ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 7, Problem 2.5P
To determine
Full employment,
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14. The unemployed are those people who
do not have jobs.
are not employed but are seeking work
are not working
are not working
19-
In an economy there is a 15.2 % fall in the consumer spending on the same basket of goods and services between the years 2015 and 2016. This means that there is ____.
a.
Deflation
b.
Rise in Price level
c.
No change in price level
d.
Inflation
7. Prices and wages are considered ‘sticky’ if:
they do not fully adjust to changes in demand and supply.
their rates of increases and decrease are identical.
as prices increase, wages increase by the same percentage.
their rates of change are directly connected to rate of change in unemployment.
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- Hydraulic fracturing (tracking) has the potential to significantly increase the amount of natural gas produced in the United States. If a large percentage of factories and utility companies use natural gas, what will happen to output, the price level, and employment as tracking becomes more widely used?arrow_forward12 Suppose 20 million people are employed, and 5 million are unemployed. What is the unemployment rate? Does that number change if we also state that there are an additional 30 million people who are not in the civilian labor force?arrow_forward1- What happens to the unemployment rate when unemployed workers are reclassified as discouraged workers?arrow_forward
- Using the definition of the unemployment rate, is an increase in the unemployment rate necessarily a bad thing for a nation?arrow_forward3) a. In general, unemployment rates are higher for workers in lower-skilled occupations, Hispanics, women, and less-educated workers. less-educated workers, African Americans, workers in lower-skilled occupations, and women. African Americans, Hispanics, workers in lower-skilled occupations, and less-educated workers. African Americans, Hispanics, women, and less-educated workers. b. The average length of time people are unemployed rises during a recession because most workers receive unemployment compensation and don’t want to work. retraining takes longer during recessions. unemployment compensation is equal to what people would earn if they were working. businesses continue to lay off workers as a result of the decrease in demand.arrow_forwardQUESTION 3 (a) What do you understand by the terms recession, trough, and recovery? How does the change in the unemployment rate relate to business cycle? (b) What is the difference between real GDP and nominal GDP? Discuss factors that affect the income level of a country.arrow_forward
- 7. Fill in the blankarrow_forwardResearch instrument/ instrumentation for these research questions: 1. What is the unemployment rate of Laborers during the COVID-19 pandemic? 2. What is the relationship between the employment rate to the financial status of the laborers in he province of La union? 3. Is there a significant difference between the factors and the cause of the change in employment rate?arrow_forward11-The selling price of a product in Oman is higher than the price in Dubai although both products are having the same nature. Customers are buying the product from Dubai due to the price differences. What will be the effect of the customers buying the products from Dubai? (1) Due to this, appreciation in the value AED (United Arab Emirates Dirham) relative to OMR, (2) Due to this, depreciate in the value AED (United Arab Emirates Dirham) relative to OMR, (3) Product sold in Oman market will decrease and the retail price will go down, (4) Product sold in Oman market will decrease and the retail price will go up, (5) The demand for the product and prices will increase in Dubai a. (2) and (3) only b. (1), (2), (3), (4) and (5) c. (1) and (2) only d. (1), (3) and (5) onlyarrow_forward
- -On average, nations in Europe pay higher unemployment benefits for longer periods of time than does the United States. How do you suppose this would impact the unemployment rates in these nations? Explain which type of unemployment you think is most directly affected by the size and duration of unemployment benefitsarrow_forward6 Identify the term that describes the category of people, who are retired and not ready to work in an economy. a. Out of labor force b. Employed c. Unemployed d. Labor forcearrow_forward7 - : What is it called when the economy is deprived of the production and the gain of this factor if the labor is not employed? a) Ta employment B) Increase in crimes NS) Direct product and revenue loss D) loss of human capital TO) natural unemploymentarrow_forward
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