Question 1

Identify each of the following as an intermediate good or a final good.

a.) toothbrush

b.) Helium sold to a circus to fill balloons

c.) Glass sold to Samsung to make into cell-phone screens

d.) Flour sold by a restaurant supply company to Domino's Pizza

e.) Flour sold by a grocery store to your family

Question 2

The federal minimum wage in 1981 was $3.35; in 2018, it was $7.25. Yet some people say the federal minimum wage in place in 2018 was lower than the federal minimum wage in 1981. On what basis could that be true?

Question 3

Use the CPI values below to calculate the inflation rate between the given years.

a.) CPI (1973) = 44.4; CPI (1974) = 49.3

b.) CPI (2011) = 224.9; CPI (2012) = 229.6

Question 4

Categories each of the following people as being part of the labor force or not.

a.) Jesse, a new college graduate looking for her first job

b.) Lin, a 70 year old practicing optometrist

c.) Greg, who is in prison and does not work

d.)Silvia, who was fired from her previous job and submitted her last job application two months ago

e.)Juan, who works part-time at the ballpark

Question 5

Categorize each of the following people as being frictionally unemployed, structurally unemployed, structurally unemployed, cyclically unemployed, or seasonally unemployed.

a.) Chloe, who lost her job as a florist when a recession hit economy

b.) Claire, who drives a Zamboni at an outdoor skating rink during the winter but can't find work during the summer

c.) Miguel, who quit a job in Kansas and is searching for a job in Kentucky

d.) Karena, who is trained in television repair but lacks the skills to work on modern "smart" TVs.