Chap 7 Inflation Video Lecture 41 X QUIZ 5 spring 2022.pdf: ECON10. X QUIZ 5 spring 2022 (1).pdf X + V X C @ File | C:/Users/psdia/Downloads/QUIZ%205%20spring%202022%20(1).pdf G D Apps RD Web Access E The Economist - W.. Canvas G My CliftonStrengths... WP WileyPLUS Hi Handshake d How to Build a Bac.. Reading list QUIZ 5 spring 2022 (1).pdf 3 / 3 51% + 12A. % change CPI last month_ annual rate: What accounted for nearly all the change? CPI index (Not Seasonally Adjusted i.e, Unadjusted) for : December 2021 ; January 2022 January 2021: ; base period (Le.,CPI = 100)_ B. US unemployment rate January 2022: % change from last month: Pre-pandemic unemploy rate (Feb 2020)_ :April 2020 Unemployment Rate_ Number unemployed persons (Jan/2022): Rise in Total Nonfarm Payroll employment Job Gain Industries: January Unemployment rates for following major worker groups: Teenagers: Adult Men Adult Women: Asians: Blacks: Hispanics: Whites: Labor Force Participation Rate (LFPR): Employment / Population ratio:_ Pre-pandemic February 2020 LFPR: Feb. 2020 Employment/ Population ratio: Number of persons not in the labor force who currently want a job: Are these persons counted in the unemployment statistics? Why Jan. 2022 share of employed persons who teleworked: Number persons who did not work or worked fewer hours in prior 4 weeks preceding survey because of pandemic: January 2022_ Define what BLS means by involuntary part time workers (i.e., part time for economic reasons): January 2022 numbers for: marginally attached to labor force: Discouraged workers: - part time for Economic reasons: C. Civilian noninstitutional Population US Labor Force LFPR men over 20 LFPR women over 20_ LFPR both sexes 16-19 3:43 PM 2 3/1/2022Chap 7 Inflation Video Lecture 41 X QUIZ 5 spring 2022.pdf: ECON10. X QUIZ 5 spring 2022 (1).pdf X + V X C @ File | C:/Users/psdia/Downloads/QUIZ%205%20spring%202022%20(1).pdf G D Apps RD Web Access E The Economist - W... Canvas G My CliftonStrengths... WP WileyPLUS Gi Handshake d How to Build a Bac.. Reading list QUIZ 5 spring 2022 (1).pdf 1 / 3 66% + Match the following terms. Note, Some MAY have more than one correct answer!): Unemployment that is due to a downturn A. Discouraged Worker in the economy 2 . Natural Rate of Unemployment B. Cyclical Unemployment Unemployment which exists in an economy due to people being in the process of moving from one job to C. Stagflation another. Unemployment caused by a mismatch of workers' skills and the skills required for D Frictional Unemployment existing job opportunities Economic condition that occurs when an economy experiences the twin maladies E. Hyperinflation of high unemployment and rapid inflation. A person who wants to work, but who has given up searching for work because they F. Structural Unemployment believe there will be no job offers An extremely rapid rise in the general price level (in excess of 100% per year) MULTIPLE CHOICE (.25 each): 8 Full employment is generally considered to be a state of the economy where unemployment is A. Equal to the sum of frictional and structural unemployment. Equal to the sum of frictional, structural, and cyclical unemployment. Equal to structural unemployment. Equal to 0% 9 Suppose the nominal wage for a worker increased by 7 percent. If during that time the price level rose 2 percent, the associated increase in the real wage is: A. 2 % B. 3% C. 5% D. 7% 10 If an economy is experiencing an Inflationary gap, which of the following is true? A. Full employment GDP exceeds actual GDP such that the actual unemployment rate exceeds the natural rate of unemployment. B Actual GDP exceeds full employment GDP such that the actual unemployment rate is smaller than the natural rate of unemployment. Full employment GDP exceeds actual GDP such that the actual unemployment rate is smaller than the natural rate of unemployment. 11. Suppose nominal interest rates in an economy are at 8%. If the inflation rate is 5%, what is the real interest rate? A. 13% B. 8% C. 5% D. 3% OLIO 3:42 PM 2 3/1/2022Chap 7 Inflation Video Lecture 41 X QUIZ 5 spring 2022.pdf: ECON10. X QUIZ 5 spring 2022 (1).pdf X + V X C @ File | C:/Users/psdia/Downloads/QUIZ%205%20spring%202022%20(1).pdf G D Apps RD Web Access E The Economist - W... Canvas G My CliftonStrengths... WP WileyPLUS i Handshake d How to Build a Bac.. Reading list QUIZ 5 spring 2022 (1).pdf 2/3 66% + 12. (1 point) Suppose the Consumer Price Index (CPI) of Bikini Bottom (2000 is the base year) was 212.1 in 2020 and 219.6 in 2021. Calculate the inflation rate for Bikini Bottom between 2020 and 2021. Show all your work. 13. (3 points) Show your work. Suppose the following data is from the Kingdom of Westeros in 2021 (in millions): Civilian, Noninstitutionalized Population 2 16 years of age: 136.0 Not in the Labor Force: 37.7 Unemployed Persons: 9.1 Employed Persons: 89.2 Using the information above, find the following for Westeros in 2021 (Be sure to show your work): a. the number of persons in the Labor Force: the unemployment rate. C. the labor force participation rate. d. If this economy has a structural unemployment rate of 2% and frictional unemployment rate of 2%, what is its cyclical unemployment rate? Given your answer, what phase of the business cycle does Westeros appear to be in? Explain 12. (3 points) Go to the Bureau of Labor Statistics (BLS) web site at www.bls.gov The box in the middle of the page on the right has "latest Numbers" for the CPI and the unemployment rate. Use the information to FILL OUT THE TABLE ON THE NEXT PAGE!! A. Use the news release (CPI summary) and Table 1 to answer these questions. 3. Click on the Unemployment rate and read the latest Employment Situation Summary to answer these questions on the table on the next page. C. Look at Table A-1. For Jan 2022, find the total Civilian noninstitutional Population, the total labor force, the labor force 3:43 PM 2 3/1/2022