The Industries or sectors of the economy in which business cycle fluctuations tend to affect output most are Multiple Choice O military goods and capital goods. O services and nondurable consumer goods. O clothing and education. O capital goods and durable consumer goods.The Industries or sectors of the economy in which business cycle fluctuations tend to affect output most are Multiple Choice O military goods and capital goods. O services and nondurable consumer goods. O clothing and education. O capital goods and durable consumer goods.In which phase of the business cycle will the economy most likely experience rising real output and falling unemployment rates? Multiple Choice O expansion O recession O peak O troughIn which phase of the business cycle will the economy most likely experience rising real output and falling unemployment rates? Multiple Choice O expansion O recession O peak O troughWhat do economists mean when they refer to Inflation as \"general Increase In the prices of goods and services\" Mutltiple Choice O All prices are rising. O All prices are falling. O Some prices are rising, some prices are falling, and some prices are constant, but on average, prices are decreasing. O Some prices are rising, some prices are falling, and some prices are constant, but on average, prices are increasing. What do economists mean when they refer to Inflation as \"general Increase In the prices of goods and services\" Mutltiple Choice O All prices are rising. O All prices are falling. O Some prices are rising, some prices are falling, and some prices are constant, but on average, prices are decreasing. O Some prices are rising, some prices are falling, and some prices are constant, but on average, prices are increasing. The annual Inflation rate measures the percentage growth rate of Mutltiple Choice O real GDP from the base period 1982-1984 to a given year. real GDP from one year to the next. the CPl from one year to the next O the CP| from the base penod 1982-1984 to a given year. The annual Inflation rate measures the percentage growth rate of Multiple Choice O real GDP from the base period 19821984 to a given year. real GDP from one year to the next. the CPI from one year to the next O the CPI from the base period 1982-1984 to & given year If the Consumer Price Index was 125 In one year and 120 In the following year, then the rate of Inflation is approximately Multiple Choice O 4 percent. O 4.2 percent. O -4 percent. O -4.2 percent.If the Consumer Price Index was 125 In one year and 120 In the following year, then the rate of Inflation is approximately Multiple Choice O 4 percent. O 4.2 percent. O -4 percent. O -4.2 percent.The best example of a "frictionally unemployed" worker is one who Multiple Choice O reduces productivity by causing friction in a business. O is laid off during a recessionary period in the economy. O is in the process of voluntarily switching jobs. O is discouraged and not actively seeking work.The best example of a "frictionally unemployed" worker is one who Multiple Choice O reduces productivity by causing friction in a business. O is laid off during a recessionary period in the economy. O is in the process of voluntarily switching jobs. O is discouraged and not actively seeking work.Which of the following statistics can turn negative? Multiple Choice O inflation rate O GDP O CPI O unemployment rateWhich of the following statistics can turn negative? Multiple Choice O inflation rate O GDP O CPI O unemployment rate\fThe rate of unemployment when the economy is fully employed is called the Multiple Choice O full employment rate of unemployment. O natural rate of unemployment. O structural rate of unemployment O frictional rate of unemployment.The rate of unemployment when the economy is fully employed is called the Multiple Choice O full employment rate of unemployment. O natural rate of unemployment. O structural rate of unemployment O frictional rate of unemployment.According to the Bureau of Labor Statistics, to be officially unemployed a person must Multiple Chaice O be in the labor farce. be 21 years of age or older. O have lost & job. be waiting to be called back from a layoff. According to the Bureau of Labor Statistics, to be officially unemployed a person must Multiple Chaice O be in the labor farce. be 21 years of age or older. O have lost & job. be waiting to be called back from a layoff. Using the graph below, Identify the different stages of the business cycle. Assume that A, B, and C represent consecutive years. Real GDP B Time a. A time perlod when the economy is growing toward full employment is known as [Click to select) v It is depicted in the graph as [(Click to select) v b. A time period characterized by full or near-full employment is known as [(Click to select) v It Is depicted In the graph as [(Click to select) v C. A time perlod with two consecutive quarters of declining output is known as [(Click to select) v It is depicted In the graph as [(Click to select) v d. A time period when employment and real output are at their lowest levels is known as [(Click to select) v It is depicted in the graph as [Click to select) vUsing the graph below, Identify the different stages of the business cycle. Assume that A, B, and C represent consecutive years. Real GDP B Time a. A time perlod when the economy is growing toward full employment is known as [Click to select) v] It is depicted in the graph as [(Click to select) val b. A time period characterized by full or near-full employment is known as [(Click to select) v It is depicted In the graph as [(Click to select) v C. A time period with two consecutive quarters of declining output is known as [(Click to select) v It is depicted In the graph as [(Click to select) v d. A time period when employment and real output are at their lowest levels is known as [(Click to select) v It is depicted in the graph as [(Click to select) vThe following Information is given for an economy: Labor Force of an Economy Number of People (millions) Total population 46.5 Children under the age of 16 8.5 Retirees 7.8 Employed 23.9 Unemployed 2.5 Not actively seeking employment 3.0 Homemakers 0.8 Instructions: Round your answers to one decimal place. a. How much of the population is older than 16? million b. What Is the size of the labor force? million c. What is the labor force participation rate?The following Information is given for an economy: Labor Force of an Economy Number of People (millions) Total population 46.5 Children under the age of 16 8.5 Retirees 7.8 Employed 23.9 Unemployed 2.5 Not actively seeking employment 3.0 Homemakers 0.8 Instructions: Round your answers to one decimal place. a. How much of the population is older than 16? million b. What Is the size of the labor force? million c. What is the labor force participation rate?a. Inflatlon Is ) a general decrease In the output of all goods and services. a general Increase In the prices of all goods and services. ) a general Increase In the output of all goods and services. ) & general decrease In the prices of all goods and services. b. When Inflation occurs O 1t becomes easler to find a Job. ) people can buy more with the same amount of money. ) people can buy less with the same amount of money. O 1t becomes more difficult to find a Job. a. Inflatlon Is ) a general decrease In the output of all goods and services. a general Increase In the prices of all goods and services. ) a general Increase In the output of all goods and services. ) & general decrease In the prices of all goods and services. b. When Inflation occurs O 1t becomes easler to find a Job. ) people can buy more with the same amount of money. ) people can buy less with the same amount of money. O 1t becomes more difficult to find a Job. If the CPI declines from one year to the next, then which one of the following statements is not true? Multiple Choice O There is deflation. O The inflation rate is negative. O The average price level is decreasing. O The CPI turns negative in the next year.If the CPI declines from one year to the next, then which one of the following statements is not true? Multiple Choice O There is deflation. O The inflation rate is negative. O The average price level is decreasing. O The CPI turns negative in the next year.Suppose there are 10 million part-time workers and 90 million full-time workers In an economy. Five million of the pan-tima workers switch to full-time work. As a result, the Multiple Choice O official unemployment rate will fall. official unemployment rate will ise. size of the labor force will increase. O official unemployment rate will remain unchanged. Suppose there are 10 million part-time workers and 90 million full-time workers In an economy. Five million of the part-time workers switch to full-time work. As a result, the Multiple Choice O official unemployment rate will fall. O official unemployment rate will rise. O official unemployment rate will remain unchanged. O size of the labor force will increase.Official unemployment rate statistics may Multiple Choice O overstate the amount of unemployment by including part-time workers in the calculations. O understate the amount of unemployment by excluding part-time workers in the calculations. O overstate the amount of unemployment because of the presence of "discouraged" workers who are not actively seeking employment. O understate the amount of unemployment because of the presence of "discouraged" workers who are not actively seeking employment.Official unemployment rate statistics may Multiple Choice O overstate the amount of unemployment by including part-time workers in the calculations. O understate the amount of unemployment by excluding part-time workers in the calculations. O overstate the amount of unemployment because of the presence of "discouraged" workers who are not actively seeking employment. O understate the amount of unemployment because of the presence of "discouraged" workers who are not actively seeking employment