Macro-Econ Chapter 6

According to Table 1 below, choose the answer that most accurately estimates Real GDP (2020) of the country Macro-Eco:

$8,655

If there are 1,500 people in the population; 800 are employed; and 100 are unemployed, what is the unemployment rate?

11.1%

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 228 and last year's consumer price index was 218, then the rate of inflation is:

4.59

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

Cyclical

What is the broadest measure of inflation in the national income and product accounts?

GDP deflator

Choose the answer that does NOT explain why wages may remain above the market clearing level and result in unemployment.

High healthcare costs

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

a discouraged worker

What macroeconomic condition is described in the article of a newspaper "The official data cited by Credit Libanais shows that food and clothing costs surged 190% and 172% respectively in May from a year earlier. Other reports show similar stats early this month."

hyperinflation

The percentage increase in prices over a 12-month period is referred to as:

The rate of inflation

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