Exam 5: Monitoring Jobs and Inflation

At the end of last year the Consumer Price Index was equal to 157.5 and at the end of this year it was equal to 163.8. What is the inflation rate over this time period?

-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 2013?

The three types of unemployment are

If nominal GDP is $230 for a period and real GDP is $200 for the same period, what is the GDP deflator for this period?

In China, suppose that the price level was 100 in 2014, 110 in 2015, and 120 in 2016. Over these three years

If the Consumer Price Index last year was 110 and 115 this year, the inflation rate is approximately

In a period of rapid, unexpected inflation, resources can be lost

The labor force is defined as the number of

Which of the following people would be considered unemployed by the Bureau of Labor Statistics? I.Mrs. X retires from her job at the age of 55 and does not look for another job. II.Mr. Y was laid off from his job as a welder, but expects to be rehired in 8 months.

The labor force is defined as

Suppose the labor force in Tiny Town is 100 people. If the ________ in Tiny Town is 150 people, the labor force participation rate equals ________ multiplied by 100.

If last year's price level was 100 and this year's price level is 114, over the year the inflation rate has been

Inflation is a problem when

-The above table shows answers given by people interviewed in a government survey of households. Which individuals are considered to be a part of the labor force?

Students who leave school in the spring and look for work are one source of ________.

An example of the new goods bias in the CPI is the

Including marginally attached workers in the calculation of the unemployment rate would

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

-If the CPI basket of goods cost $200 in the reference base period and $450 in a later year, the CPI in the later year equals

Between September 2013 and September 2014 the number of discouraged workers decreased from 852,000 to 698,000. Assuming the change resulted from discouraged workers starting to make specific efforts to find a job again, this change creates