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Exam 9: Business Cycles, Unemployment, and Inflation

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Question 71

Multiple Choice

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Core inflation refers to the inflation picture after stripping away the

A) capital goods prices.
B) food and energy prices.
C) government-regulated prices.
D) service-sector prices.

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

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Question 72

Multiple Choice

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Which of the following would most likely move the economy into a recession in the short term?

A) invention of a new product that most consumers want to buy
B) innovations in management that enhance worker productivity
C) the central bank printing less money than was anticipated
D) Congress passing a reduction in personal income tax rates

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

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Question 73

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$\begin{array} { | l | r | } \hline \text { Full-time Employed } & 80 \\\hline \text { Part-time Employed } & 25 \\\hline \text { Unemployed } & 15 \\\hline \text { Discouraged Workers } & 5 \\\hline \text { Members of Underground Economy } & 6 \\\hline \text { Consumer Price Index } & 110 \\\hline\end{array}$ Refer to the given information about a hypothetical economy. The unemployment rate is

When oil and energy prices rise, the economy tends to experience

(Last Word) Today, community colleges are being asked to expand vocational programs to help businesses find the skilled labor they need by offering classes like

Which of the following statements is correct?

Suppose the nominal annual interest rate on a two-year loan is 8 percent and lenders expect inflation to be 5 percent in each of the two years. The annual real rate of interest is

If actual GDP is $340 billion and there is a positive GDP gap of $20 billion, potential GDP is

$\begin{array} { | l | r | } \hline \text { Unemployed } & 7 \\\hline \text { Total Population } & 145 \\\hline \text { Employed } & 95 \\\hline \text { Discouraged Workers } & 3 \\\hline\end{array}$ The table contains information about the hypothetical economy of Scoob. All ?gures are in millions. The unemployment rate in Scoob is

$\begin{array} { | l | c | } \hline \text { Full-time Employed } & 80 \\\hline \text { Part-time Employed } & 25 \\\hline \text { Unemployed } & 15 \\\hline \text { Discouraged Workers } & 5 \\\hline \text { Members of Underground Economy } & 6 \\\hline \text { Consumer Price Index } & 110 \\\hline\end{array}$ Refer to the given information about a hypothetical economy. If members of the underground economy are currently counted as part of the unemployed when in fact they are employed, the O?cial unemployment rate is overstated by about

Unemployment rates in the United States from 2007 to 2018 were in the range of

If the average level of nominal income in a nation is $44,000 and the price level index is 175, the average real income would be about

Suppose there are 10 million part-time workers and 90 million full-time workers in an economy. Five million of the part-time workers switch to full-time work. As a result,

If actual GDP is less than potential GDP,

What is a COLA? How is it used?

In which of the following cases would real income rise?

$\begin{array} { | l | r | } \hline \text { Unemployed } & 7 \\\hline \text { Total Population } & 145 \\\hline \text { Employed } & 95 \\\hline \text { Discouraged Workers } & 3 \\\hline\end{array}$ The table contains information about the hypothetical economy of Scoob. All ?gures are in millions. If the natural rate of unemployment in Scoob is 5 percent, then

If the Consumer Price Index rises from 300 to 333 in a particular year, the rate of inflation in that year is

Inflation rates in the United States from 2008 to 2018 were within the range of about

For a person to keep his real income steady at a certain level from one year to the next, his nominal income must