Econ Unemployment and Inflation Review

Front

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.

Back

A secretary who was laid-off from work & is looking at job ads

Front

The phase of a business cycle in which unemployment is at the lowest level is:

Back

peak

Front

_______ occurs when people are in between jobs, entering and reentering the labor force.

Back

Frictional unemployment

Front

When individuals lose jobs due to a decline in the economy during an economic recession.

Back

Cyclical Unemployment

Front

Individuals are unemployed due to a lack in skills that modern industries need.

Back

Structural Unemployment

Front

Someone who works part time but is seeking out full time employment would be considered:

Back

a underemployed worker

Front

How many people are in the labor force?

Back

81000

Front

What is the unemployment rate?

Back

7.4%

Front

What does the consumer price index help economists measure?

Back

inflation

Front

How do nominal prices differ from real prices?

Back

Nominal prices have not been adjusted for inflation.