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Exam 13: Unemployment and Inflation

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Question 21

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The reasons why someone cannot get a job are similar to the reasons why someone cannot get a date.Using the ideas of frictionally unemployed,structurally unemployed,and cyclically unemployed,describe and explain how a student at your university might be frictionally "undated," structurally "undated," and cyclically "undated."

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The frictionally "undated" student does ...

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Question 22

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The unemployment rate is higher with a minimum wage law than it would be without a minimum wage law.

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The CPI in 2010 was 218,while the CPI in 1980 was 82.If you had $5,000 in 1980,its equivalent purchasing power in 2008 would be $10,850.

The producer price index tracks the prices firms receive for goods and services at all stages of production.

The short-term unemployment arising from the process of matching workers with jobs is called

The base period for CPI calculations is generally 1982-84.In 2005,50% of households accessed the Internet through a broadband connection that would not have existed in the 1980s.This potential for bias in the CPI is referred to as ________ bias and results in ________.

The labor force participation rates of women have rapidly increased since 1948.

Table 13-3 $\begin{array}{c} \quad \quad \quad\text { Base Year (2006) } \quad \quad 2013\\\begin{array} { | l | c | c | c | } \hline \text { Product } & \text { Quantity } & \text { Price } & \text { Price } \\\hline \text { Cokes } & 100 & \$ 0.50 & \$ 0.75 \\\hline \text { Hamburgers } & 200 & 2.00 & 2.50 \\\hline \text { CDs } & 10 & 20.00 & 21.00 \\\hline\end{array}\end{array}$ -Refer to Table 13-3.Assume the market basket for the consumer price index has three products - Cokes,hamburgers,and CDs - with the following values in 2006 and 2013 for price and quantity: The Consumer Price Index for 2013 equals

The unemployment rate is

To reduce the bias in the consumer price index,the Bureau of Labor Statistics

Article Summary According to the Bureau of Labor Statistics, the unemployment rate fell from 7.4 percent in July 2013 to 7.3 percent in August, and at the same time the labor force participation rate fell to its lowest level in 35 years, from 63.4 percent to 63.2 percent. The decrease in the labor force participation rate was due to a decline in the size of the workforce of about 300,000 people. A large portion of the job growth in August was in the food service and retail sectors, areas which typically account for part-time and lower-paying jobs. On a brighter note, the average number of hours worked per week rose slightly, as did average hourly earnings and temporary employment. -Refer to the Article Summary.Explain how the labor force declining by 300,000 people could have led to the decrease in the unemployment rate.

In August 2013,the U.S.unemployment rate was highest for

Which of the following policies would reduce frictional unemployment?

Which of the following causes the unemployment rate to understate the true extent of joblessness?

If the number of unemployed workers is 200 million,and the number in the labor force is 500 million,what is the unemployment rate?

Explain whether you agree or disagree with the following statement: "The reason that inflation is bad is because it increases the cost of living-the costs of goods and services we buy-without increasing income in general."

By offering training to workers whose firms laid them off because of competition from foreign firms,the federal government is attempting to reduce

Suppose the labor force stays constant,and the working-age population stays constant,but a greater number of persons who were unemployed become employed.The labor force participation rate will

The consumer price index implicitly assumes that the demand curve for each good and service in the representative market basket is

Table 13-18 $\begin{array} { | c | c | c | } \hline \text { Year } & \begin{array} { c } \text { Nominal Average Hourly } \\\text { Earnings }\end{array} & \begin{array} { c } \text { CPI } \\( \mathbf { 1 9 8 2 - 1 9 8 4 } = \mathbf { 1 0 0 } ) \end{array} \\\hline 2011 & \$ 10 & 100 \\\hline 2012 & 10 & 105 \\\hline 2013 & 12 & 117 \\\hline\end{array}$ -Refer to Table 13-18.Looking at the table above,what is the rate of growth of real average hourly earnings from 2012 to 2013?