Exam 11: Introduction to Macroeconomics: Unemployment, Inflation, and Economic Fluctuations

Figure 11-A Assuming the data in this figure are correct, use the data to answer the following questions. -Refer to Figure 11-A.From the data provided, the unemployment rate is approximately ____ percent.

The GDP deflator represents a somewhat ____ measure of prices that the CPI and the GDP deflator tends to be ____ volatile than the CPI.

Fred has lost his factory job, replaced by welding robots, and soon plans to go to technical school to learn computer repair because he cannot find a similar job to the one he lost.The type of unemployment facing Fred is:.

Why does the term full employment imply an unemployment rate greater than zero? Discuss your answer in terms of the types of unemployment.

The Employment Act of 1946 dictated the U.S.goal of maintaining high employment through high economic growth but did not specify any requirements with regard to the price level.

Suzie Homemaker works in her home as a full-time caretaker and homemaker.Officially, she is:

Discuss the costs associated with high inflation.

The most significant real economic cost of high unemployment is:

Job losers typically account for ____ of the unemployed.

Which of the following is false?

Figure 11-A Assuming the data in this figure are correct, use the data to answer the following questions. -Refer to Figure 11-A.According to the data provided, ____ people constitute the labor force.

Each person in the population can be classified as employed, unemployed, or not in the labor force.

Underemployment occurs when:

Which of the following categories account for the smallest fraction of unemployed workers?

In November 1995 the labor force in Aberdeen, South Dakota, was 14,800.There were 14,483 persons employed.The local unemployment rate:

Inflation harms both debtors and individuals who live on fixed incomes.

If the number of employed persons in a country equals 24 million, the number of unemployed persons equals 8 million, and the number of persons over age 16 in the population equals 40 million, the unemployment rate equals:

An unanticipated period of deflation will:

If, over time, a greater proportion of the labor force is comprised of middle-aged individuals, one would expect the natural rate of unemployment to rise.

In the 1970s, savings and loan associations primarily earned their income from extending fixed-rate home loans.They extended many of these loans in the early 1970s when inflation was low.Were the savings and loans winners or losers as inflation skyrocketed in the late 1970s?