Exam 6: Measuring Inflation and Unemployment

Jordan Meadows lost his job as an airline pilot and has not been able to find another job as a pilot. Since he is old enough to be eligible for his pension, he decides to retire and devote himself to caring for his elderly parents. According to the Bureau of Labor Statistics, Jordan is

Which is NOT a reason unemployment rates differ so much within the United States?

The costs of cyclical unemployment can be minimized by

Frictional unemployment refers primarily to workers between jobs.

If nominal GDP is $13 trillion for a given year and the GDP deflator for that year is 115, then real GDP is

The key to being counted as unemployed by the Bureau of Labor Statistics is to be

The payroll survey has a larger sample size than the household survey and so is considered a more accurate measure of employment.

Kendra has just signed a three-year lease. The next day, she learns that the inflation rate has increased more than expected. This unanticipated inflation benefits Kendra.

The household survey is a great source of discovering

The consumer price index measures the average change in prices paid by urban consumers and urban wage earners for a market basket of goods and services, covering roughly 87% of the population.

In 2018, the group with the lowest unemployment rate in the United States was

A consumer price index of 107 means that prices rose by 7% from the previous year.

Periods of drought can cause inflation.

In the first quarter of 2010, nominal GDP was $14,592.3 billion and the GDP deflator was 110.2. Real GDP for the first quarter of 2010, then, was equal to

(Table) According to the table, real GDP for 2014 is approximately

Which statement regarding the types of unemployment is TRUE?

Cathy works part-time as a bookkeeper but would like to have a full-time position. She has been actively searching for months but so far has not found a job. According to the Bureau of Labor Statistics, Cathy is unemployed.

The unemployment rate does not explicitly include underemployed and discouraged workers.

When the economy is operating at the natural rate of unemployment _____ unemployment is zero.

The producer price index contains