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1.New Government Employment and True Unemployment. Suppose the U.S. government hires workers who are currently unemployed but does not give them any work to do. What will happen to the measured U.S. unemployment rate?
The unemployment rate will
▼increase, decrease, or remain unchanged _____ choose one
Under these circumstances, do changes in the measured U.S. unemployment rate accurately reflect changes in the underlying economic situation and production?
Yes. GDP will increase and the underlying economic situation will have improved.
Yes. GDP will remain unchanged though the underlying economic situation will have improved.
No. GDP will increase though the underlying economic situation will not have improved.
No. GDP will remain unchanged and the underlying economic situation will not have improved.
2.Unemployment Rates in June.
Unadjusted unemployment data show that the number of unemployed rise in June because
people look for jobs to earn extra money for vacations.
teenagers are looking for summer jobs.
many businesses close for the summer.
teachers are looking for summer jobs.
If the government decided that homemakers should be counted as employed because they perform important services, this would
decrease the labor force, decrease the labor force participation rate, and increase the unemployment rate.
increase the labor force, increase the labor force participation rate, and decrease the unemployment rate.
increase the labor force, increase the labor force participation rate, and increase the unemployment rate.
increase the labor force, decrease the labor force participation rate, and decrease the unemployment rate.
3.The nation of Answeria has a labor force of 220,000. If 176,000 persons are employed in Answeria, the unemployment rate is what %
4.When the economy is at full employment, there is only cyclical unemployment. True or false?
5.What is likely to occur in the economy if the unemployment rate drops below the natural rate of unemployment?
increased cyclical unemployment
higher structural unemployment
6.In 1983, during a high period of unemployment, it was estimated that actual GDP was ____% below its potential.
7.Economists believe that the CPI tends to under estimate the increase in the cost of living over time. True or False?
8.APPLYING THE CONCEPTS: How large is the bias in the CPI due to not immediately incorporating new goods?
Today, it is hard to imagine a world without cell phones. Every college student and most high school students carry them everywhere. But cell phones were not introduced to the public until 1983. And it took fifteen years, until 1998, before the Bureau of Labor Statistics included them in calculating the CPI!
Economist Jerry Hausman of MIT estimated the bias in the CPI caused by the failure to include cell phones in a timely manner. He calculated that because of this delay, the telecommunication component of the price index was biased upwards by between 0.8 and 1.9 percent per year. In other words, instead of rising by 1.1 percent per year, telecommunication prices could have been falling by 0.8 percent per year. This is a significant bias.
But cell phones are not the only examples of the slow introduction of goods into the CPI. The BLS also took fifteen years to recognize the room air conditioners into the CPI. As new products are constantly invented and introduced, the bias in the CPI can be large.
New Goods and the CPI Bias.
Many “cell phones” today are more than cell phones long dash they are mini-computers on which you check your email and surf the web. If the BLS treated them as old-fashioned cell phones, the telecommunication component of the price index would have been measured as
too low due to the improved quantity of the cell phones.
too high due to the improved quality of the cell phones.
too high due to the improved quantity of the cell phones.
too low due to the improved quality of the cell phones
9.Inflation in the United States was higher from 1990 to 2009 than it was from 1970 to 1980. True or False?
10. Online Shopping and Menu Costs. How do you think the Internet and online shopping would affect the menu costs of inflation?
Prices on the Internet will be changed at lower cost than prices on menus or billboards because they’re not in print.
Prices on the Internet will be more expensive to change than prices in print because an employee with computer skills must be hired to make the changes.
Prices on the Internet will be changed faster than prices in print, saving money by allowing quicker adjustments.
Any of the above are reasonable arguments.
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