Exam 5: Monitoring Jobs and Inflation

The ________ is the total number of people aged 16 years and older (and not in jail, hospital or institutional care)while the ________ is the number of people employed and the unemployed.

Give an example of a structurally unemployed person.

In 2000, you could buy a Cadillac DTS for $45,000. In 2011, the Cadillac DTS sold for $55,000. While both models include anti-lock brakes and air bags (along with other similar features), the 2011 model also includes satellite radio and new technology that provides improved gas mileage and safer driving. If the Cadillac DTS was included in the CPI basket, it would create

"The market basket used to calculate the CPI is revised monthly to more accurately depict consumers' choices. The price data for the CPI are collected every month." Are the previous sentences true or false?

Bob inherits a large sum of money from his dead uncle's estate. Bob decides to retire young, so he quits his job and heads to the Bahamas. Bob is an example of

Which of the following individuals is the best example of a structurally unemployed worker?

What is the commodity substitution bias? What effect does it have on the CPI?

Structural unemployment is

In a country with a working-age population of 130 million, 90 million workers are employed and 10 million workers are unemployed. What is the unemployment rate?

-The labor force participation rate is percentage of the ________ who are in the labor force.

Because of a bank merger, Ms. Davis lost her position as Vice President and had to seek work with other banks. Ms. Davis has the skills necessary to find a new job, thus she is best considered as

Frictional unemployment increases when

Explain the CPI bias and how it can distort private contracts and increase government outlays.

Suppose the working age population in Tiny Town is 100 people. If 25 of these people are NOT in the labor force, the ________ equals ________.

The currently used method for calculating the CPI

How is the GDP deflator is calculated.

Suppose that the natural unemployment rate is 4.5 percent and the actual unemployment rate is 3.5 percent. Then cyclical unemployment is

Discouraged workers ________ counted as officially unemployed because they ________.

2012 2013 -In 2012, consumers in Dexter consumed only books and pens. The prices and quantities for 2012 and 2013 are listed in the table above. The reference base period for Dexter's CPI is 2012. What is the CPI in 2012?

Structural unemployment is the result of