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Which of the following statements would be classified as “full employment’: Approximately 95% of people have a job. Refers to an increase in the general price level associated with an increase in the cost of production. : Cost Push Inflation . _______ occurs when people are in between jobs, entering and reentering the labor force: Frictional unemployment. Farm helpers are unemployed when the cropping season is over: seasonal. Who among the following would be considered as unemployed: A secretary who has resigned from work & looking at job ads. Individuals are unemployed due to a lack in skills that modern industries need, change in technology: Structural Unemployment. Sum of the employed and the unemployed: Labor Force. When individuals are searching for greener pastures is considered what type of unemployment: frictional. Which of these is NOT a characteristic of an unemployed person: . WHO BENEFITS AND WHO LOSES WHEN UNEXPECTED INFLATION OCCURS: creditors lose; debtors benefit. What is it called when a worker takes a lower skilled job when they are overqualified to earn money to pay bills: Underemployed worker. There are levels of unemployment. Someone who was looking for work but gave up trying is __: discouraged worker. When a company has to pay workers higher wages, it can lead to a rise in prices for their product. This is known as __: wage price spiral

Who has the Congressional mandate of helping create full employment: the FED. The labor force includes: both the employed and unemployed. Which of the following is NOT employed: 30 year old active military. The equation for calculating unemployment is: . Who gathers the data for the unemployment rate: US bureau of labor statistics. What type of unemployment: lost job to an automatic check out machine at Target: structural. What type of unemployment: Coronavirus shuts things down: cyclical. What type of unemployment: Mr Goldsmith quite Creighton Prep in May, but knows he is starting at Waverly in August: frictional. T or F: The more education, the more likely to be unemployed: False. A general rise in the prices of goods and services is called: inflation. T or F: Inflation erodes your purchasing power: true. When someone says, "I remember when gas was .50 cents" they are referring to what type of price: nominal. To calculate the inflation rate: . What index is used to measure inflation by the BLS: the consumer price index. Who is better off with inflation and who is worst off: borrowers. lenders

What is the best measure of a nation's standard of living: real GDP per capita. Real GDP: expresses GDP in constant prices. Which is the following is included in GDP: a fish that you buy at a store. When a farm worker loses his job after the harvest, it is an example of : Seasonal unemployment. Which statement describes full employment: There is no cyclical unemployment. A general increase in prices is called: inflation. People who underemployed: work part time or at jobs that are below their skills. The inflation rate is: the percentage change in prices over time. Inflation reduced people's purchasing power because: the same amount of money buys fewer goods and services. Is this counted in the GDP of the US?The federal government purchases a new submarine for the US Navy: Yes. In which part of the GDP calculation does this fit? You spend $15 at AMC to see the latest Avengers movie: Consumer spending. In which part of the GDP calculation does this fit?The US military spends $5 billion on five new helicopters: Government spending. In which part of the GDP calculation does this fit?The local taxi service purchases new vehicles for the company: Investment spending. In which part of the GDP calculation does this fit?Australia exported $6 billion worth of goods in 2018, but imported $10 billion in goods. : Net exports. What the definition of deflation? : decrease in the average price of goods and services. What causes demand pull inflation: a rise in price level due to an increase in consumption. GDP that is adjusted for inflation: real GDP. a woman who lost her job due to a decrease in sales during a recession in the economy is..: cyclically unemployed. Which of the following best defines unemployment? : The state of being able to work and actively seeking work, but unable to find employment . Which of these people is officially unemployed: Maid who got fired and will start a new job in 2 weeks