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The term "business cycle" refers to the _____ fluctuations in _____.
1. short-term; the aggregate price level
2. short-term; economic growth rates
3. short-term; the unemployment rate
4.long-term; the aggregate price level
5. long-term; economic growth rates
6. long-term; the unemployment rate
2. short-term; economic growth rates
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In the United States unemployment rates tend to move _____. This means that when the economy is experiencing _____, unemployment rates decrease, everything else held constant.
1. procyclically; an expansion
2. procyclically; a recession
3. countercyclically; an expansion
4. countercyclically; a recession
3. countercyclically; an expansion
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The following table depicts the seasonally adjusted unemployment rates for the United States in 2015.
| Month | Unemployment Rate (%) | Month | Unemployment Rate (%) |
|---|
| Jan. | 5.7 | July | 5.2 | | Feb. | 5.5 | Aug. | 5.1 | | Mar. | 5.4 | Sep. | 5.0 | | Apr. | 5.4 | Oct. | 5.0 | | May | 5.6 | Nov. | 5.1 | | Jun. | 5.3 | Dec. | 5.0 |
Which of the following describes the economic performance of the United States in 2015?
1. Expansion
2. Recession
Expansion
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In the United States unemployment rates tend to move _____. This means that when the economy is experiencing a recession, unemployment rates _____, everything else held constant.
1. procyclically; increase
2. procyclically; decrease
3. countercyclically; increase
4. countercyclically; decrease
3. countercyclically; increase
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The following table depicts the seasonally adjusted unemployment rates for the United States in 1970.
| Month | Unemployment Rate (%) | Month | Unemployment Rate (%) |
|---|
| Jan. | 3.9 | July | 5.0 | | Feb. | 4.2 | Aug. | 5.1 | | Mar. | 4.4 | Sep. | 5.4 | | Apr. | 4.6 | Oct. | 5.5 | | May | 4.8 | Nov. | 5.9 | | Jun. | 4.9 | Dec. | 6.1 |
Which of the following describes the economic performance of the United States in 1970?
1. Expansion
2. Recession
2. Recession
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Suppose Kurt, a 73-year-old lawyer living and working in Baton Rouge, has spent the last four weeks on vacation in the Caribbean. During this period, he has been relaxing on his sailboat and has not done any work.
1) Is Kurt included in the civilian noninstitutional population? If so, why (and continue to Q#2)? If not, why not (the end)?
2) Is Kurt classified as employed? If so, why (the end)? If not, why not (and continue to Q#3)?
3 ) Is Kurt classified as unemployed? If so, why (the end)? If not, why not (and continue to Q#4)?
4) Is Kurt classified as not in the labor force? Why (the end)?
1) Yes, > 16years old
2) Yes, he is still working, just on vacation.
3) None
4) None
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Suppose Albert, an 81-year-old former private investigator, was retired and living in Surprise, Arizona when his pension fund collapsed. Three weeks ago, in order to augment his meager income, Albert applied for a job as a receipt checker at the local Wal-Mart, a position he is eager to fill immediately if offered. At present, however, he is still waiting on a response and has not applied for any other jobs.
1) Is Albert included in the civilian noninstitutional population? If so, why (and continue to Q#2)? If not, why not (the end)?
2) Is Albert classified as employed? If so, why (the end)? If not, why not (and continue to Q#3)?
3) Is Albert classified as unemployed? If so, why (the end)? If not, why not (and continue to Q#4)?
4) Is Albert classified as not in the labor force? Why (the end)?
1) Yes, >16 years old
2) No
3) Yes, currently no job + actively seeking for a job
4) No, he is classified as in the labor force because he belongs to the "unemployed" group which is in the labor force/
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Suppose 15-year-old Joe and his 17-year-old brother Frank are full-time high school students. Suppose further that Joe works 20 hours per week, for pay, at a local fast-food restaurant. Frank, on the other hand, does not currently have a job. After constantly hearing about his brother's exciting work adventures, Frank obtained a job application at the same restaurant two weeks ago. While he is able to begin immediately, Frank has not yet submitted his application.
1) Is Joe included in the civilian noninstitutional population? If so, why (and continue to Q#2)? If not, why not (the end)?
2) Is Joe classified as employed? If so, why (the end)? If not, why not (and continue to Q#3)?
3) Is Joe classified as unemployed? If so, why (the end)? If not, why not (and continue to Q#4)?
4) Is Joe classified as not in the labor force? Why (the end)?
1) No, because <16 years old
2) No
3) No
4) Yes, he is not in the labor force because he is neither employed or unemployed.
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Suppose 15-year-old Joe and his 17-year-old brother Frank are full-time high school students. Suppose further that Joe works 20 hours per week, for pay, at a local fast-food restaurant. Frank, on the other hand, does not currently have a job. After constantly hearing about his brother's exciting work adventures, Frank obtained a job application at the same restaurant two weeks ago. While he is able to begin immediately, Frank has not yet submitted his application.
1) Is Frank included in the civilian noninstitutional population? If so, why (and continue to Q#2)? If not, why not (the end)?
2) Is Frank classified as employed? If so, why (the end)? If not, why not (and continue to Q#3)?
3) Is Frank classified as unemployed? If so, why (the end)? If not, why not (and continue to Q#4)?
4) Is Frank classified as not in the labor force? Why (the end)?
1) Yes, >16 years old
2) No, because he is a full-time student.
3) No, because not actively finding a job (not submitting application)
4) Yes, not in labor force because he is neither employed or unemployed
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