Exam 5: Monitoring Jobs and Inflation

Which of the following is NOT included in the working- age population?

Price indexes can overstate inflation because they

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. The type of unemployment described in the story is unemployment.

The labor force is defined as the number of

One way to be considered unemployed is to be without a job and looking for work.

If the CPI was 132.5 at the end of last year and 137.5 at the end of this year, the inflation rate over these two years was

If the CPI at the end of last year was 100 and the CPI at the end of this year was 115, the inflation rate was

Frictional unemployment increases when

The Bureau of Labor Statistics reported the data in the table above for October 2003. a) Calculate the number of people unemployed. b) Calculate the number of people who are not in the labor force c) Calculate the unemployment rate. d) Calculate the labor force participation rate.

The cost of inflation to society includes

Which population category equals the sum of employed and unemployed people?

If the Consumer Price Index last year was 110 and 115 this year, the inflation rate is approximately

Full employment occurs when

Suppose the country of Tiny Town experienced frictional unemployment. This frictional unemployment would

What is inflation and how is it measured using the Consumer Price Index?

The unemployment rate is defined as the

If aggregate hours worked grows more slowly than the number of people employed then people are working fewer hours on average.

Why is there unemployment even when the economy is at "full employment"?

If last year's price level was 100 and this year's price level is 114, over the year the inflation rate has been

Over the last forty years, the labor force participation rate and the employment- to- population ratio .