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Chapter 06

Chapter 06 Study Questions

QuestionAnswer
The CPI was 138 in one year and 146 the following year. Approximately how much did prices rise between the two years? 5.8 percent
Suppose the market basket consists of 10X, 20Y, and 30Z. Current-year prices are $1.20 for each unit of X, $0.96 for each unit of Y, and $1.30 for each unit of Z. Base-year prices are $1.00 for each unit What is the approximate CPI in the current year? 117
One measure of the inflation rate is the percentage change in the CPI of adjacent years.
In year 1 the CPI is 144.1, and in year 2 the CPI is 161. If Sarah's salary was $49,800 in year 1, what salary in year 2 would cause her to exactly "keep up with inflation"? $54,747
Suppose that 1982 is the base year for the Consumer Price Index (CPI) and in 2008 the CPI is 450. What does this "450" mean? What cost $100 in 1982 will on average cost $350 more in 2008.
The base year is the year that serves as a reference point or benchmark.
Refer to Exhibit 6-1. Prices rose by approximately __________ percent from Year 1 to Year 5. 10.6
The civilian non-institutional population consists of everyone in the population who is b, c, and d
The civilian non-institutional population can be broken down into two groups: persons not in the labor force and persons in the labor force.
A person in the civilian labor force falls into one of two categories: unemployed or employed.
A person is unemployed if he is a member of the civilian labor force, out of work, and actively seeking work.
Refer to Exhibit 6-2. How many unemployed persons are there in year 1? 25 million
Refer to Exhibit 6-2. The unemployment rate in year 1 is 12 1/2 percent.
In an economy with 200 million people, 150 million hold jobs and 20 million are not working but are looking for jobs. The number of people in the labor force is 170 million.
Unemployment that arises as a result of the time it takes for unemployed people to locate a job utilizing their transferable skills is called __________ unemployment. frictional
"Full employment" is said to exist when the unemployment rate equals the natural unemployment rate.
Assume that Ms. Sawyer's salary is $75,000, up from $70,000 last year, while the CPI is 165 this year, up from 150 last year. This means that Ms. Sawyer's real income has decreased.
Is it possible for the economy to be at full employment and still have some people who are unemployed? Yes, since full employment exists if the economy is operating at the natural unemployment rate and there is always some natural unemployment.
The answer is "a person employed in the civilian labor force who quits his or her job." The question is: Who is a job leaver?
A(n) __________ is a person who was previously employed, hasn't worked for some time, and is currently reentering the labor force. reentrant
Juan lost his job as a nuclear physicist working for a defense contractor. He can not find a job because no firms in the defense industry or any other industry are hiring people with his skills. Juan is ______________ unemployed. structurally
Suppose there are 65 million people employed, 15 million unemployed, and 35 million not in the labor force. What does the civilian noninstitutional population equal? 115 million
At the time of Carol’s 10 year high school reunion she was making $30,000 and the CPI was 90. Now that it is time for her to attend her 20 year high school reunion, Carol’s income has risen to $65,000 and the CPI is 200. No, Carol’s real income fell during that 10 year period.
A plumber who quits his job in San Diego and moves to Orlando where additional plumbers are needed is said to be ___________________ unemployed frictionally
The value of the consumer price index (CPI) is always equal to ______________ in the base year. 100
Created by: Taysia
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