Chapter 20 - Level 4 Monitoring Cycles, Jobs, and The Price Level

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Predictions"
Site Title: The Economics Place Summary of Results
Book's Title: Economics
100% Correct of 10 items:
Book's Author: Parkin 10 correct: 100%
Location on Home > Student Resources > Chapter 20: 0 incorrect: 0%
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 ____________________.

Your Answer: unemployment rate will stay the same

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?

Your Answer: 81 percent

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
_______________.

Your Answer: an expansion

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
_________.

Your Answer: 125; 126

5. When cyclical unemployment increases and other things remain the same,
________________.

Your Answer: the natural rate of unemployment does not change


6. 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 2001?

Your Answer: $420

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?

Your Answer: 100

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?

Your Answer: $540

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?

Your Answer: 129

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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