Exam 5: Monitoring Jobs and Inflation

NPR ("Certain Green Industries Have Job Openings", November 12, 2008) reported on a story about wind turbine manufacturers in Ohio having trouble finding skilled workers. The report noted that as a result tens of thousands of people having been laid off, there is "a huge pool of job- seekers. " The firms claim to"offer good pay and benefits." A representative from the United Steelworkers clai their union members have easily transferrable skills, but the pay is too low, around $30,000 annually manager at Apollo Alliance says that workers in the new industry need different skills than those in steel industry. Based on the story, the steel workers now looking for jobs would be considered _ .

Which of the following people would be considered unemployed by the Bureau of Labor Statistics? I. Mrs. X retires from her job at the age of 55 and does not look for another job. II. Mr. Y was laid off from his job as a welder, but expects to be rehired in 8 months.

Which of the following statements is incorrect?

Explain the relationship(s) between full employment, cyclical unemployment, the natural unemployment rate, and potential GDP.

In the United States, the inflation rate has

The labor force includes

-Using the data in the above table, the unemployment rate is

Frictional unemployment is

The unemployment rate is calculated as 100 times

If the CPI this year is 220 and was 200 in last year, the annual inflation rate between the two years is

If the population is 300 million, with 70 million under the age of 16 and institutionalized, another 70 million not in the labor force, 10 million unemployed and 150 million employed, the unemployment rate is

Suppose that the price level was 100 in 2005, 110 in 2006, 120 in 2007, and 130 in 2008. Over these three years,

Suppose the current unemployment rate is 5 percent, the labor force is 400 million people, the labor force participation rate is 80 percent and the working- age population is 500 million people. What number of people are unemployed?

Suppose that the U.S. population is 275 million. Also assume that the labor force is 135 million and that 130 million people are employed. Calculate the unemployment rate.

-Using the information in the table above, calculate the number of people in the labor force.

-In the table above, what price level belongs in space D?

Unemployment caused by the fluctuation of the business cycle is called _ unemployment.

The natural unemployment rate

Suppose there are 180 million employed people and 20 million unemployed people. a) What is the unemployment rate? b) Suppose that 5 million unemployed people give up their search for jobs and become discouraged workers. W the new unemployment rate?

Recessions and expansions affect most strongly which type of unemployment?