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AGEC 217 Exam 1 || Questions and 100% Verified Answers.
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Suppose in 2017 the number of people in the labor force was 160,398 thousand, employment was 153,336 thousand and unemployment was 7,062 thousand. Suppose unemployment in 2016 was 7,750 thousand. How would you calculate the unemployment rate for 2017? a. Divide 2017 unemployment by the 2017 l...

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  • November 2, 2024
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  • 2024/2025
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AGEC 217 Exam 1 || Questions and 100% Verified Answers.
Suppose in 2017 the number of people in the labor force was 160,398 thousand, employment
was 153,336 thousand and unemployment was 7,062 thousand. Suppose unemployment in 2016
was 7,750 thousand. How would you calculate the unemployment rate for 2017?

a.
Divide 2017 unemployment by the 2017 labor force, and format as a percentage.
b.
Divide 2017 unemployment by 2017 employment, and format as a percentage.
c.
Take 2017 unemployment, subtract 2016 unemployment, divide the result by 2016
unemployment, and format as a percentage.
d.
Take 2017 unemployment, subtract 2016 unemployment, divide the result by 2017
unemployment, and format as a percentage. correct answers .
Divide 2017 unemployment by the 2017 labor force, and format as a percentage.

Consider a family of three, a 40-year-old parent working as a professor, a 38-year-old parent
staying at home, and a 14-year-old junior high student. How are these three classified in the
Bureau of Labor Statistics monthly unemployment survey?

a.
The 40-year-old parent is counted as employed, the 38-year-old parent is counted as not in the
labor force, and the student is not counted at all.

b.
The 40-year-old parent is counted as employed, the 38-year-old parent is counted as not in the
labor force, and the student is counted as not in the labor force.

c.
The 40-year-old parent is counted as employed, the 38-year-old parent is counted as
unemployed, and the student is counted as not in the labor force.

d.
The 40-year-old parent is counted as employed, the 38-year-old parent is not counted at all, and
the student is not counted at all. correct answers A. The 40-year-old parent is counted as
employed, the 38-year-old parent is counted as not in the labor force, and the student is not
counted at all.

Imports are subtracted from GDP, rather than just ignored, because
A. imports always equal exports, and subtracting imports from exports balances the trade
component of GDP.

B. imported goods are not produced in the U.S., yet they are counted in consumption and
investment spending, and in government purchases.

,C. the export category includes both goods produced in the U.S. and goods produced elsewhere,
so imports must be subtracted to avoid double counting. correct answers B. imported goods are
not produced in the U.S., yet they are counted in consumption and investment spending, and in
government purchases.

In the spreadsheet assignment, we calculated the unemployment rate for 2017 as

a.
1.9%, which was less than the 57-year average of 3.9%.


b.
6.0%, which was more than the 57-year average of 4.4%.

c.
9.6%, which was more than the 56-year average of 1.0%.


d.
4.4%, which was less than the 57-year average of 6.0%. correct answers D. 4.4%, which was less
than the 57-year average of 6.0%

In the spreadsheet assignment, we calculated the BAA - AAA corporate bond interest rate spread
for 2017 as

a.
0.69%, which was less than the 57-year average of 1.01%.


b.
0.69%, which was much less than the 57-year average of 3.10%.

c.
1.01%, which was more than the 57-year average of 0.69%.


d.
3.10%, which was much more than the 57-year average of 0.69%. correct answers A. 0.69%,
which was less than the 57-year average of 1.01%.

In 1968 the minimum wage was $1.60 an hour. According to the consumer price index, between
1968 and 2012 prices increased about 6.5 times. To match its purchasing power in 1968, the
minimum wage in 2012 would have to be about

A. $1.60.

, B. $6.50.

C. $7.25.

D. $10.40. correct answers D. $10.40.

How would you calculate what the minimum wage would have to be in 2017 to match the
purchasing power it had in 2010?


a.
Divide the 2010 CPI by the 2017 CPI, to get the inflation factor from 2010 to 2017. Then
multiply the result by the minimum wage in 2010.


b.
Divide the 2017 CPI by the 2010 CPI, to get the inflation factor from 2010 to 2017. Then
multiply the result by the minimum wage in 2010.


c.
Divide the 2017 CPI by the 2010 CPI, to get the inflation factor from 2010 to 2017. Then
multiply the result by the minimum wage in 2017. correct answers B. Divide the 2017 CPI by the
2010 CPI, to get the inflation factor from 2010 to 2017. Then multiply the result by the minimum
wage in 2010.

If the minimum wage was $3.35 in 1983, and the consumer price index was 100 in 1983, the real
minimum wage in 1982-84 dollars would be closest to

$0.34.

$2.35.

$3.35.

$335.00. correct answers $3.35

Suppose income tax rates decrease, which increases the after-tax income of consumers. Which of
the above diagrams describes what will happen in the market for kitchen appliances?

A. Demand increase.

B. Demand decreases.

C. Supply increases

D Supply decreases correct answers A. Demand increase.

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