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unit 3 quiz econ
Terms in this set (24)
If the consumer price index was 96 in Year 1, 100 in Year 2, and 102 in Year 3, then the base year must be
Disposable personal income is the income that
households and noncorporate businesses have left after paying taxes and non-tax payments to the government.
Refer to Table 28-2. Suppose that the natural rate of unemployment is 5% for those under 55 and 3% for those 55 and older. The cyclical unemployment rate for those under 55 is
a. 0.88%, which is less than the cyclical unemployment rate for those 55 and older.
Collective bargaining refers to
the process by which unions and firms agree on the terms of employment.
For any given year, the CPI is the price of the basket of goods and services in the
given year divided by the price of the basket in the base year, then multiplied by 100.
Refer to Table 28-2. In the proper order, which age group has the highest unemployment rate and which has the highest labor-force participation rate?
d. 55 and older, under 55
Refer to Table 28-4. If the local government imposed a minimum wage of $7 in Productionville, how many people would be unemployed?
In the early 1900s, Henry Ford introduced a
d. high-wage policy, and this policy produced many of the effects predicted by efficiency-wage theory.
Sheila is on a temporary layoff from her automobile factory job but has not looked for work in the last four weeks. The Bureau of Labor Statistics counts Sheila as
unemployed and in the labor force.
The Carters' oldest son attends Big State University. He and his parents pay all his fees and tuition. These payments count in GDP as
consumption of services.
Social Security payments are
excluded from GDP because they do not reflect the economy's production.
The producer price index measures the cost of a basket of goods and services
bought by firms.
Refer to Table 24-3. What is the consumer price index for May?
can reduce both frictional unemployment and the natural rate of unemployment.
Because every transaction has a buyer and a seller,
every transaction contributes equally to an economy's income and to its expenditure.
Esmerelda worked part-time for her mother's business without pay. Tabitha was absent from work because she had strep throat. Who is counted as "employed" by the Bureau of Labor Statistics?
Both Esmerelda and Tabitha
Wanda quit her job because she was unhappy at work. Arnold was laid off from his landscaping job because his company was downsizing. Who is eligible for unemployment insurance benefits?
Arnold but not Wanda
The labor-force participation rate measures the percentage of the
labor force that is either employed or unemployed.
The steps involved in calculating the consumer price index and the inflation rate, in order, are as follows:
b. Fix the basket, find the prices, compute the basket's cost, choose a base year and compute the index, and compute the inflation rate.
Refer to Table 24-4. Will's Year 1 food expenditures in Year 2 dollars amount to
According to the circular-flow diagram GDP, can be computed as
d. either the revenue firms receive from the sales of goods and services or the payments they make to factors of produc
Refer to Table 23-3. What was the growth rate of real GDP for 1930?
Refer to Table 24-1. The cost of the basket in Year 1 was
Refer to Table 23-1. Net national product for Chereaux in 2019 is
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