Question 1 (1 point) Consider the following statistics for a small economy in 2011, shown in the table below. How many people are employed? Do not include any symbols, such as = , "%" or , in your answer. 2011 Working-Age Population 187 Labor Force 141 Unemployed 15 Your Answer: Answer Question 2 (1 point) Consider the following statistics for a small economy in 2001, shown in the table below. What is the labor force participation rate? Provide your answer as a percentage rounded to two decimal places. Do not include any symbols, such as "=", "%" or "," in your answer. 2001 Working-Age Population 181 Employed 111 Unemployed 12 Your Answer: Answer Question 3 (1 point) Consider the following statistics for a small economy in 2018, shown in the table below. What is the size of the labor force? Do not include any symbols, such as "=", % or , in your answer. 2018 Working-Age Population 171 Employed 101 Unemployed 19 Your Answer: Answer DELLQuestion 4 (1 point) Consider the following statistics for a small economy in 2008, shown in the table below. How many people are unemployed? Do not include any symbols, such as "=", "%" or "," in your answer. 2008 Working-Age Population 218 Labor Force 153 Employed 1 10 Your Answer: Answer Question 5 (1 point) Consider the following statistics for a small economy in 2008, shown in the table below. What is the employment-to-population ratio? Provide your answer as a percentage rounded to two decimal places. Do not include any symbols, such as "=", "." % or "," in your answer. 2008 Working-Age Population 206 Employed 106 Unemployed 25 Your Answer: Answer Question 6 (1 point) Consider the following statistics for a small economy in 2005, shown in the table below. What is the unemployment rate? Provide your answer as a percentage rounded to two decimal places. Do not include any symbols, such as "=", "%" or ", in your answer. 2005 Working-Age Population 222 Employed 115 Unemployed 13 Your Answer: DELLQuestion 9 (1 point) What are the types of unemployment? Net unemployment. Temporal unemployment. Full unemployment. Frictional unemployment. Household unemployment. Structural unemployment. Cyclical unemployment. Nominal unemployment. Question 10 (1 point) The Great Recession began December 2007 and lasted 18 months. The demand for various goods decreased as consumer spending fell. What effect will this have on unemployment (between, say, January 2008 and January 2009)? Cyclical unemployment will rise. Cyclical unemployment will fall. Structural unemployment will fall. Frictional unemployment will fall. Frictional unemployment will rise. Structural unemployment will rise. Question 11 (1 point) Suppose a union in January 2009 negotiates with management a higher wage for its workers. The higher wage will be specified in a collective bargaining agreement that is to be in force for a period of 3 years, through January 2012. What effect will this have on unemployment (between 2009 and 2012)? Structural unemployment will fall. Structural unemployment will rise. Cyclical unemployment will fall. Frictional unemployment will rise. DELLpower as you currently have this year? Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as "S," "=," "%," or "," in your answer. 3 Your Answer: 6 Answer 9 Question 16 (1 point) 12 Suppose the CPI from year 1 to year 2 increase from 205 to 229. What is the rate of price inflation? Provide your answer as a percent rounded to two decimal places. Do not include any symbols, such as "S," "=," "%," or "," in your answer. 15 Your Answer: Answer Question 17 (1 point) Use the information in the table below to analyze the average nominal wages for a country in 1956 and 2005. Assume the Consumer Price Index (CPI) values use 1983 as a base year (such that CPI=100 in 1983). What is the average wage for 2005 in real dollars? Convert the average nominal wage for 2005 into real dollars (in the base year). Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as "s," "-," "," or "," in your answer. Year Wage CPI 1956 $2 20 2005 $10 212 Your Answer: Answer DELLQuestion 7 (1 point) What types of unemployment are considered part of the natural rate of unemployment? Structural unemployment. Temporal unemployment. Household unemployment. Frictional unemployment. Full unemployment. Cyclical unemployment. Net unemployment. Nominal unemployment. Question 8 (1 point) Suppose unemployment benefits of $275 per week had been provided to individuals laid off from work for up to 26 weeks. However, to help these individuals, the government decides to extend unemployment benefits from 26 to 39 weeks. What effect will this have on unemployment? Frictional unemployment will rise. Structural unemployment will fall. Cyclical unemployment will fall. Structural unemployment will rise. Frictional unemployment will fall. Cyclical unemployment will rise. Question 9 (1 point) What are the types of unemployment? Net unemployment. Temporal unemployment. Full unemployment. Frictional unemployment. Household unemployment. DELLQuestion 11 (1 point) Suppose a union in January 2009 negotiates with management a higher wage for its workers. The higher wage will be specified in a collective bargaining agreement that is to be in force for a period of 3 years, through January 2012. What effect will this have on unemployment (between 2009 and 2012)? Structural unemployment will fall. Structural unemployment will rise. Cyclical unemployment will fall. Frictional unemployment will rise. Cyclical unemployment will rise. Frictional unemployment will fall. Question 12 (1 point) You earn $59,000 per year at your job. Suppose the CPI is currently 213, and last year the CPI was 207. How much money could you have earned last year to have been able to purchase the same amount of goods and services? Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as "s," "=," "6," or "%," or , in your answer. Your Answer: Answer Question 13 (1 point) Suppose real wages increase from $11 in 1999 to $20 in 2014. What is the percentage change in real wages between the two years? Provide your answer as a percent rounded to two decimal places. Do not include any symbols, such as "S," "=," "%," or "," in your answer. Your Answer: Answer Question 14 (1 point) Use the information in the table below to analyze the average nominal wages for a country in DELLQuestion 14 (1 point) Use the information in the table below to analyze the average nominal wages for a country in 1963 and 2015. Assume the Consumer Price Index (CPI) values use 1983 as a base year (such that CPI=100 in 1983). What is the average wage for 1963 in real dollars? Convert the average nominal wage for 1963 into real dollars (in the base year). Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as "s," "=," "%," or "," in your answer. Year Wage CPI 1963 $1 26 2015 212 Your Answer: Answer Question 15 (1 point) You earn $56,000 per year at your job. Suppose the CPI is currently 210, and next year the CPI will be 214. How much money will you need to earn next year to have the same purchasing power as you currently have this year? Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as "s," "=," "%," or "," in your answer. Your Answer: Answer Question 16 (1 point) Suppose the CPI from year 1 to year 2 increase from 205 to 229. What is the rate of price inflation? Provide your answer as a percent rounded to two decimal places. Do not include any symbols, such as "S," "=," "%, " or "," in your answer. Your Answer: DELL