Learning Assessment Chapter 7

People are counted as unemployed if they do not have a job but are available for work and have been actively seeking work for the previous _____ weeks.

4

If the current year's consumer price index is 230 and last year's consumer price index was 220, then the rate of inflation is:

4.55 ((230-220)/220)x100

Bistro Belle Vie employs 4 waiters, each working 2 hours, to serve total of 64 tables. What is the per hour productivity of each waiter?

8 tables per hour

Which price index calculates the prices for urban consumers paid on fixed basket of goods and services?

Consumer Price Index (CPI)

_____ unemployment is the result of changes in the business cycle.

Cyclical

If there are 1,400 people in the population; 700 are employed; and 100 are unemployed, what is the a) unemployment rate and b) labor participation rate?

a) 12.5%; b) 57.14%

Suppose that anticipated inflation is 5 % for the coming year, with loan contracts set at 9% with the expectation of a 4% return after inflation. If the actual inflation rate at the end of the year is 6%

debtors gain at the expense of creditors.

What is a person's classification if he or she has given up actively looking for work?

discouraged worker/discouraged job seeker ?

All of the following explain the growth in output per worker hour during the 20th century except

the worker-capital ratio decreased during that period.

A paragraph from the report discussed in the UN Department of Economic and Social Affairs states that "With the rapid technological advancement of recent years, computers are increasingly encroaching on domains that were previously considered exclusively human. The astonishing progress in such areas as artificial intelligence (AI), robotics, 3D printing and genetics has enabled computers to perform the tasks of architects, medical doctors, music composers and even a 16th century Dutch master of painting. Nearly every day brings news of remarkable feats achieved by computers or robots, and with them a gnawing question: Will machines edge us out of brain jobs?" What type of unemployment is discussed in the UN report?

Structural