Question 1

Good X sold for $40 in 1957.The CPI in 1957 was 27.6 and the CPI in 2009 was 214.537.What was the price of good X in 2009 dollars?

Accepted Answer

A)  $514.60 
B)  $270.92 
C)  $1,201.60 
D)  $310.92 
A)  $514.60 
B)  $270.92 
C)  $1,201.60 
D)  $310.92

Question 2

Suppose the market basket consists of 100X,200Y,and 300Z.Current-year prices are $5 for each unit of X,$2 for each unit of Y,and $3 for each unit of Z.Base-year prices are $2 for each unit of X,Y,and Z.What is the approximate CPI in the current year?

Accepted Answer

A)  15 
B)  70.20 
C)  1,200 
D)  150 
A)  15 
B)  70.20 
C)  1,200 
D)  150

Question 3

Look at the following data: Total population = 230 million;employed persons = 80 million;unemployed persons = 8 million.The unemployment rate is approximately __________ and the employment rate __________.

Accepted Answer

A)  9.1 percent;cannot be determined 
B)  10 percent;is 90 percent 
C)  8.2 percent;is 34 percent 
D)  11 percent;is 38 percent 
E)  9.1 percent;90.9 percent 
A)  9.1 percent;cannot be determined 
B)  10 percent;is 90 percent 
C)  8.2 percent;is 34 percent 
D)  11 percent;is 38 percent 
E)  9.1 percent;90.9 percent

Question 4

Suppose that the price index in 1999 was 170 and your salary was $44,000.Suppose in 2016 the consumer price index will be 290.What salary will you have to earn in 2016 in order to equal your 1999 real income?

Accepted Answer

A)  $66,000 
B)  $77,647 
C)  $75,059 
D)  $83,209 
A)  $66,000 
B)  $77,647 
C)  $75,059 
D)  $83,209

Question 5

If a person is waiting to be called back to a job from which she has been laid off,how is she classified?

Accepted Answer

A)  as not in the labor force 
B)  as an unemployed person 
C)  as an employed person 
D)  none of the above 
A)  as not in the labor force 
B)  as an unemployed person 
C)  as an employed person 
D)  none of the above

Question 6

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.

Accepted Answer

A) True 
 B)False

Question 7

Describe what the unemployment rate and the employment rate measure.If we were to sum the unemployment rate and the employment rate,would that sum be equal to one hundred percent? Explain why or why not.

Accepted Answer

The unemployment rate measures the perce

Good X sold for $40 in 1957.The CPI in 1957 was 27.6 and the CPI in 2009 was 214.537.What was the price of good X in 2009 dollars?

Suppose the market basket consists of 100X,200Y,and 300Z.Current-year prices are $5 for each unit of X,$2 for each unit of Y,and $3 for each unit of Z.Base-year prices are $2 for each unit of X,Y,and Z.What is the approximate CPI in the current year?

Look at the following data: Total population = 230 million;employed persons = 80 million;unemployed persons = 8 million.The unemployment rate is approximately and the employment rate .

Suppose that the price index in 1999 was 170 and your salary was $44,000.Suppose in 2016 the consumer price index will be 290.What salary will you have to earn in 2016 in order to equal your 1999 real income?

If a person is waiting to be called back to a job from which she has been laid off,how is she classified?

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.

Describe what the unemployment rate and the employment rate measure.If we were to sum the unemployment rate and the employment rate,would that sum be equal to one hundred percent? Explain why or why not.

What Economics Is About

Production Possibilities Frontier Framework

Supply and Demand: Theory

Prices: Free, controlled, and Relative

Supply,demand,and Price: Applications

Macroeconomic Measurements, Gdp and Real Gdp

Aggregate Demand and Aggregate Supply

Classical Macroeconomics and the Self-Regulating Economy

Keynesian Macroeconomics and Economic Instability: a Critique of the Self-Regulating Economy

Fiscal Policy and the Federal Budget

Money,banking,and the Financial System

The Federal Reserve System

Money and the Economy

Monetary Policy

Expectations Theory and the Economy

Economic Growth: Resources, technology, ideas, and Institutions

The Financial Crisis of 2007-2009

Debates in Macroeconomics Over the Role and Effects of Government

Public Choice and Special-Interest-Group Politics

Building Theories to Explain Everyday Life: From Observations to Questions to Theories to Predictions

International Trade

International Finance

Globalization and International Impacts on the Economy

The Economic Case for and Against Government: Five Topics Considered

Stocks, bonds, futures, and Options

Agriculture: Problems, policies, and Unintended Effects

Filters

Exam 6: Macroeconomic Measurements, Prices and Unemployment

Good X sold for $40 in 1957.The CPI in 1957 was 27.6 and the CPI in 2009 was 214.537.What was the price of good X in 2009 dollars?

Suppose the market basket consists of 100X,200Y,and 300Z.Current-year prices are $5 for each unit of X,$2 for each unit of Y,and $3 for each unit of Z.Base-year prices are $2 for each unit of X,Y,and Z.What is the approximate CPI in the current year?

Look at the following data: Total population = 230 million;employed persons = 80 million;unemployed persons = 8 million.The unemployment rate is approximately __________ and the employment rate __________.

Suppose that the price index in 1999 was 170 and your salary was $44,000.Suppose in 2016 the consumer price index will be 290.What salary will you have to earn in 2016 in order to equal your 1999 real income?

If a person is waiting to be called back to a job from which she has been laid off,how is she classified?

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.

Describe what the unemployment rate and the employment rate measure.If we were to sum the unemployment rate and the employment rate,would that sum be equal to one hundred percent? Explain why or why not.

What Economics Is About

Production Possibilities Frontier Framework

Supply and Demand: Theory

Prices: Free, controlled, and Relative

Supply,demand,and Price: Applications

Macroeconomic Measurements, Gdp and Real Gdp

Aggregate Demand and Aggregate Supply

Classical Macroeconomics and the Self-Regulating Economy

Keynesian Macroeconomics and Economic Instability: a Critique of the Self-Regulating Economy

Fiscal Policy and the Federal Budget

Money,banking,and the Financial System

The Federal Reserve System

Money and the Economy

Monetary Policy

Expectations Theory and the Economy

Economic Growth: Resources, technology, ideas, and Institutions

The Financial Crisis of 2007-2009

Debates in Macroeconomics Over the Role and Effects of Government

Public Choice and Special-Interest-Group Politics

Building Theories to Explain Everyday Life: From Observations to Questions to Theories to Predictions

International Trade

International Finance

Globalization and International Impacts on the Economy

The Economic Case for and Against Government: Five Topics Considered

Stocks, bonds, futures, and Options

Agriculture: Problems, policies, and Unintended Effects

Filters

Look at the following data: Total population = 230 million;employed persons = 80 million;unemployed persons = 8 million.The unemployment rate is approximately and the employment rate .