Exam 5: Monitoring Jobs and Inflation

The commodity substitution bias is that consumers substitute high-quality goods for low-quality goods.

In a country with a working-age population of 100 million, 70 million workers are employed and 5 million workers are unemployed. What is the labor force participation rate?

In China, suppose that the price level was 100 in 2014, 110 in 2015, and 120 in 2016. Over these three years

-If 2009 is the reference base period, what is the price index for the CPI basket of goods for 2015 in the above table?

If the inflation rate is negative, the price level in an economy is

Suppose the labor force in Tiny Town is 100 people. If the ________ in Tiny Town is 150 people, the labor force participation rate equals ________ multiplied by 100.

An individual is structurally unemployed if

Suppose that last year the Consumer Price Index was 124; this year it is 130.7. What was the inflation rate between these years?

List and define the three types of unemployment.

If this year's price level exceeds last year's

-In 2016, consumers in Dexter consumed only books and pens. The prices and quantities for 2016 and 2017 are listed in the table above. The reference base period for Dexter's CPI is 2016. What is the CPI in 2017?

-The above table shows answers given by people interviewed in the Current Population Survey. Which person is cyclically unemployed?

Which of the following decreases the official U-3 unemployment rate?

In late 2006, the unemployment rate increased from 4.4 percent to 4.5 percent. It was reported that new jobs were created in several sectors including accounting, engineering services, computer design and education. These increases offset job losses in the construction and automobile industries. At the same time, the natural unemployment rate was estimated to be about 5.5 percent www.nytimes.com, 12/9/2006 Based on the story, the labor market reflects

When a worker quits a job to look for a better job

Which labor market statistic tends rise during recessions and fall during expansions?

What, if any, is the impact of the CPI bias on government spending?

The table below shows the price index for Zimbabwe starting in 2000. www.econstats.com Which of the following statements CORRECTLY describe the behavior of prices in Zimbabwe? I. The cost of the CPI basket increased. II. The inflation rate was 73.4 percent between 2000 and 2001.

Mike has just been laid off from his construction job because consumers are not purchasing new homes because of the recession. Mike would be considered to be part of

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