Exam 5: Monitoring Jobs and Inflation

If the number of people unemployed is 100, the number of people employed is 1000, and the working- age population is 1400, then the labor force is

Structural unemployment is

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

The percentage of people employed aged 16 years and older divided by the working- age population is known as the

A labor force survey in Brownland records the following data for December 2007: Employed: 189,000 Unemployed: 15,000 Not in the labor force: 84,000 During 2008, the survey recorded: Hires and recalls: 5,000 Job losers and job leavers: 7,500 Entrants and reentrants: 21,000 Withdrawals: 18,000 The working age population increased during 2008 by 5 percent. a) Calculate for December 2007 the unemployment rate. b) Calculate for December 2007 the labor force participation rate. c) Calculate for December 2008 the unemployment rate. d) Calculate for December 2008 the labor force participation rate.

The labor force is the sum of the

-In the table above, what inflation rate belongs in space E?

-In the table above, what inflation rate belongs in space A?

In the 1990s, video recordings were made primarily on tapes. However, in the 2000s DVDs became increasingly popular, leading to a sharp decline in video tapes. As a result, many people who manufactured tapes lost their jobs and didn't have the skills necessary to work making DVDs. This occurrence is best consider an example of

Full employment means

When the economy switches production toward services and away from manufacturing and workers in the manufacturing industry are permanently laid off,

When economists speak of full employment, they refer to the case in which the sum of frictional and structural unemployment is

An increase in the price level is defined as

An observer of the economy notices that over the past 12 months the unemployment rate has fallen from 7.0 percent to 6.5 percent. During the same time, the rate of growth in real GDP has been positive. From this information we might conclude that

Suppose in 2007 the United States Congress passes a minimum wage law that increases the minimum wage (the legal wage) to $7.25 per hour and has a provision that increases the minimum wage at the beginning of each yea on the CPI for the previous year. a) If the CPI increases 3 percent for each of the next four years (so that the inflation rate is 3 percent for each of next four years), find the minimum wage for 2008, 2009, and 2010. b) If the CPI overstates inflation by 1 percentage point, calculate a revised minimum wage for each year 2008 t removing the CPI bias. c) How much does the CPI bias affect the minimum wage in 2008, 2009, and 2010?

Suppose there are currently 100 people unemployed, 1500 people employed, 1600 people in the labor force, and 2000 people in the working age population. The unemployment rate equals 100 times

An article in the Financial Times reports on a trend by college students to take a year off after graduation given the lack of success in finding a job. "In a survey published last month by TMP Worldwide... 54 per cent of the final- year undergraduate interviewees were thinking about taking a gap year and one in 10 was planning to wait for a year to escape the financial chaos and wait for the economy to either improve or for the picture to become clearer. " HYPERLINK "http://www.ft.com/" www.ft.com, 10/13/20 These choices add to the fluctuations seen in the as workers leave the labor force given the unsuccessful job searches.

Using the definition of unemployment, which of the following individuals would be unemployed?

When real GDP is potential GDP, the unemployment rate is _ the natural unemployment rate.

If a new and better good replaced an older and less expensive good, then the price level measured by the CPI .