econ103 chapter 9
unemployed
A non-working individual who has looked for a job in the past week is considered _______________.
cyclical
At full employment, ____________ is zero.
nominal
Economic variables that are calculated in current year prices are referred to as ______________ variables
less
If inflation is anticipated, it costs ______ to society than if unanticipated.
be a problem
If the inflation rate is anticipated, it may not ____ __ ___________.
nominal, real
If there is zero inflation, the _________ interest rate is equal to the _____ interest rate.
large, firms
In calculating the CPI, the market basket does not include ________ equipment purchased by _______ .
housing, transportation and food
Of the eight categories in the CPI market basket, which three categories make up more than 75% of the basket?
unemployment
The "normal or natural" underlying level of unemployment in the economy is the full employment rate of ________________.
natural, real
The ___________ rate of unemployment is the unemployment rate that results when the economy produces the potential level of ______ GDP.
unchanging
The consumer price index (CPI) measures the cost of an ______________ basket of goods and services.
producer price index
The market basket used by the ___________ _______ _______ specifically targets intermediate goods.
all stages
The producer price index tracks the prices firms receive for goods and services at _____ ________ of production.
frictional
The short-term unemployment that arises from workers, in the process of changing jobs, is called _____________.
net debtors
Unanticipated deflation hurts _____ ____________.
structural
Unemployment arising from a persistent mismatch between the skills and characteristics of workers and job requirements is __________.
real
Variables that have been corrected to account for the effects of inflation are _____ variables.
frictional and structural
When the economy is at full employment, which types of unemployment remain?
inflation rate
[(CPI1 - CPI0) / CPI0] x 100
discouraged worker
available for work but have not looked for a job for at least the last four weeks would be a ____________ ________