WorksheetsEconomics Unemployment and Inflation
Total questions: 37
Worksheet time: 3hrs 5mins
Inflation can best be defined as...
A general increase in prices.
An increase in prices of key items purchased by consumers.
The increase in the value of fiat money
The printing of too much paper money.
This type of inflation occurs when an increase in the in production costs are passed on to the consumer.
Supply Inflation
Cost Push Inflation
Imported Inflation
Demand Pull Inflation
This type of inflation occurs when the demand for products is greater that the supply of products.
Cost push inflation
Demand pull inflation
Divisional inflation
Structural inflation
Who does Inflation hurt?
People with a fixed income
Savers
Money Lenders at fixed interest rates
All of the above
Who among the following would be considered as unemployed?
A college student of legal age to work but who is still in school full time.
An entrepreneur in the process of starting a new business.
A secretary who was laid-off from work & is looking at job ads
A housewife taking care of three children.
Unemployment is most likely to occur during an economic expansion
True
False
The phase of a business cycle in which unemployment at the lowest level is a ________________.
expansion
contraction / recession.
_______ occurs when people are in between jobs, entering and reentering the labour force.
Cyclical unemployment
Technological unemployment
Frictional unemployment
Seasonal unemployment
Farm workers are unemployed when the cropping season is over. What type of unemployment is this?
frictional
cyclical
structural
seasonal
When individuals lose jobs due to a decline in the economy during an economic recession.
Structural Unemployment
Cyclical Unemployment
Frictional Unemployment
Seasonal Unemployment
Individuals are unemployed due to a lack in skills that modern industries need.
Cyclical Unemployment
Frictional Unemployment
Structural Unemployment
Seasonal Unemployment
Which of the following statements would be classified as “full employment’?
Everyone who wants to work has a job
Approximately 95% of people have a job
People who have been hunting for a job for a long time
Everyone who wants to work have full time jobs
_______ occurs when people are in between jobs, entering and reentering the labour force.
Cyclical unemployment
Technological unemployment
Frictional unemployment
Seasonal unemployment
In which type of unemployment workers find it hard to obtain new jobs without retraining, gaining additional education, or relocating??
cyclical
frictional
structural
all of them
Changes in technology often eliminate one type of job. This represent what type of unemployment?
Seasonal
Cyclical
Frictional
Structural
A sustained general increase in prices across an economy.
Disinflation
Consumer Price Index
Deflation
Inflation
A price index determined by measuring the price of a standard group of goods meant to represent the market basket of a typical consumer.
Customer Purchasing Index
Consumer Price Index
Consumer Policy Index
Inflation
The percentage of a nations labour force that is unemployed.
Labour Force Participation Rate
Unemployment natural Percentage
Unemployment rate
Labour Force percentage
Type of unemployment that occurs as a result of harvest schedules, or when industries make seasonal shifts in their production schedules.
Seasonal Unemployment
Structural Unemployment
Frictional Unemployment
Cyclical Unemployment
Type of unemployment that occurs when workers skills do not match those needed for the jobs available.
Seasonal Unemployment
Structural Unemployment
Frictional Unemployment
Cyclical Unemployment
In a recession, GDP
a) Shrinks
b) Grows slowly
c) Grows by 0%
d) Grows rapidly
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
The labor force includes
the employed only
the unemployed only
the entire country's population
both the employed and unemployed
The equation for calculating unemployment is
(unemployment / workforce) x 100
(unemployed + employed) / workforce x 100
(employed / workforce) x 100
(unemployed / country population) x100
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: Coronavirus shuts things down
frictional
structural
seasonal
cyclical
To calculate the inflation rate
(new-old / new) x 100
(new-old / old) x 100
(new / old) x 100
(new + old/ old) x 100
If a company lays off half of its employees during a recession, what can you reasonably conclude?
The employees were bad at their job
Another company wanted to higher the employees
The company couldn't afford to pay the employees
The employees were overqualified for their jobs
Which of these people is most likely to be a consumer, but not a producer?
Preschooler
High schooler
College student
Teacher
The statement "recessions are a normal part of the business cycle" supports which of the following arguments?
Recessions are especially hard on regular citizens
Recessions are triggered by a drop in spending
Recessions are not permanent
Recessions are less severe than depressions
Which of the following is an appropriate government policy for increasing employment in an economy?
introducing measures to reduce the level of spending in an economy
encouraging the import of goods from overseas
providing incentives and grants to new businesses
reducing import taxes, leading to an influx of cheap imports
