Frictional unemployment - Study guides, Class notes & Summaries

In an ideal labor market, wages would adjust to balance the quantity of labor supplied and the quantity of labor demanded, ensuring that all workers are always fully employed. a. True b. False Minimum wages create unemployment in markets where they create a a. surplus of labor. Unemployment of this type is called frictional. b. surplus of labor. Unemployment of this type is called structural. c. shortage of labor. Unemployment of this type is called structural. d. shortage of labor....

Macroeconomics correct answers The branch of economics that studies the economy as a whole 1) Slowing/rising production in the economy 2) Rising/falling unemployment in the economy 3) Inflation/Deflation in the economy correct answers Macroeconomics examines the causes and consequences of: Gross Domestic Product (GDP) correct answers Value of all new production in a nation (or region) in a given period of time. Gross Domestic Product (GDP) correct answers What is the most commonly-u...

ECN 211 ASU EXAM 2 SET EXAM QUESTIONS REVISED WITH CORRECT ANSWERS | PASSED!! For the Bureau of Labor Statistics to place someone in the "unemployed" category, that person must - ANSWER : be available for work Labor-force participation rate tells us the fraction of the population that - ANSWER : has chosen to participate in the labor market People who are unemployed because they are in search of a job that suits their skills are included within - ANSWER : frictional une...

Price Level Ans- One of the following definitions is acceptable: 1) The cost of a specific basket of goods and services; or 2) the above definition for a price index. Price Index Ans- The cost of a specific basket of goods and services in one period divided by the cost of the same basket of goods and services in the base period. Cost of Inflation AnsFull Employment Ans- The level of employment associated with a zero rate of cyclical unemployment and normal rates of structural and fr...

Demand Curve Shift Upward (direct relationship-positive shift) - correct answer The price of subsitute goods, expectations of price changes, income for normal goods, and extent of market Demand Curve Shift Downward (inverse relationship-neg. shift) - correct answer The price of complement good, income for inferior goods, and consumer boycotts SWOT analysis - correct answer strengths, weaknesses, opportunities, threats Three common measures of price inflation: - correct answer 1....

2. Suppose you are forced to take a pay cut of 5% when the economy is experiencing overall deflation of 5%. If in response to your pay cut you also reduce your consumption by 5%, then economists would say: A) the quantity theory of money held. B) you are exhibiting money illusion. C) you made a rational decision. D) your real wage decreased by 5%. - Answer B 3. Continued long-run economic growth requires that economies: A) continue to increase their investment rates. B) reach their s...

3 types of unemployment correct answers --cyclical --frictional --structural cyclical unemployment correct answers the increase in unemployment that occurs during recessions and depressions frictional unemployment correct answers unemployment due to normal turnover in the labor market; used to denote short-run job/skill-matching problems structural unemployment correct answers unemployment due to changes in the structure of the economy that result in a significant loss of jobs in cert...

GDP is CORRECT ANSWER value of all final goods and services produced within a country in a given period of time. Y = C + I + G + NX CORRECT ANSWER Y = economy's total expenditure C = consumption in economy I = imports in economy G = government spending NX = net exports Net exports equal CORRECT ANSWER exports minus imports CPI is used to CORRECT ANSWER monitor changes in the cost of living over time Inflation rate CORRECT ANSWER percentage change in the price level from the prev...

What is the labor force? CORRECT ANSWER the sum of employed and unemployed workers in the economy; it includes adult (16+) non-institutional civilian population What does "not in the labor force" mean? CORRECT ANSWER they currently do not have a job and they are not currently actively looking for a job what are the to kinds of people included in the labor force? CORRECT ANSWER unemployed and employed what does it mean to be unemployed CORRECT ANSWER someone who is not working but is cur...

2 © OCR 2023 SECTION A Write your answer for each question in the box provided. 1 The claimant count measure of unemployment will include A all individuals receiving jobseeker’s allowance B all individuals who are looking for a job C all individuals without a job D only individuals able to start work immediately Your answer [1] 2 What is most likely to cause frictional unemployment? A A delay in workers being able to start new jobs B A high level of occupational mobility C A perm...