Exam 5: Monitoring Jobs and Inflation

The labor force is defined as the number of people who

In September 2014, the official U-3 unemployment rate dropped from 6.1 percent to 5.9 percent. This change could have been caused by

Mike has just been laid off from his construction job because consumers are not purchasing new homes because of the recession. Mike would be considered to be part of

The cost of inflation to society includes I.the opportunity costs of resources used by people to protect themselves against inflation. II.the diversion of productive resources to forecasting inflation.

If the CPI at the end of last year was 100 and the CPI at the end of this year was 115, the inflation rate was

-Using the data in the above table, the labor force participation rate is

The best example of a cyclically unemployed individual is

In late 2006, the unemployment rate increased from 4.4 percent to 4.5 percent. It was reported that new jobs were created in several sectors including accounting, engineering services, computer design and education. These increases offset job losses in the construction and automobile industries. At the same time, the natural unemployment rate was estimated to be about 5.5 percent Www)nytimes.com, 12/9/2006 Based on the story, the labor market reflects

The table below shows Vietnam's price index between 2004 and 2007. Www)econstats.com From the data, we can conclude that

Frictional unemployment is

The CPI is the average price of all goods and services produced within the economy.

Suppose that over a period of years the country of Quasiland switched from being an agriculturally-based economy to a technologically-based economy. As a result, many people lost jobs because they lacked the correct skills. As they search for new jobs, these people are part of

The New York Times reported in November 2008 that 240,000 additional people lost their jobs which increased the unemployment rate to 6.5 percent. In addition, it was noted that a large number of college graduates were "taking jobs that do not require a college degree." It was also expected that "teens will be thrown out of the labor market....causing youths to miss experience" that could help them prepare for higher-skilled jobs. The article reflects the idea that unemployment is a problem because it results in

The population of Tiny Town is 100 people and the labor force is made up of 75 people. If 5 of these people are unemployed, the unemployment rate is

A typical household in Orangeland consumes only orange juice and shorts. Last year, which was the base year, the household spent $400 on juice and $120 on shorts. In the base year, juice was $2 a bottle and shorts were $10 a pair. This year, juice is $3 a bottle, shorts are $12 a pair, and a typical household has bought 180 bottles of juice and 14 pairs of shorts. a)What is the basket used in the CPI? b)Calculate the CPI in the current year. c)Calculate the inflation rate in the current year. d)Is the inflation rate that you've calculated likely to be biased? Why or why not?

Bill loses his job as a loan officer when the bank he works for is bought up by a larger financial institution. Bill has the skills necessary to find a new job, so as Bill searches for work he is best considered an example of

An individual with good job prospects who is between jobs is best considered as

Based on the following data for the country of Tiny Town, the unemployment rate equals Population = 100 Labor force = 80 Number of employed persons = 70 Number of discouraged workers = 5

The unemployment rate is at the natural unemployment rate when

Which of the following is NOT considered to be in the labor force?