module 5 macro - Assignment Essays

question

if employment and output are at their lowest levels:
a. a trough in the business cycle is occurring
b. a peak in the business cycle is occurring
c. cyclical unemployment is occurring
d. an expansion in the business cycle is occurring

answer

a. a trough in the business cycle is occurring

question

When the unemployment rate equals the sum of frictional and structural unemployment:

answer

the economy is operating at the natural rate of unemployment

question

the causes of inflation are usually related to:

answer

changes in the money supply and economy wide changes in demand or supply for goods and services

question

to truly determine whether changes in the unemployment rate translate into improvements in labor and economic conditions, you have to look at the:

answer

actual number of individuals employed and unemployed relative to the size of the labor force

question

__________ increases are typical of growing economies

answer

price

question

people are counted as unemployed only if they are receiving unemployment benefits

answer

false

question

a discouraged worker is:

answer

not a part of the labor force

question

a fully employed economy is one that is operating at what economists call the:

answer

natural rate of unemployment

question

the _______ rate of unemployment equals the sum of the frictional and structural unemployment rates

answer

natural

question

Since 2000, the labor force participation rate has decreased because:

answer

baby boomers are retiring and leaving the labor force and there are more discouraged workers

question

short-term fluctuations experienced in the economy due to changes in levels of economic activity:

answer

can vary in duration and severity

question

the labor force is important, because it is the basis for calculating the:
- inflation rate
- unemployment rate
- real GDP growth rate
- interest rate

answer

unemployment rate

question

for anyone receiving an annuity or any other fixed payment over time, such as a pension, ________ reduces purchasing power and can have important consequences

answer

inflation

question

which agency determines when recessions begin and end?

answer

the national bureau of economic research

question

_________ unemployment may sound like a desirable outcome, but it is not a reasonable or even a beneficial goal for an economy.

answer

zero

question

inflation represents a __________ reduction in someones ability to buy goods and services

answer

reduction

question

the longest expansions since the 1850s have occurred:

answer

since 1980

question

considering the presidential elections since 1948, the data showed that a strong economy seemed to help the:

answer

incumbent party

question

__________ income is the actual number of dollars received in exchange for the different resources available in the economy

answer

nominal

question

the amount of goods and services that can be purchased with actual income is:

answer

real income

question

the consumer price index is calculated _____________

answer

monthly

question

the inflation rate equals the:

answer

value of the CPI in the later year minus the value of the CPI in the earlier year, divided by the value of the CPI in the earlier year and multiplied by 100

question

information on national employment and unemployment is collected, analyzed, and reported by the:

answer

bureau of labor statistics

question

both consumption and savings increase with the increase in _________ of an individual.

answer

income

question

in the absence of taxes:
a. disposable income and consumption are equal
b. savings and consumption are equal
c. income and disposable income are equal

answer

1 of 25

question

answer

a. a trough in the business cycle is occurring

question

When the unemployment rate equals the sum of frictional and structural unemployment:

answer

the economy is operating at the natural rate of unemployment

question

the causes of inflation are usually related to:

answer

changes in the money supply and economy wide changes in demand or supply for goods and services

question

to truly determine whether changes in the unemployment rate translate into improvements in labor and economic conditions, you have to look at the:

answer

actual number of individuals employed and unemployed relative to the size of the labor force

question

__________ increases are typical of growing economies

answer

price

question

people are counted as unemployed only if they are receiving unemployment benefits

answer

false

question

a discouraged worker is:

answer

not a part of the labor force

question

a fully employed economy is one that is operating at what economists call the:

answer

natural rate of unemployment

question

the _______ rate of unemployment equals the sum of the frictional and structural unemployment rates

answer

natural

question

Since 2000, the labor force participation rate has decreased because:

answer

baby boomers are retiring and leaving the labor force and there are more discouraged workers

question

short-term fluctuations experienced in the economy due to changes in levels of economic activity:

answer

can vary in duration and severity

question

the labor force is important, because it is the basis for calculating the:
- inflation rate
- unemployment rate
- real GDP growth rate
- interest rate

answer

unemployment rate

question

for anyone receiving an annuity or any other fixed payment over time, such as a pension, ________ reduces purchasing power and can have important consequences

answer

inflation

question

which agency determines when recessions begin and end?

answer

the national bureau of economic research

question

_________ unemployment may sound like a desirable outcome, but it is not a reasonable or even a beneficial goal for an economy.

answer

zero

question

inflation represents a __________ reduction in someones ability to buy goods and services

answer

reduction

question

the longest expansions since the 1850s have occurred:

answer

since 1980

question

considering the presidential elections since 1948, the data showed that a strong economy seemed to help the:

answer

incumbent party

question

__________ income is the actual number of dollars received in exchange for the different resources available in the economy

answer

nominal

question

the amount of goods and services that can be purchased with actual income is:

answer

real income

question

the consumer price index is calculated _____________

answer

monthly

question

the inflation rate equals the:

answer

value of the CPI in the later year minus the value of the CPI in the earlier year, divided by the value of the CPI in the earlier year and multiplied by 100

question

information on national employment and unemployment is collected, analyzed, and reported by the:

answer

bureau of labor statistics

question

both consumption and savings increase with the increase in _________ of an individual.

answer

income

question

in the absence of taxes:
a. disposable income and consumption are equal
b. savings and consumption are equal
c. income and disposable income are equal

answer

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