4/26 Econ EC

Refers to an increase in the general price level associated with an increase in the cost of production.

• Supply Inflation

• Cost Push Inflation

• Imported Inflation

• Demand Pull Inflation

_______ occurs when people are in between jobs, entering and reentering the labor force.

• Cyclical unemployment

• Technological unemployment

• Frictional unemployment

• Seasonal unemployment

Farm helpers are unemployed when the cropping season is over.

• frictional

• cyclical

• structural

• seasonal

Which experience would make someone more likely to live in poverty?

• If a new machine has replaced human jobs

• If they did not graduate high school

• If they are a single parent

• All choices are correct.

Which of the following is not an effect of inflation?

• Decreasing real returns on savings​

• Increasing interest rates​

• Eradication of the market basket

• Decreasing value of the dollar​

A small group of people holding most of a nation's wealth is an example of:

• Wealth Inequality

• Socialism

• Income Distribution

• Anti-Poverty Programs

Match the following

• Cyclical Unemployment

• Unemployment caused by a part of the business cycle with decreased economic activity ​

• Structural Unemployment

• Situation where jobs exist but workers do not have the necessary skills for these jobs​

• Seasonal Unemployment

• Temporary unemployment experienced by people changing jobs​

• Frictional Unemployment

• Unemployment linked to seasonal work​

How is the "Labor Force" defined by economists?

• People who work part time when they want full time work or work below their skill level​

• Percentage of the labor force that is jobless and actively looking for work​

• People over the age of 16 who are employed or are actively looking and available for work

• People who choose to be self-employed

What is the unemployment rate?

• The percentage of discouraged workers who have stopped looking for work.​

• The percentage of the labor force that is jobless and actively looking for work​

• The percentage of people who work part time when they want full time work or work below their skill level​

• People over the age of 16 who are employed or are actively looking and available for work​

An index that measures the prices of a market basket of goods that typical consumers purchase.

• Consumer Price Index
• Federal Reserve
• Bank
• Deflation