Chapter 20 - Level 4 Monitoring Cycles, Jobs, and The Price Level
Chapter 20 - Level 4 Monitoring Cycles, Jobs, and The Price Level
Chapter 20 - Level 4 Monitoring Cycles, Jobs, and The Price Level
Predictions"
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Book's Title: Economics
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Book's Author: Parkin 10 correct: 100%
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Site: Monitoring Cycles, Jobs, and > Diagnostic
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Quizzes > Level 4: Advanced Calculations
and Predi
Date/Time February 27, 2023 at 10:14 PM (UTC/GMT)
Submitted:
1. If the number of people unemployed and the number of people in the labor force grow at
the same rate, then the ____________________.
2. In an economy, 25 million people are employed, 2 million are unemployed, and 4 million
are not in the labor force. What is the employment-to-population ratio?
3. If the unemployment rate falls, the labor force participation rate increases, and the
employment-to-population ratio increases, then the economy is most likely in
_______________.
4. In 2000, the money wage rate was $15.00 an hour and the real wage rate was $12.00 an
hour. In 2001, the money wage rate was $15.25 an hour and the real wage rate was
$12.10 an hour. In 2000, the GDP deflator was __________ and in 2001 it was
_________.
5. When cyclical unemployment increases and other things remain the same,
________________.
7. In 2001, consumers in Dexter consumed only books and pens. The prices and quantities
for 2001 and 2002 are listed in the table. The reference base period for Dexter's CPI is
2001. What is the CPI in 2001?
8. In 2001, consumers in Dexter consumed only books and pens. The prices and quantities
for 2001 and 2002 are listed in the table. The reference base period for Dexter's CPI is
2001. What is the cost of the CPI basket in 2002?
9. In 2001, consumers in Dexter consumed only books and pens. The prices and quantities
for 2001 and 2002 are listed in the table. The reference base period for Dexter's CPI is
2001. What is the CPI in 2002?
10. In 2001, consumers in Dexter consumed only books and pens. The prices and quantities
for 2001 and 2002 are listed in the table. The reference base period for Dexter's CPI is
2001. What is the inflation rate in 2002?
Your Answer: 20 percent
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