Chapter 06 Word Scramble
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| Question | Answer |
| 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 |
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