Structural unemployment2. Stacey lost her job as a waitress because, due to the economic slowdown, her restaurant saw fewer customers and consequently needed less wait staff. What type of unemployment describes Stacey’s situation?
3. If the price level doubles and real output doesn’t change, then nominal output also doubles.
4. When people stop looking for work because they can’t find a job, but still want a job, they’re called:
5. The U.S. government reported in March 2009 that there were 81.0 million people not in the labor force; 154.0 million in the civilian labor force, and 140.9 million employed. Based on these numbers, how many people were counted as unemployed?
6. Which of the following is an example of an intermediate product?
A brand new Toyota Prius
A used Ford focus
The rubber used in the tires of a brand new Toyota Prius
The gas pumped into the Ford Focus by its owner
7. Issues of growth are generally considered in:
the short-run framework.
the long-run framework.
both the short-run and the long-run frameworks.
neither the short-run nor the long-run frameworks.
8. If nominal output is $5.28 trillion and the GDP deflator is 20 percent higher than in the base year, then real output is:
9. In November 2001 a recession ended. In business cycle terminology, what does November 2001 mark?
The trough of the cycle
The peak of the cycle
The depression of the cycle
The duration of the recession
10. Calculate GDP using the information provided.
Consumption 5100 billion
Transfer Payments 1050
Govt Purchases 1400
Net Foreign Factor Income 20