Eco. Chapter 6
trough, recovery, expansion, peak.
peak, recession, trough, expansion.
expansion, recession, trough, peak.
peak, recession, expansion, trough.
occurs when the unemployment rate is its greatest.
occurs when the inflation rate is its lowest.
is a temporary minimum point.
is a temporary maximum point.
treated the same as part-time workers.
included in the labor force.
is laid off during a recessionary period in the economy.
is discouraged and not actively seeking work.
reduces productivity by causing frictions in a business.
is in the process of voluntarily switching jobs.
potential GDP is less than actual GDP.
actual GDP is less than potential GDP.
the inflation rate is rising.
the unemployment rate is falling.
the general level of prices over time.
the standard of living over time.
1. Mollie just graduated from college and is now looking for work. She has has three job interviews in the past month.
2. George works in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in several months when national economic conditions improve.
3. Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the federal government cut defense spending. She has been looking for similar jobs, but no company seems interested in her aircraft design skills.
4. Ricardo lost his job last year when his company downsized. He tried to find another job for a year but was unsuccessful and quit looking for work.
Which one best describes the frictional unemployment?
“It is important to have some skin in the game”.
“Too much money chasing too few goods”.
“A rising tide lifts all boats”.
“Money is easily earned, but not easily saved”.
“subsidizes” those who receive fixed money incomes.
“taxes” those who receive fixed money incomes.
“benefits” those who save money.
“penalizes” those who borrow money.
both lenders and borrowers benefit.
lenders are hurt, but borrowers benefit.
both lenders and borrowers are hurt.
borrowers are hurt, but lenders benefit.
increase in the short run but eventually decline.
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