calculate the labor force participation rate.

When an individual is frictionally unemployed,the unemployment arises in part from

The table below shows data regarding Germany's labor market. Year Labor Force (millions) Number of Employed (millions) Population (millions) 2006 43.7 39.01 82.3 2007 43.7 39.06 82.2 2008 43.6 39.8 82.1 The data show that Germany's unemployment rate between 2007 and 2008

When the economy moves into and out of recessions and expansions,the unemployment rate fluctuates around the

For each of the following values of nominal GDP and real GDP,calculate the GDP price deflator. a) Nominal GDP = $600; real GDP = $800. b) Nominal GDP = $900; real GDP = $900. c) Nominal GDP = $1,200; real GDP = $1,000

NPR ("Certain Green Industries Have Job Openings",November 12,2008) reported on a story about wind turbine manufacturers in Ohio having trouble finding skilled workers. The report noted that as a result tens of thousands of people having been laid off,there is "a huge pool of job-seekers." The firms claim to "offer good pay and benefits." A representative from the United Steelworkers claim that their union members have easily transferrable skills,but the pay is too low,around $30,000 annually. A manager at Apollo Alliance says that workers in the new industry need different skills than those in the old steel industry. The type of unemployment described in the story is ________ unemployment.

Full employment occurs

From 1980 to 2000 the trend in the labor force participation rate was ________ and from 2000 to 2012 the trend was ________.

Which of the following correctly describes "frictional unemployment"?

When cyclical unemployment increases and other things remain the same,________.

A recession causes a decrease in the demand for housing,resulting in substantial layoffs in the construction industry.The people laid off are considered

In China,suppose that the price level was 100 in 2011,110 in 2012,and 120 in 2013.Over these three years,

2012 2013 Item Quantity Price Price Movie tickets 4 \ 5.00 \ 7.50 Bags of popcorn 2 \ 3.00 \ 3.00 Drinks of soda 4 \ 1.00 \ 1.50 -The information in the table above gives the 2012 reference base period CPI basket and prices used to construct the CPI for a small nation.It also has the 2013 prices.What is the value of the CPI for the reference base period,2012?