Macroeconomics

Which type of unemployment is caused by employee skills that are obsolete and no longer needed?

• structural

• seasonal

• frictional

• cyclical

What type of unemployment is caused by contractions in the business cycle?

• structural

• seasonal

• cyclical

• frictional

An recent college graduate just entering the work force and searching for a job would be experiencing ______ unemployment.

• structural

• cyclical

• seasonal

• frictional

Which of the following jobs would be considered seasonal?

• snow plow driver

• cashier at a grocery store

• part-time veterinary tech

• traveling nurse

The Consumer Price Index measures:

• GDP

• unemployment rates

• inflation rates

• new industry in the nation

Point A on the graph is:

• trough

• period of contraction

• peak

• recovery

Point D on the graph is a period of:

• contraction

• expansion

• recession

• decline

The natural rate of unemployment is between:

• 3% and 6%

• 2% and 4%

• 4% and 7%

• 4% and 6%

GPD that is adjusted for inflation is called:

• nominal GDP

• real GDP

The CPI measures a _____ _______ of goods and services.

• grocery cart

• shortage or surplus

• market basket

• picnic basket