Macroeconomics CH 9

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The unemployed are those people who

are not employed but are seeking work.

Inflation that occurs when total spending is greater than the economy’s ability to produce output at the existing price level is

demand-pull inflation.

Full-time homemakers and retirees are classified in the BLS data as

not in the labor force.

A lender need not be penalized by inflation if the

lender correctly anticipates inflation and increases the nominal interest rate accordingly.

The best example of a "frictionally unemployed" worker is one who

is in the process of voluntarily switching jobs.

Real income can be determined by

deflating nominal income for inflation.

Part-time workers who want full-time work are counted as

fully employed, and therefore the official unemployment rate may understate the level of unemployment.

Inflation rates in the United States from 2005 to 2015 were within the range of about

0 percent to 4 percent.

Okun’s law

shows the relationship between the unemployment rate and the size of the negative GDP gap.

If the Consumer Price Index for a certain year is 120, this means that the average price of consumer items in that year was

20 percent higher than the average price in the base period 1982-84.

The Great Recession that started in 2007 was triggered by shocks in which of the following economic sectors?

real estate and financial markets

The full-employment rate of unemployment is also called the

natural rate of unemployment.

The natural rate of unemployment is the

full-employment unemployment rate.

Which of the following is the correct way to calculate the unemployment rate?

[(unemployed)/(labor force)] × 100

The type of unemployment associated with recessions is called

cyclical unemployment.

The unemployment rate of

teenagers is much higher than that of adults.

A trough in the business cycle occurs when

employment and output reach their lowest levels.

Which of the following is correct?

During the Great Recession, unemployment rates for men rose above those of women.

The labor force includes

employed workers and persons who are officially unemployed.

The unemployment rate is interpreted as the percentage of the

labor force that are not employed.

The total population of an economy is 175 million, the labor force is 125 million, and the number of employed workers is 117 million. The unemployment rate for this economy is

6.4 percent.

The industries or sectors of the economy in which business cycle fluctuations tend to affect output most are

capital goods and durable consumer goods.

A large negative GDP gap implies

a high rate of unemployment.

The full-employment unemployment rate for the United States economy is now generally considered to be

5 to 6 percent of the labor force.

Cost-push inflation may be caused by

a negative supply shock.

Unlike demand-pull inflation, cost-push inflation

is self-limiting.

The natural rate of unemployment

is equal to the total of frictional and structural unemployment.

Real income will rise from one year to the next if nominal income

falls and the price level falls faster.

The rate of unemployment tends to be lowest for

white adult males.

A peak in the business cycle

is a temporary maximum point.

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