Exam 6: Measuring Inflation and Unemployment

_____ unemployment is caused by changes in consumer demands or technology.

The conversion formula for the current dollar value to the constant dollar value is:

Other things equal, if a recession gets worse, the number of discouraged workers _____, and the number of those in the labor force _____.

Unemployment caused by changes in consumer demographics and automation technology is known as _____ unemployment.

An inflation rate of 400% per year would be categorized as hyperinflation.

When the economy is operating at the natural rate of unemployment:

With everything else held constant, if society increased the efficiency of matching people to jobs that need their skills, the natural rate of unemployment would likely:

Which of the following reasons does not contribute to a higher level of unemployment?

Wages that are higher than equilibrium can lead to:

The formula for price change is: [(CPI in Current Year / CPI in Original Year) × 100] - 100 = Percent Change in Price.

The twin perils of the modern macro economy are said to be:

Structural unemployment can be reduced by retraining workers for new industries.

A cost-of-living index measures the amount of expenditures needed to maintain a certain standard of living, while a cost-of-goods index measures the amount of expenditures needed to purchase a given basket of goods.