Question 45(1 point)

What is meant by the participation rate?

Question 45 options:

A)

The percentage of the population who are in the working age population.

B)

The percentage of the working age population who are in the labour force.

C)

The percentage of the labour force who are employed.

D)

The percentage of the population who are in the labour force.

Question 46(1 point)

Assume Brown is temporarily unemployed because she has voluntarily quit her job and will begin a better job with a new company next week. What is Brown considered to be?

Question 46 options:

A)

Not officially included in the labour force.

B)

Frictionally unemployed.

C)

Structurally unemployed.

D)

Employed.

E)

Cyclically unemployed.

Question 47(1 point)

Thompson has lost his job at a Vancouver Island pulp mill which has closed permanently. He is looking for work, but wants to go to college to study electronics and eventually find a job in television engineering. At the moment, what can we say about Thompson's employment status?

Question 47 options:

A)

He is not officially included in the labour force.

B)

He is structurally unemployed.

C)

He is employed.

D)

He is frictionally unemployed.

E)

He is cyclically unemployed.

Question 48(1 point)

Which of the following is included in the natural rate of unemployment?

Question 48 options:

A)

Frictional and structural unemployment.

B)

It can be eliminated.

C)

Frictional unemployment only.

D)

Frictional, structural and cyclical unemployment.

Question 49(1 point)

What is meant by cyclical unemployment?

Question 49 options:

A)

Unemployment that occurs as a result of the recessionary phase of the business cycle.

B)

Unemployment which results from structural changes in an economy's industries.

C)

Unemployment that occurs because people do not think that there are any jobs available.

D)

Unemployment that is caused by the fact that it takes time for people to find their first job or to move between jobs.

Question 50(1 point)

According to most economists, presently, what is the natural rate of unemployment in Canada?

Question 50 options:

A)

10%.

B)

5% - 7%.

C)

2% - 3%.

D)

12% - 15%.

E)

1% - 2%.

Question 51(1 point)

What occurs at the economy's natural rate of unemployment?

Question 51 options:

A)

Frictional and structural unemployment are zero.

B)

Only structural unemployment exists.

C)

The economy achieves its output potential.

D)

Potential GDP is above actual GDP.

E)

Only frictional unemployment exists.

Question 52(1 point)

Below are various statistics for a hypothetical economy (all figures in millions)

Total Population40Working age population32Discouraged workers4Full-time employed15Part-time employed3Unemployed2

Refer to the information above to answer this question. What is the participation rate of this economy?

Question 52 options:

A)

62.5%.

B)

75%.

C)

60%.

D)

50%.

E)

80%.

Question 53(1 point)

Below are various statistics for a hypothetical economy (all figures in millions)

Total Population40Working age population32Discouraged workers4Full-time employed15Part-time employed3Unemployed2

Refer to the information above to answer this question. What is the unemployment rate?

Question 53 options:

A)

10%.

B)

13.3%.

C)

8.3%.

D)

11.1%.

E)

6.25%.

Question 54(1 point)

Why might the official unemployment rate be an understatement of actual levels?

Question 54 options:

A)

Because those not actively seeking work while collecting EI benefits and those in the underground economy are included.

B)

Because people working in the underground economy are not included.

C)

Because both part-time workers and discouraged workers are included.

D)

Because both part-time workers as well as those collecting EI but not actively seeking work are included.

E)

Because part-time workers are considered employed, and discouraged workers are not considered unemployed.

Question 55(1 point)

How do economists measure the cost of unemployment?

Question 55 options:

A)

By the total costs of unemployment benefits and welfare payments that have to be paid out.

B)

By the amount by which actual GDP exceeds potential GDP.

C)

By the difference between GDP and real GNP.

D)

By the amount by which potential GDP exceeds actual GDP.

E)

By the difference between real GDP and nominal GDP.

Question 56(1 point)

"For every 1 percent that the actual unemployment rate exceeds the natural rate, the economy's GDP falls 2.5 percent short of its potential." What is this a statement of?

Question 56 options:

A)

The law of full employment.

B)

The natural law of unemployment.

C)

The rule of 70.

D)

Okun's Law.

Question 57(1 point)

Assume that the consumer price index in 2016 was 120 and in 2017 it was 126. What was the rate of inflation in 2017?

Question 57 options:

A)

5%

B)

20%

C)

3%

D)

26%

E)

6%

Question 58(1 point)

In 2017 Robinson's nominal income rose by 4% and the price level rose by 6%. What can we conclude about Robinson's real income?

Question 58 options:

A)

It rose by 10%.

B)

It fell by 2%.

C)

It rose by 2%.

D)

It fell by 2.4%.

E)

It may have either increased or decreased.

Question 59(1 point)

What is demand-pull inflation caused by?

Question 59 options:

A)

High interest rates demanded by lenders.

B)

The increased demand for imported goods.

C)

Aggregate expenditures exceeding the economy's capacity to produce.

D)

Attempts by firms to obtain increased profits.

E)

Excessive wage demands by labour unions which force up costs of production.

Question 60(1 point)

Which of the following is a variation of cost-push inflation?

Question 60 options:

A)

Export-push inflation.

B)

Profit-push inflation.

C)

Import-pull inflation.

D)

Demand-pull inflation.

Question 61(1 point)

Etruria's nominal GDP rose from $420 billion in 2013 to $450 billion in 2016. During the same period, its inflation rate was 5 percent. By what percentage did its real GDP increase?

Question 61 options:

A)

1.67%

B)

2.14%

C)

9.33%

D)

30%

Question 62(1 point)

Truscan's nominal GDP rose by 7% between 2016 and 2017. If its inflation rate was 2%, by how much did its real GDP increase?

Question 62 options:

A)

14%

B)

9%

C)

1.4%

D)

5%

Question 63(1 point)

Suppose the unemployment rate is 7%, the natural rate of unemployment is 5%, and actual GDP is $400 million. According to Okun's Law, what is potential GDP?

Question 63 options:

A)

$400 million

B)

$408 million

C)

$380 million

D)

$420 million

E)

$427 million

can you please help