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-Using the information in the table above, calculate the unemployment rate. A) 53.3 percent B) 30.8 percent C) 13.3 percent D) 7.7 percent -Using the information in the table above, calculate the unemployment rate.


A) 53.3 percent
B) 30.8 percent
C) 13.3 percent
D) 7.7 percent

E) B) and D)
F) A) and B)

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In an economy, 43 million people are employed, 3 million are unemployed, and 4 million are not in the labor force. What is the employment-to-population ratio?


A) 86 percent
B) 92 percent
C) 93 percent
D) 6.5 percent

E) B) and C)
F) A) and D)

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During a recession, people drop out of the labor force because they are unable to find a job. All else the same, this


A) increases the official U-3 unemployment rate.
B) decreases the official U-3 unemployment rate.
C) does not change the official U-3 unemployment rate.
D) increases the official U-3 unemployment rate and the labor force participation rate.

E) B) and C)
F) C) and D)

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Explain what type of unemployment changes with the business cycle and how it changes.

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Cyclical unemployment is the unemploymen...

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A person quits her job in order to spend time looking for a better-paying job. This type of unemployment is an example of


A) frictional unemployment.
B) cyclical unemployment.
C) seasonal unemployment.
D) structural unemployment.

E) None of the above
F) All of the above

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The best example of a cyclically unemployed individual is


A) Charles who lost his job as a real estate salesperson when the housing market went soft because of a recession.
B) Alice who quit her job to enter college.
C) Mary who lost her job in the textile industry following a decrease in the tariff on textiles.
D) Bob who has just graduated from college and is entering the labor market.

E) B) and D)
F) A) and B)

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The current U.S. population is about 300 million yet the current U.S. labor force is only about 150 million. What subtractions are made from the population number to set it equal to the labor force?

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The population is first reduced by elimi...

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The unemployment rate measures the percentage of people in the labor force who can't find a job.

A) True
B) False

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Inflation in Vietnam rose to 27 percent in July 2008-the highest inflation rate in Asia. "Squeezed on all sides, people are cutting back on food, limiting travel, looking for second jobs, delaying major purchases and waiting for the cost of a wedding to go down before marrying...Given this slowdown, Vietnam... is scaling back its plans for growth and economic development. ... Some are losing confidence in the ability of the government to manage the economy. And rumors of price increases have caused panic buying of fuel and rice." www.nytimes.com, 8/23/2008 The story provides an example of how inflation


A) redistributes income.
B) diverts resources from production.
C) leads to increases in the consumer price index.
D) can lead to changes in the CPI market basket.

E) All of the above
F) None of the above

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The unemployment rate equals [(the number of people unemployed)/(the population)] × 100.

A) True
B) False

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The official U-3 unemployment rate includes the total number of people who


A) have jobs or are currently looking for jobs.
B) are available and looking for work but unable to find employment.
C) would like to have a job but have stopped seeking work.
D) would like to have a full-time job but are working part-time.

E) B) and C)
F) All of the above

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The population of Tiny Town is 100 people and the labor force is made up of 75 people. If 5 of these people are unemployed, the unemployment rate is


A) 5/100 × 100.
B) 5/80 × 100.
C) 5/75 × 100.
D) There is not enough information provided to calculate the unemployment rate.

E) B) and C)
F) C) and D)

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To calculate the unemployment rate, which of the following are necessary pieces of information? I. the number of unemployed persons II. the population III. the number of people in the labor force IV. the working age population


A) I, II III and IV
B) I and II
C) I and III
D) I and IV

E) B) and D)
F) A) and C)

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If unemployment equals the natural unemployment rate, then there


A) is zero unemployment.
B) is only frictional or structural unemployment.
C) are no job openings existing at the time.
D) is less than full employment.

E) None of the above
F) All of the above

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-The information in the table above gives the 2016 reference base period CPI basket and prices used to construct the CPI for a small nation. It also has the 2017 prices. What is the value of the CPI for 2017? A) 140 B) 133 C) 100 D) 75 -The information in the table above gives the 2016 reference base period CPI basket and prices used to construct the CPI for a small nation. It also has the 2017 prices. What is the value of the CPI for 2017?


A) 140
B) 133
C) 100
D) 75

E) A) and B)
F) A) and C)

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The unemployment rate will never equal zero percent because


A) there are some people who do not want to work.
B) there will always be discouraged workers.
C) some portion of the labor force will always be between jobs.
D) cyclical unemployment will always exist.

E) B) and C)
F) A) and C)

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Which of the following people would be counted as is employed in the Current Population Survey?


A) Rich, who is working 20 hours a week but wants a full-time job
B) Misty, who just quit her job to return full-time to school
C) April, who just graduated from college and is looking for work
D) Jason, who was laid off from work less than 6 months ago but who has stopped looking for work

E) C) and D)
F) All of the above

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Define and give an example of how a spell of frictional unemployment can begin.

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Frictional unemployment is the unemploym...

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Using the official measure of unemployment, which of the following people is considered unemployed?


A) a part-time worker who wishes to work full time
B) a person who gave up looking for jobs because he or she was discouraged about his or her job prospects
C) a person who has been searching for work, but turns down a job paying a lower wage rate than desired
D) a person who is working but expects to be laid off at the end of the month

E) B) and D)
F) B) and C)

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The labor force is defined as the number of


A) people 16 and over.
B) unemployed people.
C) people with jobs, both part-time and full-time.
D) people who are employed and unemployed.

E) B) and C)
F) None of the above

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