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Exam 5: Monitoring Jobs and Inflation

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Question 171

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-If the CPI was 122.3 at the end of last year and 124.5 at the end of this year, the inflation rate over these two years was

A) 1.8 percent.
B) 2.5 percent.
C) 22.5 percent.
D) 18.0 percent.

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

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Question 172

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Full employment occurs when

A) structural unemployment is zero.
B) cyclical unemployment is zero.
C) frictional unemployment is zero.
D) cyclical and frictional unemployment are zero.

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

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Question 173

Multiple Choice

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If the price level for the last three months has been 112, 125, and 126, we would say

The table below shows the price index for Zimbabwe starting in 2000. www.econstats.com Which of the following statements CORRECTLY describe the behavior of prices in Zimbabwe? i.The cost of the CPI basket increased. iI.The inflation rate was 73.4 percent between 2000 and 2001.

An individual is structurally unemployed if

Ms. Krupsky has shorthand and typing skills and still finds herself unemployed. In today's economy, Ms. Krupsky is an example of what type of unemployment?

Which of the following means that the CPI overstates the actual inflation rate?

The unemployment rate equals

In an economy, 42 million people are in the labor force, 38 million are employed, and 47 million are of working age. How many people are not in the labor force?

-Using the information in the table above, calculate the number of people in the labor force.

-The tables above give the purchases of an average consumer in a small economy. (These consumers purchase only loaves of bread and jugs of soda.)Suppose 2015 is the reference base period. a)What quantities are in the CPI basket? b)What is the cost of the CPI basket using 2015 prices? c)What is the cost of the CPI basket using 2016 prices? d)What is the CPI in 2016?

Unpredictable changes in the value of money, which brings about gains and losses, are a consequence of unpredictable changes in

The table below shows the price index for China starting in 2000. Www) econstats.com The inflation rate between 2004 and 2005 was

When real GDP is ________ potential GDP, the unemployment rate is ________ the natural unemployment rate.

If the number of people unemployed is 100, the number of people employed is 1000, and the working-age population is 1400, then the labor force is

Suppose there are 100 million in the labor force, and 6 million unemployed people. During the next month, 200,000 people lose their jobs and 300,000 find jobs. The new total of employed persons is ________ and the new unemployment rate is ________.

When the economy is at full employment the

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?

An observer of the economy notices that over the past 12 months the unemployment rate has fallen from 7.0 percent to 6.5 percent. During the same time, the rate of growth in real GDP has been positive. From this information we might conclude that

-The information in the table above gives the 2012 reference base period CPI basket and prices used to construct the CPI for a small nation. It also has the 2013 prices. What is the value of the CPI for the reference base period, 2012?