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- What has been a typical range of inflation in the U.S. economy in the last decade or so?What is the difference between the price level and the tale of inflation?stion 10 n Which statement is CORRECT? O The Consumer Price Index is considered the best measure of long-term, underlying inflation. A worker who is retired is considered unemployed. Any person who can work and is of working age is considered part of the labor force. O The purchase of flour by a bakery is not counted as GDP. O Core inflation uses a price index to measure inflation by excluding stock and real estate prices in its calculation. #3 E D C A Moving to the next question prevents changes to this answer. Q $ 4 R F V % 5 T 19 tv G 6 B Y H & 7 N U * 00 8 J 4+ M 9 Tec ( K O 4 L
- 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 %24FRED -Unemployment Rate 10 9. 4 1970 1975 1980 1985 1990 1995 2000 2010 2015 2020 Shaded areas indicate US recessions Source: US. Bureau of Labor Statstics myl red/gwoss What is the relationship between the unemployment rate and Real GDP? O Unemployment increases when Real GDP decreases O Unemployment and Real GDP both increase in periods of stagflation O Unemployment and Real GDP are not related O Unemployment decreases when Real GDP decreasesThe “prime” interest rate is the rate that bankscharge their best customers. Based on the nominalinterest rates and inflation rates in Table 19.10, inwhich of the years would it have been best to be alender? Based on the nominal interest rates and inflationrates in Table 19.10, in which of the years given wouldit have been best to be a borrower?
- Two main macroeconomic concerns are the problems of inflation andunemployment.a. What are the social costs of inflation? Explain TWO of them? b. What is natural rate of unemployment? Explain the TWO main causesof natural rate of unemployment. With reference specifically to ONEof these causes, suggest ONE practical government policy that reducesthe natural rate of unemployment.Suppose that a borrower and a lender agree on thenominal interest rate to be paid on a loan. Theninflation turns out to be higher than they bothexpected.a. Is the real interest rate on this loan higher or lowerthan expected?b. Does the lender gain or lose from thisunexpectedly high inflation? Does the borrowergain or lose?c. Inflation during the 1970s was much higher thanmost people had expected when the decade began.How did this unexpectedly high inflation affecthomeowners who obtained fixed-rate mortgagesduring the 1960s? How did it affect the banks thatlent the moneyEconomics How are aggregate output and the real interest rate determined in compettive egulbum? OA The aggregate oulput can be found by multiplying current employment by current real wage at the intesection of the current labour supply and demand curves, given the raal inderest rate. and ssubtracting the level of investment in the economy OB. Cument aggregata output and the real interest rate are determined by the intersection of the output supoly and demand ouves OC. Cunent aggregate output can be found by finding current employment from the intersection of the current labour supply and domand ourves given the real interest rate and aocounting tor total tactor productivity OD. The real interest rate is determined by the slope of the output supply curve at a given level of aggregate output
- Suppose that people expect inflation to be 3 percentbut that, in fact, prices rise by 5 percent. Describehow this unexpectedly high inflation would help orhurt the following:a. the governmentb. a homeowner with a fixed-rate mortgagec. a union worker in the second year of a laborcontractd. a college that has invested some of its endowmentin government bonds25 Which of these statements is true about inflation? O a. It shows changes in the general prices of goods and services put of O b. It is calculated by comparing local prices with imported products O c. It compares the relative changes of prices of agricultural and technological products O d. It is always based on the prices of exports 26 Abeer is a skilled cheesemaker but due to the technology in making cheese, she lost her job. In which type of unemployment does Abeer belong to? put of O a. Cyclical O b. Natural O c. Structural O d. Frictional 27 Which of these is not accurate? O a. GDP covers outputs made in the past out of O b. GDP reflects medical expenditure but not mortality rates O c. GDP is not an accurate measure human welfare O d. GDP does not measure income inequalityGoverment should focus on a- long run growth and controling defalation b- lon run growth and controllin inflation c- short run groth and controllin deflation d short run growth and controlling inflation