Exam 10: The Business Cycle

A basic purpose of macroeconomics is to explain monopoly behavior.

Which of the following types of unemployment would best characterize a tax accountant's unemployment after tax returns are due?

If a person who has the required job skills quits one job and takes two months to find another job,he is considered to be structurally unemployed.

Everyone is made worse off by inflation.

Who among the following would be counted as unemployed?

"Full employment" means that some people in the labor force are still unemployed.

The uncertainty that results from inflation causes changes in:

The Full Employment and Balanced Growth Act of 1978 established a goal for inflation of _______ percent.

Suppose that in a population of 100 million people,50 million are in the labor force and 47 million are employed.The unemployment rate is:

Throughout the business cycle,unemployment and production typically move in opposite directions.

Macroeconomics focuses on individual firms and industries.

If a market basket of goods cost $100 in the base year and $125 in a later year,then average prices have increased by:

The basic measures of macroeconomic performance include the national debt,the trade deficit,and interest rates.

Table 10.1-Population and labor force data. -In Table 10.1,what is the number of unemployed in Year 10?

If the labor force has fewer of the skills required for the available jobs,cyclical unemployment increases,ceteris paribus.

Which of the following is true during the expansionary phase of the business cycle?

If the inflation rate is zero,changes in relative prices signal a change in the _____ for the economy.

When calculating nominal GDP,the volume of output is measured using:

To be officially counted as unemployed,one must be:

The uncertainty of inflation is likely to affect: