-
A ________ is a person who was employed in the civilian labor force and quit his or her job.
job leaver
-
The answer is: "a person employed in the civilian labor force who quits his or her job." The question is:
Who is a job leaver?
-
A _____ is a person who has never held a full-time job for two weeks or longer and is now in the civilian labor force looking for a job.
New Entrant
-
Which of the following statements is false?
- A discouraged worker is not counted as an unemployed worker
- The frictional unemployment rate is less than the natural unemployment rate
- The natural unemployment rate is greater than the structural unemployment rate
- first two choices
- none of the above
none of the above (all those statements are true)
-
Of all the categories of unemployment, most unemployed persons fall into the category of being a
job loser
-
If there are 35 job losers, 13 job leavers, 14 reentrants, and 10 new entrants, then there are ________ frictionaly unemployed persons.
There is not enough information to answer the question.
-
The number of employed persons plus the number of unemployed persons equals the number of persons______
in the civilian labor force
-
If we subtract the number of people not in the labor force from teh civilian noninstitutional population, we get the number of people in the
the civilian labor force
-
_______ is an increase in the price level and is usually measured on an annual basis
inflation
-
If your nominal income rises faster than prices, it follows that
your real income rises
-
The CPI contains ________ goods and services than the GDP implicit price deflator.
fewer
-
The civilian noninstitutional population is equal to ___________ plus __________.
persons not in the labor force;
plus
persons in the civilian labor force
-
The labor force participation rate is equal to the
civilian labor force divided by the civilian noninstitutional population
-
What is the Breakdown of the U.S. Population and the Labor Force
-
True of False
The frictional unemployment rate minus the cyclical unemployment rate equals the natural unemployment rate.
False
-
True of False
If the economy is operating at the natural unemployment rate, there is full employment
True
-
True of False
The price level is the weighted average of the prices of goods and services in the economy
True
-
True or False
If the unemployment rate is 8 percent and the natural unemployment rate is 5 percent, then the cyclical unemployment rate is 3 percent
True
-
True or False
The CPI is calculated by the Bureau of Labor Statistics
True
-
The _______ __________ is equal to the cyclical unemployment rate plus the natural unemployment rate.
unemployment rate
-
The CPI is a ________ ____________
Price Index
-
Nominal income adjusted for price change is ________ _________
real income
-
As the optimal search time rises, the unemployment rate ____________
natural unemployment
-
The _________ _________ is a benchmark year.
base year
-
Gross Domestic Product (GDP) is
the total market value of all final goods and services produced annually witin a contry's borders.
-
What illustrates double counting?
counting the value of intermediate goods and final goods
-
What are examples of interdediate good?
- mustard on a ham sandwhich sold at a restaurant
- Tires on a new car
-
Government purchases consist of the total dollar amount(s) spent by the
federal, state, and local governments
-
Leisure is
a good that is not counted in GDP
-
Which of the follwing is often the smallest figure
- GDP
- government purchases
- net exports
- investment
- consumption
net exports
-
What is an example of a government transfer payment?
A social security check
-
Which of the following is not counted in GDP?
- an illegal drug transaction
- the production of telephones
- the production of shoes
- own-home housework
an illegal drug transaction
and
own-home housework
-
Consumption includes...
Durable goods and services
and
nondurable goods
-
Real GDP is equal to
the som of current-year quantities multiplied by base-year prices
-
National income equals
the sum of resources or factors payments
-
A recession is sometimes defined as ____ or more consecutive quarters of falling Real GDP
two
-
A business cycle has _____ phases
five
-
The bottom of the contraction is called a
through
-
GDP is a ______ variable
flow
-
_________ is the sum of fixed investment and inventory investment
investment
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