Suppose that the unemployment rate has increased by 2%. What would be the change in the output gap? The output gap becomes more positive by about 4 percentage points O The output gap becomes more negative by about 1 percentage point The output gap becomes more positive by about 1 percentage point The output gap becomes more negative by about 4 percentage points
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- Go to http://www.bls.govicps/ LFind the national unemployment rate for June 2021 % you must know this rate for the Final Exam. . Has the national unemployment rate increased, dereased or remained the same since January 20217 (Cick on the icon next to the current unemployment rate to see the historical data) O A. Increased O B. decreased O C. remained the same L What is the highest unemployment rate we have experienced since 20097 Click on the icon next to the current unemployment rate to see the historical data . Find the civilian Labor Force Participation Rate for June 2021:What is the change in unemployment when the price level and the money wage rate rise by the same percentage? What is the change in unemployment and the quantity of real GDP supplied when the price level rises but the money wage rate remains unchanged? When the price level and the money wage rate rise by the same percentage, unemployment O A. increases B. remains the same C. is eliminated O D. decreases When the price level rises but the money wage rate remains unchanged, unemployment and the quantity of real GDP supplied O A. decreases; decreases B. decreases; increases O C. increases; increases D. increases; decreases Click to select your answer. DII 80 888 :二 F8 F7 F6 F5 F4 F3 esc F2 F1 & # 00 %24Table 24.4 describes Santhers economy. Plot the AD/AS curves and identify the equilibrium. Would you expect unemployment in this economy to be relatively high or low? Would you expect prices to be a relatively large or small concern for this economy? Imagine that input prices fall and so AS shifts to the right by 150 units. Identify the new equilibrium. How will the shift in AS affect the original output, price level, and employment?
- 120 110 &&&RSRSR22. 100 90 80 20 10,000 20,000 000'DE 40,000 50,000 60,000 70,000 80,000 Consider the information in the file named Hypothetical Labor Market Graph. The graph shows the aggregate demand for labor in a small country with a civilian population of 100,000 persons. The labor force participation rate in this country is only 30% and it does not depend on the level of real wage. Wages and prices are fully flexible downwards and upwards. Start from the base case. Suppose that due to changes in social norms, the participation rate of women in the labor force increases. As a result, the overall labor force participation rate increases to 50.00% Ceteris paribus, this event causes the equilibrium real wage to change to units.QUESTION 15 The graph below refers to a significant increase in individual income taxes, taking them to their highest level in 50 years. Which of the following is likely to result? Price Level P₁ P₂ Y₂ Y1 AD AS AD Real National Income O a. Increase in unemployment O b. Increase in inflationary pressure O c. Rising input prices O d. An increase in the natural rate of unemployment4. Consider the Keynesian Efficiency Wage Model.
- Discuss the ways in which unemployment can be reduced on the demand side of the economyHow has the real federal minimum wage rate changed? The real federal minimum wage rate _____. A. was higher in 2009 than it was in 1968 B. was lower in 2009 than it was in 1968 C. increases every year. D. decreases every yearWhat occurs in the labor market when the real wage rate is above the full-employment equilibrium level? When the real wage rate is above the full-employment equilibrium level, O A. the natural unemployment rate increases O B. unemployment benefits decrease C. the quantity of labor demanded increases O D. the natural unemployment rate decreases Click to select your answer.
- Question 5 The economy's MPN is given by MPN=100-N0.5 where N is the level of employment. How much is the aggregate labor demand when the real wage is w 20? 120 64,000 O 6400 80 Question 6 The ECON 103 professors have two hundred midterm exams to grade. They offer to hire you to help them grading, paying you twice the amount you would normally receive (because fow students are willing to work during the term), You take the job. This would be an example of the substitution effect being stronger than the income effect. the income effect being stronger than the substitution effect. the substitution effect being equal to the income effect. a pure income effect.Suppose a market basket of goods and services costs $400 in the base 'year and the consumer price index (CPI) is currently 125. This indicates the price of the market basket of goods is now: $275. $425. $500. $525. Which of the following will most likely occur during the recessionary phase of a business cycle? O Real GDP nises, and the unemployment rate falls O Real GDP declines, and the rate of inflation nises O The sales of most businesses decline, and the unemployment rate nses Inflation rises, and employment population ratio fallsWhen there is an inflationary gap, real output exceeds the natural level of output and unemployment is less than its natural rate. Oreal output exceeds the natural level of output and unemployment exceeds its natural rate. O real output is less than the natural level of output and unemployment exceeds its natural rate. real output is less than the natural level of output and unemployment is less than its natural rate.