Macro: Unemployment & Inflation

Who has the Congressional mandate of helping create full employment?

• Congress

• President

• Courts

• the FED

The labor force includes

• the employed only

• the unemployed only

• the entire country's population

• both the employed and unemployed

Which of the following is NOT employed?

• 30 year old active military

• 16 year old paperboy

• 49 year old public school teacher

• Not working for one week but actively sought work at least one time in the last four weeks

The equation for calculating unemployment is

• (unemployment / workforce) x 100

• (unemployed + employed) / workforce x 100

• (employed / workforce) x 100

• (unemployed / country population) x100

Who gathers the data for the unemployment rate?

• US Congress

• US bureau of labor statistics

• the census bureau

• employers

What type of unemployment: lost job to an automatic check out machine at Target.

• cyclical

• frictional

• structural

• seasonal

What type of unemployment: Coronavirus shuts things down

• frictional

• structural

• seasonal

• cyclical

What type of unemployment: Mr Goldsmith quite Creighton Prep in May, but knows he is starting at Waverly in August.

• seasonal

• frictional

• structural

• cyclical

T or F: The more education, the more likely to be unemployed

• True

• False

A general rise in the prices of goods and services is called

• inflation

• deflation

• hyperinflation

• taxes