Inflation and Unemployment Flashcard

Front

A general rise in prices is called

Back

inflation

Front

The war in Ukraine has caused the price of oil to increase and has caused which type of inflation?

Back

cost pull inflation

Front

What is the most damaging type of unemployment to the economy?

Back

cyclical

Front

Inflation in 2022 reached the highest rate since 1982. What type of inflation was responsible for the 2022 high level?

Back

all of the above

Front

The most common way to measure inflation is to track monthly price changes in a "market basket" of goods/services for consumers. This is known as the

Back

Consumer Price Index (CPI)

Front

Due to lessening Covid restrictions and more people wanting to travel this past summer, the market price of hotel rooms has skyrocketed. This is an example of

Back

demand-pull inflation

Front

The COVID 19 pandemic led to a 14.7% __________ rate in April of 2020.

Back

unemployment

Front

A potential negative consequence to a $15/an hour minimum wage could be inflation caused by the _______ ______ _______. Companies would have to charge higher prices to compensate for the wage increase.

Back

wage price spiral

Front

Does my 8 year old who does NOT have a job count towards the unemployment rate?

Back

No. She is not considered part of the civilian labor force.

Front

The unfortunate demise of Blockbuster Video due to NetFlix, Redbox, other digital sources etc. is an example of ____________ unemployment.

Back

structural/technological