Exam 12: Business Cycles and Unemployment

The GDP gap is the difference between:

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

Find the size of the civilian labor force from the following data: frictional unemployment = 150,structural unemployment = 200,cyclical unemployment = 225,discouraged workers = 25,underemployed workers = 75,fully employed workers = 850,total population = 2,000.

Sam is a musician who is out of work because electronic equipment replaced live musicians.This is an example of:

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

Suppose the official unemployment rate is 10 percent.We can conclude without question that:

An example of structural unemployment is a(n):

The phase in the business cycle in which real GDP declines is called a:

Which of the following is true?

An example of cyclical unemployment is a(n):

The government's chief forecasting gauge for business cycles is the:

Cyclical unemployment is caused by:

A criticism of the unemployment rate is that:

Exhibit 12-1 Business cycle -In Exhibit 12-1,point E represents:

The period during which real GDP falls during a business cycle is called:

Which of the following statements would come from someone classified as unemployed?

Which of the following offers an example of structural unemployment?

Suppose the index of leading economic indicators begin to decline for several months.Which of the following economic events will likely follow?

To be counted as unemployed,a person must be looking for a job.

The economic cost of unemployment is the loss of potential output which can never be realized.