Exam 6: Macroeconomic Measurements Part I Prices and Unemployment

Every ____________ the U.S. government surveys ______________ of households to gather information about the number of Americans unemployed.

When electronic digital wristwatches were first introduced in 1972 they were priced at $2,100. If the CPI in 1972 was 42 and the CPI in 2019 is 275, then this price is equivalent to approximately ______________________in 2019 dollars.

A movie star was paid $1 million in 1960 to do a movie. The CPI was 29.3 in 1960 and the CPI in 2014 was 240. Approximately how much did the movie star earn in 2014 dollars?

For all practical purposes, a discouraged worker is an unemployed person because a discouraged worker is not working.

Suppose the civilian non-institutional population equals 100,000 persons; the civilian labor force equals 75,000 persons; there are 70,000 employed persons and 5,000 unemployed persons. If 5,000 persons who are currently "not in the labor force" decide to join the civilian labor force, and 3,000 of them are unemployed, then

The federal government agency that is responsible for determining the inflation rate and the unemployment rate is the Federal Reserve.

The employment rate equals the number of

Exhibit 6-2 -Refer to Exhibit 6-2. The employment rate in year 4 is

Of all the categories of unemployment, most unemployed persons fall into the category of

At the time of Carol's 10 year high school reunion she was earning $30,000 and the CPI was 90. Now that it is time for her to attend her 20 year high school reunion, Carol's income has risen to $65,000 and the CPI is 200. At her 20 year reunion, can Carol rightfully brag that her real income has risen since the last time she saw her former classmates ten years ago?

Which of the following statements is false?

Bentley's income was $48,000 in year 1 and $52,600 in year 2. The CPI was 120.3 in year 1 and 125.4 in year 2. What was the approximate percentage change in Bentley's real income between the two years?

Good X sold for $40 in 1957. The CPI in 1957 was 27.6 and the CPI in 2014 was 244.537. What was the price of good X in 2014 dollars?

Look at the following data: Employed persons = 110 million; civilian labor force = 135 million persons; civilian noninstitutional population = 190 million. The unemployment rate is __________ percent and the employment rate is __________ percent.

The unemployment due to changes in the types of skills employers require is called __________ unemployment.

The CPI is based on a representative group of goods called the market basket.

The sum of the unemployment rate and the employment rate always equals 100 percent.

Jamaal lost his job when a mechanical device replaced people with his skills. If Jamaal's skills are non-transferable, he would be considered to be structurally unemployed.

"Full employment" is said to exist when the actual unemployment rate is zero.

If the existing unemployment rate is 6.2 percent and the natural unemployment rate is 4.5 percent, the cyclical unemployment rate is ________ percent.