Table 13-17 $\begin{array}{|c|c|c|} \hline \text { Year } & \begin{array}{c} \text { Nominal Average } \\ \text { Hourly Earnings } \end{array} & \begin{array}{c} \text { CPI } \\ (\mathbf{1 9 8 2 - 1 9 8 4}=\mathbf{1 0 0}) \end{array} \\ \hline 2016 & \$ 10 & 188.9 \\ \hline 2017 & 11 & 195.3 \\ \hline 2018 & 13 & 201.6 \\ \hline \end{array}$ -Refer to Table 13-17.Looking at the table above,real average hourly earnings in 2017 were

A) $3.67. B) $5.63. C) $10.24. D) $11.37. A) $3.67. B) $5.63. C) $10.24. D) $11.37.

Table 13-14 $\begin{array}{|c|c|c|} \hline \text { Year } & \begin{array}{c} \text { Nominal Average } \\ \text { Hourly Earnings } \end{array} & \begin{array}{c} \text { CPI (1982-1984 = } \\ \mathbf{1 0 0}) \end{array} \\ \hline 1965 & \$ 2.65 & 32 \\ \hline 2010 & 22.59 & 219 \\ \hline \end{array}$ The table above reports the nominal average hourly earnings in private industry and the consumer price index for 1965 and 2010. -Refer to Table 13-14.The real average hourly earnings for 1965 in 1982-1984 dollars equal

A) $1.28. B) $6.49. C) $8.28. D) $15.45. A) $1.28. B) $6.49. C) $8.28. D) $15.45.

Table 13-19 $\begin{array}{|c|c|c|} \hline \text { Year } & \begin{array}{c} \text { Nominal Average Hourly } \\ \text { Earnings } \end{array} & \begin{array}{c} \text { CPI } \\ (\mathbf{1 9 8 2 - 1 9 8 4}=\mathbf{1 0 0}) \end{array} \\ \hline 2016 & \$ 10 & 100 \\ \hline 2017 & 10 & 105 \\ \hline 2018 & 12 & 110 \\ \hline \end{array}$ -Refer to Table 13-19.Looking at the table above,what is the rate of growth of the average price level from 2016 to 2017?

A) 1% B) 2% C) 3% D) 4% E) 5% A) 1% B) 2% C) 3% D) 4% E) 5%

Fill in the missing values in the table of data collected in the household survey for December,1996.The working-age population,employment,unemployment,and labor force are measured in thousands.Show your work. $\begin{array}{|l|c|} \hline \text { Working-age population } & \\ \hline \text { Employment } & \\ \hline \text { Unemployment } & \\ \hline \text { Unemployment rate } & 5.4 \% \\ \hline \text { Labor force } & 135,113 \\ \hline \text { Labor force participation rate } & 67.0 \%\\ \hline \end{array}$

× 100. Labor force = (Working-age popula

Exam 13: Unemployment and Inflation

Table 13-17 Year Nominal Average Hourly Earnings CPI (=) 2016 \ 10 188.9 2017 11 195.3 2018 13 201.6 -Refer to Table 13-17.Looking at the table above,real average hourly earnings in 2017 were

(Multiple Choice)

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(72)

Question 41

Table 13-14 Year Nominal Average Hourly Earnings CPI (1982-1984 = ) 1965 \ 2.65 32 2010 22.59 219 The table above reports the nominal average hourly earnings in private industry and the consumer price index for 1965 and 2010. -Refer to Table 13-14.The real average hourly earnings for 1965 in 1982-1984 dollars equal

(Multiple Choice)

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(79)

Question 42

If the nominal interest rate is 6% and the inflation rate is 2%,then the real interest rate is

(Multiple Choice)

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(66)

Question 43

The household survey is compiled from firms who answer questions about the number of persons who are employed and on the company payroll.

(True/False)

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Question 44

The nominal interest rate plus the inflation rate equals the real interest rate.

(True/False)

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Question 45

You lend $5,000 to a friend for one year at a nominal interest rate of 10%.The CPI over that year rises from 180 to 190.What is the real rate of interest you will earn?

(Multiple Choice)

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Question 46

Table 13-19 Year Nominal Average Hourly Earnings CPI (=) 2016 \ 10 100 2017 10 105 2018 12 110 -Refer to Table 13-19.Looking at the table above,what is the rate of growth of the average price level from 2016 to 2017?

(Multiple Choice)

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Question 47

During the Great Depression,cyclical unemployment increased as the recession continued.This increase in cyclical unemployment

(Multiple Choice)

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(77)

Question 48

Emma is a road construction worker.During the winter months,Emma finds it more difficult to get work.The unemployment Emma experiences in the winter is

(Multiple Choice)

4.8/5

(62)

Question 49

Fill in the missing values in the table of data collected in the household survey for December,1996.The working-age population,employment,unemployment,and labor force are measured in thousands.Show your work. Working-age population Employment Unemployment Unemployment rate 5.4\% Labor force 135,113 Labor force participation rate 67.0\%

(Essay)

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(80)

Question 50

Imagine that you borrow $5,000 for one year and at the end of the year you repay the $5,000 plus $600 of interest.If the inflation rate was 4%,what was the real interest rate you paid?

(Multiple Choice)

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Question 51

Which of the following would most likely suffer the least from the costs of inflation?

(Multiple Choice)

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Question 52

The labor force equals the number of people

(Multiple Choice)

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Question 53

What are some reasons why the unemployment rate is typically lower in the United States as compared to Canada and some Western European countries?

(Essay)

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Question 54

The advice to "retrain" would be most appropriate for which of the following types of unemployment?

(Multiple Choice)

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Question 55

What effect does the payment of government unemployment insurance have on the unemployment rate?

(Essay)

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Question 56

Which of the following would be a consequence of substitution bias in the CPI?

(Multiple Choice)

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Question 57

Currently,the base year for the CPI is the average of prices in the years 1982 to 1984.

(True/False)

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Question 58

If the CPI falls from 142 to 140 between two consecutive years,this implies that prices fell by 2% between those two years.

(True/False)

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Question 59

Upon your graduation from college,you find that the economy is in recession and the unemployment rate is relatively high.Nonetheless,most Americans in this situation would continue along their career paths looking for a new job because

(Multiple Choice)

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Question 60

Table 13-17 Year Nominal Average Hourly Earnings CPI (=) 2016 \ 10 188.9 2017 11 195.3 2018 13 201.6 -Refer to Table 13-17.Looking at the table above,real average hourly earnings in 2017 were

If the nominal interest rate is 6% and the inflation rate is 2%,then the real interest rate is

The household survey is compiled from firms who answer questions about the number of persons who are employed and on the company payroll.

The nominal interest rate plus the inflation rate equals the real interest rate.

You lend $5,000 to a friend for one year at a nominal interest rate of 10%.The CPI over that year rises from 180 to 190.What is the real rate of interest you will earn?

Table 13-19 Year Nominal Average Hourly Earnings CPI (=) 2016 \ 10 100 2017 10 105 2018 12 110 -Refer to Table 13-19.Looking at the table above,what is the rate of growth of the average price level from 2016 to 2017?

During the Great Depression,cyclical unemployment increased as the recession continued.This increase in cyclical unemployment

Emma is a road construction worker.During the winter months,Emma finds it more difficult to get work.The unemployment Emma experiences in the winter is

Imagine that you borrow $5,000 for one year and at the end of the year you repay the $5,000 plus $600 of interest.If the inflation rate was 4%,what was the real interest rate you paid?

Which of the following would most likely suffer the least from the costs of inflation?

The labor force equals the number of people

What are some reasons why the unemployment rate is typically lower in the United States as compared to Canada and some Western European countries?

The advice to "retrain" would be most appropriate for which of the following types of unemployment?

What effect does the payment of government unemployment insurance have on the unemployment rate?

Which of the following would be a consequence of substitution bias in the CPI?

Currently,the base year for the CPI is the average of prices in the years 1982 to 1984.

If the CPI falls from 142 to 140 between two consecutive years,this implies that prices fell by 2% between those two years.

Upon your graduation from college,you find that the economy is in recession and the unemployment rate is relatively high.Nonetheless,most Americans in this situation would continue along their career paths looking for a new job because

Economics: Foundations and Models

Trade-Offs, Comparative Advantage, and the Market System

Where Prices Come From: The Interaction of Demand and Supply

Market Efficiency and Market Failure

The Economics of Health Care

Firms, The Stock Market, and Corporate Governance

Consumer Choice and Elasticity

Technology,Production,and Costs

Firms in Perfectly Competitive Markets

Monopoly and Antitrust Policy

Monopolistic Competition and Oligopoly

GDP: Measuring Total Production and Income

Economic Growth, The Financial System, and Business Cycles

Aggregate Demand and Aggregate Supply Analysis

Money,Banks,and the Federal Reserve System

Monetary Policy

Fiscal Policy

Comparative Advantage, International Trade, and Exchange Rates

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