21) Suppose the h reconomy starts out witha non-Intitutionalined population unem

Question

21) Suppose the h reconomy starts out witha non-Intitutionalined population unemployed are still job hunting, In addition, rony eccino3,000 0,000 of 200,000 on and 3,000 are unemployed. By February 1, the original 3,000 workers to start earlier? the situation as of February 1 compare with the situation a month A) the number employed has risen but so has the unemploymet isher ) the number C) the number employed is constant and the unemployment rate higher employed has risen and the unemployment rate is lower D) the number employed has fallen and the unemployment rate has risen 22) Which of the following would be categorized as unemployed A) A retiree happily enjoying his leisure C) D) recent college graduate who's sending out resumes and has gone on interviews A spouse who has chosen to be at home with his children All of the above would be consider unemployed 23) Jamal lost his job as a shipbuilder. His plant closed down "temporarily" but never reopened and will not. Jamal's skills are very specialized and no longer in demand. His unemployment is best classified as A) cyclical B) structural C) seasonal D) frictional E) voluntary 24) The natural rate of unemployment is A) equal to the seasonal unemployment rate B) currently 3% C) the unemployment rate when no one in the work force is unemployed longer thas months defined by the government according to a formula which includes government spending, consumption and the tax rate the unemployment rate when the economy produces at potential GNP D) E) 25) When employment , Output is expected to A) rises; rise B) rises; fall C) falls; rise D) falls; remains constant E) remains constant; fall Section VI Inflation 26) Inaccuracy in the CPI arises in part because A) every consumer is highly individualistic B) absolute prices change uniformly C) quality changes are hard to estimate quantitatively D)uniform quantity changes are easy to measure

Explanation / Answer

22) Option B is correct.

Because a recent college graduate who is sending out resumes & has gone on interviews will be considered as part of labor force who is still looking for a job.

23) Option B is correct.

Jamal’s unemployment will be classified as structural unemployment. Since Jamal’s skills are very specialized & are no longer in demand, he needs to learn new skills & become a part of labor force.

24) Option D is correct.

The government decides the natural rate of unemployment as per government spending, consumption & tax rates.

25) Option A is correct.

When employment rises, output is expected to rise.

Section VI Inflation

26) Option ‘C’ is correct.

Inaccuracy in the CPI arises in part because quality changes are hard to estimate quantitatively.

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