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Exam 8: Unemployment and Inflation

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Question 71

Multiple Choice

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When the unemployment rate increased, the annual growth rate of real GDP has usually:

A) increased.
B) decreased.
C) not changed.
D) shown no relationship with changes in the unemployment rate.

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Question 72

Multiple Choice

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The consumer price index in 1979 was 72.6. In 1980 it was 82.4. What was the rate of inflation from 1979 to 1980?

A) 13.5%
B) 11.89%
C) 17.6%
D) 9.8%

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Question 73

Multiple Choice

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Economists claim that the unemployment rate can understate the true level of unemployment because none of the following groups is included EXCEPT:

If a worker becomes unemployed because of an increase in the minimum wage, that worker is:

Unemployment that results when more people are seeking jobs than there are jobs available is _____ unemployment.

If a country has a working-age population of 200 million, 135 million people with jobs, 10 million people who were looking for a job but have given up, and 5 million people unemployed and seeking employment, then its labor force is:

The threat of future inflation:

The U.S. inflation rate was higher in the 2000s than it was in the 1970s.

Use the following to answer questions : Table: Unemployment and Employment Data -(Table: Unemployment and Employment Data) Look at the table Unemployment and Employment Data. If marginally attached workers are included in the labor force and in the unemployment rate, the unemployment rate in this economy is:

A wage offered by an employer as an incentive for more work effort and performance and that exceeds the equilibrium wage rate is known as a(n) _____ wage.

In a particular labor market, the demand for labor is given by W = 20 - (1 / 100) L, and the supply of labor is given by W = 4 + (1 / 100) L, where W is the wage rate and L is the number of workers. The equilibrium wage is _____, and the equilibrium number of workers is _____.

A survey reveals that on a small island initially 40 people have jobs, 10 people are not working but looking for jobs, and 30 people are neither working nor looking for work. Suppose that 10 of the 30 people who weren't working or looking for work now begin looking for work. There are now 20 people without jobs but looking for work and 40 people working. The unemployment rate:

Alex expects the inflation rate to be 4%. If Alex borrows money at a nominal interest rate of 5%, his real interest rate is:

Underemployed people are counted as employed even though they are not fully using their skills.

Use the following to answer questions : -(Table: Dexter's Employment Statistics) Look at the table Dexter's Employment Statistics. Use these data to complete the following computations. a. What is the size of the labor force? b. What is the labor force participation rate?

Income divided by the price level is _____ income.

A survey reveals that on a small island 40 people have jobs, 10 people are not working but looking for jobs, and 30 people are neither working nor looking for work. The unemployment rate on the island is:

Use the following to answer questions : -(Table: Employment Data) Look at the table Employment Data. If marginally attached workers are included in the labor force and in the unemployment rate, the unemployment rate is:

In 2011, 10 million people did not have a job but were actively looking for employment, and 85 million people had either a full-time or a part-time job. The unemployment rate in 2011 was:

During Brazil's hyperinflation of the 1990s the economy lost real resources when the _____ sector grew very large to cope with the consequences of the high rate of inflation.