Econ 203 Final Exam || with 100% Error-free Answers.
unemployment correct answers the proportion of the labor force actively seeking work but
unable to find jobs
labor force correct answers the number of people aged 16 and older who are available for
employment
frictional unemployment correct answers the unemployment that results from workers searching
for suitable jobs and firms looking for suitable workers
seasonal unemployment correct answers unemployment that occurs because of seasonal factors
such as weather or fluctuations in the demand for some goods or services during different times
of the year
structural unemployment correct answers the unemployment that results from workers not
having the skills to obtain long-term employment
cyclical unemployment correct answers unemployment due to short-term cyclical fluctuations in
the economy
full employment correct answers Refers to maximum use of all resources in the economy to
produce the maximum quantity of goods and services that the economy is capable of producing,
implying zero unemployment.
labor force participation rate formula correct answers = (labor force/working age population) X
100
unemployment rate formula correct answers = (# of unemployed/labor force) X 100
consumer price index formula correct answers = (current cost of basket goods/base period cost of
basket goods) X 100
inflation correct answers a rise in the overall price level, which decreases the purchasing power
of money
inflation formula correct answers = (new CPI - old CPI)/old CPI X 100
consumer price index (CPI) correct answers a measure of the cost of a market basket that
represents the consumption of a typical household
labor force participation rate correct answers the percentage of the working age population in the
labor force
business cycle correct answers expansion-peak-contraction-trough
unemployment correct answers the proportion of the labor force actively seeking work but
unable to find jobs
labor force correct answers the number of people aged 16 and older who are available for
employment
frictional unemployment correct answers the unemployment that results from workers searching
for suitable jobs and firms looking for suitable workers
seasonal unemployment correct answers unemployment that occurs because of seasonal factors
such as weather or fluctuations in the demand for some goods or services during different times
of the year
structural unemployment correct answers the unemployment that results from workers not
having the skills to obtain long-term employment
cyclical unemployment correct answers unemployment due to short-term cyclical fluctuations in
the economy
full employment correct answers Refers to maximum use of all resources in the economy to
produce the maximum quantity of goods and services that the economy is capable of producing,
implying zero unemployment.
labor force participation rate formula correct answers = (labor force/working age population) X
100
unemployment rate formula correct answers = (# of unemployed/labor force) X 100
consumer price index formula correct answers = (current cost of basket goods/base period cost of
basket goods) X 100
inflation correct answers a rise in the overall price level, which decreases the purchasing power
of money
inflation formula correct answers = (new CPI - old CPI)/old CPI X 100
consumer price index (CPI) correct answers a measure of the cost of a market basket that
represents the consumption of a typical household
labor force participation rate correct answers the percentage of the working age population in the
labor force
business cycle correct answers expansion-peak-contraction-trough
