FRED -Unemployment Rate109.41970197519801985199019952000201020152020Shaded areas indicate US recessionsSource: US. Bureau of Labor Statsticsmyl red/gwossWhat is the relationship between the unemployment rate and Real GDP?O Unemployment increases when Real GDP decreasesO Unemployment and Real GDP both increase in periods of stagflationO Unemployment and Real GDP are not relatedO Unemployment decreases when Real GDP decreases

When Real GDP decreases, the employment opportunities decrease because of less output produced. This…

Answered: 1970 1975 1980 1985 1990 1995 2008 2010…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 41CTQ: Unemployment rates have been higher in many European countries in recent decades than in the United...

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What is the difference between the price level and the tale of inflation?
Why is the GDP deflator not an accurate measure of inflation as it impacts a household?
Columns 1 and3 in the table below show employment and the price level in the economy. Aasume that the labour foroe in the economy is 11.0 milion. Compute and enter in column 2 the unemployment rate at each level of employment. For nach row (xcopt the first), compute and enter in column 4 the annual rate of intation. (Round your answers to hwo decmal places) Employment (milions of workers) Price Rate of Infation Lhemployment Rate (%) Level () 9.5 1.2 9.6 1.28 9.7 1.37 9.8 1.48 1.62 10 1.79 10.1 201 10.2 23
Between January 20JO and Janual'}• 2016, U.S.employment increased by 12.1 million workers, butthe number ol unemployed workers declined by mlly7.3 million. How are these numbers ronsistent witheach other? V.'hy might one expect a reduction in thenumber of people rounted as unemployed lo be smaUerthan the increase in the number of people employed?
Go to http://www.bls.govicps/ LFind the national unemployment rate for June 2021 % you must know this rate for the Final Exam. . Has the national unemployment rate increased, dereased or remained the same since January 20217 (Cick on the icon next to the current unemployment rate to see the historical data) O A. Increased O B. decreased O C. remained the same L What is the highest unemployment rate we have experienced since 20097 Click on the icon next to the current unemployment rate to see the historical data . Find the civilian Labor Force Participation Rate for June 2021:
What is the change in unemployment when the price level and the money wage rate rise by the same percentage? What is the change in unemployment and the quantity of real GDP supplied when the price level rises but the money wage rate remains unchanged? When the price level and the money wage rate rise by the same percentage, unemployment O A. increases B. remains the same C. is eliminated O D. decreases When the price level rises but the money wage rate remains unchanged, unemployment and the quantity of real GDP supplied O A. decreases; decreases B. decreases; increases O C. increases; increases D. increases; decreases Click to select your answer. DII 80 888 :二 F8 F7 F6 F5 F4 F3 esc F2 F1 & # 00 %24
11 which of the following is a macroeconomic * decision or concent the unemployment rate for the entire economy the price of oil O the unemployment rate for a firm O how many television sets to produce O
Question 1 The economy Is at full emplayment when A there are more unemployedbtworkers than vacancCIe Ball unemployment Is cyClical C there are no unemplayment wUorkers Dallemploymentis frietional and lor structabral Question 2 Structioral Unemployment Isassociated with A short -term unemployment B general down turns in the economY C the changing of jobs ina dynamic economy D the changes intechnology that change required Question 3 Real GDP Is adjusted for inflation ATrue B False Queston 4 Including discouraged workers in the calculation unemployment rate would JA increase the reported rate B lower the reported rate not change the reported rate D chunge the reported rate butin an unpredictat
Congratulationst You have been appointed an economic policy adviser to the United States, You are told that the economy is significantly abowe futtemplyoment GDP. Based on this inlormation, how can the economy would adjust to reach LR.SR Equilbrium (Classical View)? The economy wilt experience low unemployment rate, pushing wages up, and increasing the pelces of a key input (labor). shatting the sAS to the left (up). The economy will experience high unemployment rate, pushing wages down, and reducing the prices of a key input (labor). shiting the SAS to the right (down). The econoriny wil experience low unemployment rate, decreasing inceme, which will eventually shift the AD to the left. The eooncmy will experience low unemployment rate, pushing wages up, and increasing the prices of a key input (labor), shiting the sAs to the night (down).
FRED Unemployment Rate 10 1970 1975 1980 1990 1995 2000 2005 2010 2015 2020 Shaded areas indicate US recessions Source: U.S Bureau of Labor Statistics myf.red/g/woss What is the relationship between the unemployment rate and Real GDP? O Unemployment decreases when Real GDP decreases O Unemployment increases when Real GDP decreases O Unemployment and Real GDP are not related O Unemployment and Real GDP both increase in periods of stagflation
QUESTION 21 A E В Time In the accompanying diagram, which phase of the business cycle would be most closely associated with an economic contraction? O a.B Ob.A O.D Od.C Level of Business Activity
Are the following workers more likely toexperience short-term unemployment or long-termunemployment? Explain.a. a construction worker who is laid off because ofbad weatherb. a manufacturing worker who loses his job at aplant in an isolated areac. a stagecoach-industry worker who is laid offbecause of competition from railroadsd. a short-order cook who loses his job when a newrestaurant opens across the streete. an expert welder with little formal education wholoses his job when the company installs automaticwelding machinery

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