Exam 6: Elasticity

The movie "Return of the Jedi" earned $264 million in 1983 when it was released.The CPI in 1983 was 97.8 and the CPI in 2012 was 226.665.Approximately how much did the movie earn in 2012 dollars?

Suppose there are 200 million persons in the population,120 million persons in the civilian labor force,and 90 million persons are employed.The number of persons unemployed is _______ million and the unemployment rate is ___________ percent.

Is it possible for the economy to be at full employment and still have some people who are unemployed?

A plumber who quits his job in Indianapolis and moves to Orlando where additional plumbers are needed is said to be ___________________ unemployed

A common measure of inflation is the percentage change in the CPI of adjacent years.

If the unemployment rate drops,then it necessarily follows that some of the people who were once unemployed are now employed.

Discouraged workers are not counted as unemployed because they are working.

Suppose the civilian non-institutional population equals 250,000; there are 132,500 employed persons and 10,000 unemployed persons.How many persons are not in the labor force?

Some economists argue that the recent relatively high rate of unemployment has resulted in part from the fact that a part of the workforce has not made the adjustment to new technologies.

If there are 10 job losers,12 job leavers,13 reentrants,and 12 new entrants,then there are __________ unemployed persons.

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?

The employment rate equals the number of

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.

-Refer to Exhibit 6-2.How many persons are not participating in the labor force in year 3?

If the CPI is 100 in the base year and 106 in the current year,how much did prices rise between the base year and the current year?

Suppose the market basket consists of 400X,150Y,and 220Z.Current-year prices are $1.50 for each unit of X,$0.50 for each unit of Y,and $4.60 for each unit of Z.Base-year prices are $1.00 for each unit of X,Y,and Z.Approximately what is the value of the CPI in the current year?

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

The answer is "a person employed in the civilian labor force who quits his or her job." The question is:

Which of the following statements is false?

Describe the difference between the employment rate and the labor force participation rate (LFPR).Under what circumstance would the two be equal to one another?