Unit 5: Macroeconomics Measuring the Economy

Jane has a degree in engineering, but she is currently working as a barista because she cannot find a job in her field. How would you classify her employment situation?

• Structurally unemployed

• Underemployed

• Seasonally unemployed

• Not in the labor force

Emily works as a lifeguard at a beach resort during the summer, but she struggles to find work in the winter. How would you classify her employment status during the off-season?

• Seasonally unemployed

• Structurally unemployed

• A Discouraged Worker

• Frictionally unemployed

John has been searching for a job in construction for several months without success. He decided to stop looking and focus on his hobbies. How would John be classified?

• Frictionally unemployed

• A discouraged worker

• Structurally unemployed

• Seasonally unemployed

Kathleen lost her job as a construction worker when the company she worked for downsized due to an economic downturn. How would you classify her unemployment status?

• Frictionally unemployed

• Seasonally unemployed

• Cyclically unemployed

• Underemployed

Alex used to work as a cashier in a retail store, but the store has now implemented self-checkout machines. He is struggling to find a similar job and is considering taking courses to learn a new trade.

• Structurally unemployed

• A discouraged worker

• Cyclically unemployed

• Seasonally unemployed

Mark recently graduated and is looking for his first job in New York City.

• Structurally unemployed

• Frictionally unemployed

• Cyclically unemployed

• Underemployed

Refer to the following chart: Between 2020 and 2021, which of the following occurred?

• Inflation

• Deflation

• Stagflation

• Hyperinflation

Maya noticed that the prices of groceries and other goods in her town have been consistently dropping over the past few months. What is the term for this overall decrease in the price level?

• Inflation

• Stagflation

• Deflation

• Hyperinflation

How does unexpected inflation affect someone with a pension (i.e., a retired person whose income does not change from year to year)?

• Helped

• Hurt

• Unaffected

How would unexpected inflation affect someone who purchased a car with a fixed-interest loan?

• Helped

• Hurt

• Unaffected