Cost-of-living adjustment clauses (COLAs): |
tie wage increases to changes in the price level. |
In the United States, the rate of unemployment is highest for: |
African-American teenagers. |
Which of the following is correct? |
During the Great Recession, unemployment rates for men rose above those of women. |
The type of unemployment associated with recessions is called: |
cyclical unemployment. |
Inflation initiated by increases in wages or other resource prices is labeled: |
cost-push inflation. |
The phase of the business cycle in which real GDP is at a minimum is called: |
the trough. |
In the depth of the Great Depression, the unemployment rate in the United States was about: |
25 percent. |
According to the Bureau of Labor Statistics, to be officially unemployed a person must: |
be in the labor force. |
Most economists agree that the immediate cause of most business cycle variation is: |
an unexpected change in the level of total spending. |
Most economists agree that the immediate determinant of the volume of output and employment is the: |
level of total spending. |
If the nominal interest rate is 8 percent and the real interest rate is 5 percent, then the inflation premium is 13 percent. |
False |
An annual rate of inflation of 7 percent will double the price level in about 15 years. |
False |
Unanticipated inflation helps some groups in the economy. |
True |
If the price level doubled in a 23-year period, we can conclude that the average annual rate of inflation over that period was about 3 percent. |
True |
Unanticipated inflation benefits debtors at the expense of creditors. |
True |
Quiz #8- Chapter 9
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