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Question 1

The BLS reported that in November 2017?, the labor force was 160.5 ?million, employment was153.5 ?million, and the? working-age population was 255.2 million.

Calculate the unemployment rate and the labor force participation rate.

?>>> Answer to the nearest 1 decimal place.

The unemployment rate is __________percent.

The labor force participation rate is ____________ percent.

Question 2

The BLS reported that in July 2017July 2017?, the labor force was 160.5 ?million, employment was 153.5 ?million, and the? working-age population was 255.2 million.

The BLS also reported that 17.3 percent of all employment in July 2017July 2017 was part time and that 5.3 million people worked part time for economic reasons.

How many people worked part time for noneconomic? reasons?

?>>> Answer to the nearest 1 decimal place.

_____________ million people worked part time for noneconomic reasons.

Question 3

A BLS labor market survey interviewer recorded the facts about the 10 people in the four households shown in the table.

Choose the correct statement.

A. Kosta is unemployed and Candy is unemployed.

B. Mimi is unemployed and Harry is not in the labor force.

C. Harry is not in the labor force and Kosta is unemployed.

D. Jerry is employed and Mimi is not in the labor force.

E. Candy is employed part time and Jerry is unemployed.

??

Candy and Serena work part time for economics reasons.

A. True

B. False

Person

Work hours

Activity

Candy

20

works at own business. Also completed application forms and attended two job interviews.

Jerry

40

works at GM

Meg

10

student weekend job

Joey

0

on vacation from bank

Serena

10

?part-time check-out clerk who wants a full time job

Ari

0

waiting for recall to regular job in 2 weeks

Kosta

0

stopped looking for? work; going back to school

Mimi

0

retired

Harry

0

retired

Hank

12

works at own business unpaid

Question 4

The Bureau of Labor Statistics reported that in June, 2017?, the labor force was 160,494,000?, employment was 153,513,000?, and the? working-age population was255,151,000.

Calculate for that month the labor force participation rate and the unemployment rate.

?>>> Answer to the nearest 1 decimal place.

The labor force participation rate was _________percent.

The unemployment rate was __________percent.

Question 5

The Bureau of Labor Statistics reported that in July 2003?, the labor force was 147.8 ?million, employment was 138.5 ?million, and the? working-age population was 221.3 million.

In July 2003?, what was the unemployment rate and the labor force participation? rate?

?>>> Answer to 1 decimal place.

The unemployment rate in July 2003 was _________percent.

The labor force participation rate in July 2003 was ________percent.

Question 6

The table gives information reported by the Bureau of Labor Statistics for February?, 20072007.

What is the unemployment? rate?

The unemployment rate is ________percent.?

?>>> Answer to 1 decimal place

Item

Millions

Labor force

153

Employment

141

?Working-age population

232

Question 7

A discouraged worker? ______.

A. is someone who has a full dash time job but because of family responsibilities would prefer to work part time

B. is not included in the working dash age population

C. is a marginally attached worker who has not made specific efforts to find a job within the previous four weeks because previous unsuccessful attempts were discouraging

D. is included in the labor force

Question 8

The table gives information about a? nation’s labor force.

What is the number employed??

The number employed is ________million.??

?>>> Answer to 1 decimal place.

Labor Market Data

Labor force

146.5 million

Not in labor force

74.7 million

Unemployed

8.8 million

Question 9

?Real-Time Data Analysis? Exercise*?

Labor market variable

In July comma 2017July, 2017

?(thousands)

Civilian population over 16

255,151

Employment

153,513

Unemployment

6,981

??

The table above and graph to the right provide information about the U.S. labor market in July, 2017.

In?, July, 2017?, the unemployment rate in the United States was _______percent.??

?>>> Answer to 1 decimal place.

Question 10

The ?working-age population is the total number of? _____ aged? _____ years and over who are not in? jail, hospital, or some other form of institutional care or in the U.S. Armed Forces.

A. ?people; 15

B. ?workers; 18

C. ?people; 16

D. ?graduates; 20

Question 11

Who in the following statements is a discouraged worker??

A. Nick is changing his job because he has had differences with his? co-workers in his current company.

B. Ned is available to work and has been sending job applications whenever he sees any suitable opportunity.

C. Dan is available to work but has not looked for a job in the past eight weeks because of repeated applications but no single offer.

D. Rachel does not find her current job profile interesting and is looking for alternate opportunities.

Question 12

Who in the following statements is a ?part-time worker for economic reasons??

A. Meryl recently retired from work and started working at the public library for a couple of hours on weekdays.

B. Sherrie is a graduate who started working at Safeway pharmacy for 4 hours each? day, three days a? week, as they do not currently have a? full-time opening.

C. Julie works at Bank of America for 8 hours each day from Monday through Friday.

D. Amy works at a community college for 6 hours each? day, only two days a? week, to be able to spend time with her kids.

Question 13

When the output gap is? positive, the unemployment rate? ______ the natural unemployment rate.

When the output gap is? negative, the unemployment rate? ______ the natural unemployment rate.

A.is greater? than; equals

B.is greater? than; is less than

C.is less? than; is greater than

D.?equals; is greater than

E.is less? than; equals

Question 14

The natural unemployment rate is not zero because natural unemployment includes? _______.

A.frictional and cyclical unemployment

B.discouraged workers

C.frictional and structural unemployment

D.cyclical and structural unemployment

E.cyclical unemployment

The unemployment rate fluctuates around the natural unemployment rate because? _______ during a recession and? ___________ during an expansion.

???

A.frictional unemployment? decreases; increases

B.frictional unemployment? increases; decreases

C.cyclical unemployment? decreases; increases

D.structural unemployment? increases; decreases

E.cyclical unemployment? increases; decreases

Question 15

Read the news? clip, then answer the following questions.

Michigan unemployment tops? 15%

The U.S. Department of Labor reported that? Michigan’s unemployment rate in June 2009 rose to? 15.2%, becoming the first state in 25 years to suffer an unemployment rate exceeding? 15%. Michigan has been battered by the collapse of the auto industry and the housing crisis and has had the highest unemployment rate in the nation for the past 12 months.

?Source: CNNMoney, July? 17, 2009

The unemployment rate in Michigan is higher than in most other states because? _____ unemployment in Michigan increased.

A.?structural, frictional, and cyclical

B.structural

C.frictional

D.cyclical and frictional

E.cyclical

The unemployment rate in Michigan is higher than normal because? _____ unemployment increased.

A.structural and cyclical

B.structural and frictional

C.cyclical

D.structural

E.frictional and cyclical

Question 16

Full employment is defined as a situation in which? _______.??

A.the unemployment rate equals the natural unemployment rate

B.all unemployment is cyclical

C.real GDP is greater than potential GDP

D.the unemployment rate is greater than the natural unemployment rate

Question 17

When cyclical unemployment increases and other things remain the? same, ______.

A.the amount of frictional unemployment increases

B.the natural unemployment rate increases

C.the natural unemployment rate does not change

D.the amount of structural unemployment decreases

Question 18

?Real-Time Data Analysis? Exercise*

The tables to the right show the unemployment rate and the natural unemployment rate from July 2016 to July 2017?, and real GDP ?, and potential GDP from the second quarter of 2016 to the second quarter of 2017.

In July 2017?, the U.S. the unemployment rate was? ______ the natural unemployment rate and in the second quarter of 2017 the output gap was? ______.

A.below?;negative

B.equal to?; positive

C.below?; zero

D.above?; negative

Date

Unemployment rate

Natural unemployment rate

?(percentage of labor? force)

Jul ?2016

4.9

4.8

Oct?2016

4.8

4.7

Jan?2017

4.8

4.7

Apr?2017

4.4

4.7

Jul?2017

4.3

4.7

Date

Real GDP

Potential GDP

?(billions of 2005? dollars)

2016, Q2

16,664

16,801

2016, Q3

16,778

16,864

2016, Q1

16,851

16,928

2017, Q4

16,903

16,992

2017, Q2

17,011

17, 058

Question 19

The natural unemployment rate is the unemployment rate when the economy is? _____.

A.not at full employment

B.facing high inflation

C.facing high interest rates

D.at full employment

Question 20

Full employment is when there is no? _____ unemployment? or, equivalently, when all the unemployment is? _____ or? _____.

A.?structural; frictional; natural

B.?frictional; structural; cyclical

C.?cyclical; structural; natural

D.?cyclical; frictional; structural

Question 21

The output gap is real GDP minus? _____ expressed as a percentage of? _____.

A.potential? GDP; potential GDP

B.potential? GDP; real GDP

C.interest? rate; interest rate

D.?investment; potential GDP

Question 22

The BLS counts Jody as being unemployed if she? _______.

A.wants a job and is willing to take a job but after searching last week cannot find a job

B.wants a job and looked for a job last year but has now stopped looking

C.?doesn’t have a job because the U.S. factory where she worked cannot compete with cheap Chinese imports

D.had a job last month but not this month

Question 23

If the BLS included all marginally attached workers as being? unemployed, the? _______ would be? _______.

A. unemployment? rate; lower

B. labor force participation? rate; lower

C. labor? force; unchanged

D. unemployment? rate; higher

Question 24

When the economy goes into? recession, the biggest increase in unemployment is? _______.

A. structural because jobs are lost in most states

B. cyclical because jobs are lost in many industries as they cut production

C. the combination of structural and frictional as few new jobs are created

D. frictional because the creation of jobs slows

Question 25

Potential GDP is the value of real GDP when? _______.

A.the unemployment rate is zero

B.there is no frictional unemployment

C.there is no structural unemployment

D.the unemployment rate equals the natural unemployment rate

Question 26

Once a? month, the Bureau of? ______ Statistics calculates the Consumer Price? Index, which is a measure of the? ______ consumers for a fixed basket of consumer goods and services.

A. Consumer?; retail prices paid by all???

B. Labor?; non-discounted prices paid by urban

C. ?Labor; average of the prices paid by urban

D.Government?; average of the prices paid by all

Question 27

The CPI basket consists of items that? ______ buy and it is updated frequently to? ______.

A.urban? households; permit? long-term price comparisons on individual goods

B.all? households; provide a valid comparison with? 1982-1984

C.urban? households; reduce bias

D.all? households; eliminate bias

Question 28

Real-Time Data Analysis? Exercise*

The table provides information about the U.S. CPI for July each year from 2011 to 2017.

The numbers in the table are ____________

The reference base year for the CPI is _____________.

The CPI for July 2017July 2017 tells us that since the reference base? year, the price level has increased by _________percent.

?>>> Answer to the nearest 1 decimal place.

In the year to July 2017?, the inflation rate measured by the CPI was _________percent.

?>>> Answer to the nearest 1 decimal place

Monthminus?year

CPI

Jul?2011

225.4

Jul?2012

228.6

Jul?2013

232.9

Jul?2014

237.4

Jul?2015

237.9

Jul?2016

239.9

Jul?2017

244.0

Question 29

The inflation rate is the percentage change in the? _____ from one year to the next.

Deflation is a situation in which the? _____ is? _____ and the inflation rate is? _____.

A.interest? rate;

interest? rate; rising; positive

B.price? level;

input? cost; rising; positive

C.price? level;

price? level; falling; negative

D.interest? rate;

interest? rate; falling; negative

Question 30

Economists in the Statistics Bureau decide to check the substitution bias in the CPI. To do? so, they conduct a Consumer Expenditure Survey in both 2012 and 2013.

The table shows the results of the survey. It shows the items that consumers buy and their prices.

The Statistics Bureau fixes the reference base year as 2012.

There ____________a commodity substitution bias when the CPI is calculated in 2013 using the 2012 basket.

The reason is that people switch from the relatively more expensive __________to the relatively less expensive ________________.

The CPI that uses the 2012 basket __________the inflation rate in 2013.

2012

2013

Item

Quantity

Price

Quantity

Price

Chicken

25

?$5

30

?$5

Noodles

30

?$1

20

?$2

Question 31

The interest rate is 22 percent a year in The Gambia and 7.5 percent a year in South Africa.

The inflation rate is 14.2 percent a year in The Gambia and 1.4 percent a year in South Africa.

Calculate the real interest rate in The Gambia and South Africa.

?>>> Answer to 1 decimal place.

?>>> If your answer is? negative, include a minus sign. If your answer is? positive, do not include a plus sign.

The real interest rate in The Gambia is _______________a year.

The real interest rate in South Africa is ____________percent a year.

Question 32

The nominal interest rate is 5 percent a year and the real interest rate is 4 percent a year.

What is the inflation? rate?

The inflation rate is ____________percent a year?

?>>> If your answer is? negative, include a minus sign. If your answer is? positive, do not include a plus sign.

Question 33

The real wage rate is ?$15.00 an hour and the CPI is 114.

What is the nominal wage? rate?

The nominal wage rate is ?$_____ an hour. ?>>> Answer to 2 decimal places.

Question 34

The nominal wage rate is the average? _____ wage rate measured in? _____ dollars.

The real wage rate is the average? _____ wage rate measured in the dollars of? _____ year.

A.?annual; current;

?annual; the past

B.?hourly; current;

?hourly; a reference base

C.?annual; current;

?annual; a reference base

D.?hourly; constant;

?annual; the current

Question 35

If nominal GDP increases by 5 percent a year and the GDP price index rises by 2 percent a? year, then real GDP increases by? _______.

A.3 percent a year

B.2.5 percent a year

C.10 percent a year

D.7 percent a year

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