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Exam 5: Monitoring Jobs and Inflation

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Question 171

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The unemployment rate is calculated as

A) [(labor force) ÷ (population) ] × 100.
B) [(unemployment) ÷ (population) ] × 100.
C) [(unemployment) ÷ (labor force) ] × 100.
D) [(labor force) ÷ (unemployment) ] × 100.

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

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Question 172

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The labor force is the sum of the working-age population and the number of unemployed people.

A) True
B) False

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Question 173

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What is the definition of the unemployment rate? How are part-time workers and discouraged workers treated when calculating the unemployment rate?

Which statement correctly describes "structural unemployment? "

Define the unemployment rate and labor-force participation rate.Discuss the differences between these two rates.

2012 2013 $\begin{array} { | c | c | c | c | } \hline \text { Item } & \text { Quantity } & \text { Price } & \text { Price } \\\hline \text { Movie tickets } & 4 & \$ 5.00 & \$ 7.50 \\\hline \begin{array} { c } \text { Bags of } \\\text { popcorn }\end{array} & 2 & \$ 3.00 & \$ 3.00 \\\hline \text { Drinks of soda } & 4 & \$ 1.00 & \$ 1.50 \\\hline\end{array}$ -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 2013?

What is the relationship between the natural unemployment rate,the unemployment rate,potential GDP,and actual GDP?

What is the relationship over the business cycle of potential GDP and real GDP?

The labor force is defined as the number of people who

The table below shows the price index for Zimbabwe starting in 2000. $\begin{array} { | c | c | } \hline \text { Year } & \text { Price Index } \\\hline 2000 & 100.0 \\\hline 2001 & 173.4 \\\hline 2002 & 404.37 \\\hline 2003 & 1880.5 \\\hline 2004 & 8462.2 \\\hline 2005 & 28,586.6 \\\hline 2006 & 319,222.5 \\\hline\end{array}$ Www) econstats.com The data show that

List the four sources of bias in the CPI and briefly explain them.

Suppose the price level this year is 150 and the price level last year was 125.The inflation rate between last year and this year was

The working-age population can be divided into two groups,

The employment-to-population ratio is defined as

When a worker quits a job to look for a better job,

$\begin{array} { | c | c | c | } \hline \text { Year } & \text { Price index } & \begin{array} { c } \text { Inflation rate } \\\text { (percent) }\end{array} \\\hline 1 & 100 & \\\hline 2 & 117 & \text { A } \\\hline 3 & 125 & \text { B } \\\hline 4 & 120 & \text { C } \\\hline 5 & \mathrm { D } & 8.3 \\\hline 6 & 150 & \text { E } \\\hline\end{array}$ -In the table above,what inflation rate belongs in space B?

Suppose the CPI last year is 121 and the CPI this year is 137.The correct method to calculate the inflation rate is

$\begin{array} { | c | c | c | c | } \hline \begin{array} { c } \text { Total } \\\text { population } \\\text { (millions) }\end{array} & \begin{array} { c } \text { Currently } \\\text { employed } \\\text { (millions) }\end{array} & \begin{array} { c } \text { Not working } \\\text { and looking } \\\text { for work } \\\text { (millions) }\end{array} & \begin{array} { c } \text { Want to work but } \\\text { no longer looking } \\\text { for work } \\\text { (millions) }\end{array} \\\hline 80 & 40 & 2 & 4 \\\hline\end{array}$ -In the table above,the official U-3 unemployment rate is

The ________ is the total number of people aged 16 years and older (and not in jail,hospital or institutional care) while the ________ is the number of people employed and the unemployed.

Suppose that the number of jobs in the fishing industry decreases but the number of jobs in the travel industry increases.Initially,________.