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Exam 9: B: Business Cycles, Unemployment, and Inflation

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Question 71

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In 2018, the number of people Using figure 9.2, approximately how many people were unemployed in 2018?

A) 1.1 million.
B) 700,000.
C) 500,000.
D) 2.3 million.

E) A) and B)
F) All of the above

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Question 72

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The unemployment rate in an economy is 12 percent.The civilian labour force is 50 million.The number of employed workers in the economy is:

A) 38 million.
B) 40 million.
C) 42 million.
D) 44 million.

E) A) and D)
F) A) and C)

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Question 73

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In which of the following years was the recession the most severe in terms of real GDP decline?

You are given the following information about the economy: (1) nominal interest = 8 percent; (2) real rate of interest = 6 percent.The inflation premium is:

A college or university graduate using the summer following graduation to search for a job would best be classified as:

If the consumer price index was 115 in one year and 120 in the next year, then the rate of inflation from one year to the next was:

Suppose that a person's nominal income rises from $10,000 to $12,000 and the consumer price index rises from 100 to 105.The person's real income will:

A worker would be hurt least by inflation when the:

If the nominal interest rate is 8 percent and the real interest rate is 5 percent, then the inflation premium is 13 percent.

The descriptions give the responses of four individuals to Statistics Canada.1.Mollie just graduated from university and is now looking for work.She has had three job interviews in the past month.2.George works in an automotive assembly plant.He was laid off six months ago as the economy weakened.He expects to return to work in several months when national economic conditions improve.3.Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the federal government cut defence spending.She has been looking for similar work for a year but no company seems interested in her aircraft design skills.4.Ryan lost his job last year when his company downsized and laid off middle-level managers.He tried to find another job for a year, but was unsuccessful and quit looking for work.Refer to the above information.Which individual is cyclically unemployed?

Refer to the above diagram.The straight line E drawn through the wavy lines would provide an estimate of the:

The production of durable goods varies more than the production of nondurable goods because:

The descriptions give the responses of four individuals to Statistics Canada.1.Mollie just graduated from university and is now looking for work.She has had three job interviews in the past month.2.George works in an automotive assembly plant.He was laid off six months ago as the economy weakened.He expects to return to work in several months when national economic conditions improve.3.Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the federal government cut defence spending.She has been looking for similar work for a year but no company seems interested in her aircraft design skills.4.Ryan lost his job last year when his company downsized and laid off middle-level managers.He tried to find another job for a year, but was unsuccessful and quit looking for work.Refer to the above information.Which individual would be included in the calculation of the full-employment unemployment rate?

The rate of inflation can be found by subtracting:

In which industry or sector of the economy is output least likely to be affected by the business cycle?

The phase of the business cycle in which real domestic output declines is called:

Anne Kasperson works in her own home as a full-time caretaker and homemaker.Officially, she is:

The relationship between the size of the GDP gap and the unemployment rate is:

A trough in the business cycle occurs when:

The rate of unemployment tends to be lower the: