Revision 5th Econ

What is inflation?

• rise in all prices
• rise in most prices
• rise in some prices
• rise in general prices

Demand-Pull inflation can be describes as too many _________ chasing too few __________

• jobs, workers
• consumers, producers
• dollars, goods

Who is most likely to be hurt by inflation?

• someone who borrowed money
• a retiree on a fixed income
• a business owner
• the U.S. government

What 2 types of inflation are there?

• demand pull and cost push
• demand pull and supply glut
• supply glut and demand side
• supply inflation and demand inflation

Jean Valjean graduated from Our Lady of the Lake College three months ago. Although he has had several on-campus interviews, no job offers have yet been extended. Jean is confident that something will turn up soon and is considering working as a temp (a temporary secretary).

• Structural unemployment

• Seasonal Unemployment

• Frictional Unemployment

• Cyclical Unemployment

Maryam Rafsanjani is a carpenter who was recently laid off from her job with Desert Construction Company. Faisal, the general contractor, blames the layoffs on the sluggish economy that has hit the city in the last three months. Maryam plans to apply at a frame shop at the mall for part-time work until the economy picks up.

• Structural unemployment

• Seasonal Unemployment

• Frictional Unemployment

• Cyclical Unemployment

Yevgeny Petrovich is an experienced bricklayer. He recently moved with his family to Odessa. The reason for the move? Yevgeny found steady work in his hometown of St. Petersburg from mid-April through October, but jobs became quite scarce the remaining months. He hopes the work will be more steady in Odessa.

• Structural unemployment

• Seasonal Unemployment

• Frictional Unemployment

• Cyclical Unemployment

If operators are fired and replaced with computer technology, the operators would be considered

• frictionally unemployed

• structurally unemployed

• cyclically unemployed

• dissatisfiededly unemployed dissatisfiededly unemployed

which is systematic record ofall the economic transactions between one country and rest of the world

• Balance of trade

• Balance of transactions

• Budget

• Balance of payments

which one of the following items is an intangible item in balance of payments statement?

• Export of food grain

• import of crude oil

• banking services provided in other countries

• import of steel by steel industry