Exam 9: Business Cycles, Unemployment, and Inflation

A worker would be hurt least by inflation when the:

What is an advantage of mild inflation according to some economists?

When the government prints money faster than output is expanding, the inflation that will occur is a form of:

Kevin has lost his job in an automobile plant because the company switched to robots for its welding step in the assembly line. Kevin plans to go to technical school to learn how to repair microcomputers. The type of unemployment Kevin is faced with is:

New college graduates still looking for their first jobs would be classified in the BLS data as:

If the total population is 200 million, the labor force is 100 million, and 92 million workers are employed, then the unemployment rate would be:

Unanticipated inflation arbitrarily:

Core inflation refers to the inflation picture after stripping away the:

The following items describe the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment. 1. Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month, but still has not gotten a job offer. 2) George used to work in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in a few months when national economic conditions improve. 3) Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the Federal government cut defense spending. She has been looking for similar work for a year but no company seems interested in her aircraft design skills. 4) Ricardo lost his job last year when his company downsized and laid off middle-level managers. He tried to find another job for a year, but was unsuccessful and quit looking for work. Refer to the above information. Which individual is cyclically unemployed?

The percentage change in one's real income can be approximated by:

A worker who loses a job at a call center because the company moved the call center operations to another country is an example of:

The unemployment rate among teenagers tends to be lower than the unemployment rate among adults.

A headline states: "Real GDP falls again as the economy slumps." This condition is most likely to produce what type of unemployment?

The GDP gap measures the amount by which:

Some economists prefer to use the term business fluctuations rather than business cycles to describe the historical growth record in the United States because:

A person's real income will increase by 3% if her nominal income:

A peak in the business cycle:

A recession is defined as a situation where the average price level in the economy is increasing.

If the unemployment rate for the United States economy rises from 7 to 11 percent during a year, we can conclude that:

When inflation occurs: