Question 1

Suppose the labor force in a country is 200 million people, and 10 million are unemployed. What is the unemployment rate?

$$	ext{Unemployment Rate} = \frac{	ext{Unemployed}}{	ext{Labor Force}} 	imes 100$$

Accepted Answer

$$10\%$$

Question 2

Which of the following best describes a discouraged worker?

Accepted Answer

Someone who is available for work but has not looked for a job in the past four weeks because they believe no jobs are available for them.

Question 3

If the working-age population is 300 million and the labor force is 180 million, what is the labor force participation rate?

$$	ext{LFPR} = \frac{	ext{Labor Force}}{	ext{Working-age Population}} 	imes 100$$

Accepted Answer

$$60\%$$

Question 4

Which of the following is an example of structural unemployment?

Accepted Answer

A worker who loses their job because their skills are no longer needed due to automation.

Question 5

A country has 150 million employed people and 10 million unemployed people. The working-age population is 250 million. What is the employment-population ratio?

$$	ext{Employment-Population Ratio} = \frac{	ext{Employed}}{	ext{Working-age Population}} 	imes 100$$

Accepted Answer

$$60\%$$

Question 6

Which of the following is a likely effect of an increase in the minimum wage, according to studies cited in the materials?

Accepted Answer

A 10 percent increase in the minimum wage reduces teenage employment by about 2 percent.

Question 7

Which of the following best describes the concept of an efficiency wage?

Accepted Answer

An above-market wage paid by firms to increase worker productivity and motivation.

Question 8

Suppose the CPI in 2020 is 120 and in 2021 is 123. What is the inflation rate from 2020 to 2021?

$$	ext{Inflation Rate} = \frac{	ext{CPI}_{2021} - 	ext{CPI}_{2020}}{	ext{CPI}_{2020}} 	imes 100$$

Accepted Answer

$$2.5\%$$

Question 9

Which of the following is NOT a problem with using the CPI as a measure of inflation?

Accepted Answer

The CPI always overstates inflation because it only includes producer prices.

Question 10

If the nominal interest rate is $$6\%$$ and the inflation rate is $$2\%$$, what is the real interest rate?

$$	ext{Real Interest Rate} = 	ext{Nominal Interest Rate} - 	ext{Inflation Rate}$$

Accepted Answer

$$4\%$$

Question 11

Which of the following is an example of frictional unemployment?

Accepted Answer

A recent college graduate searching for their first job.

Question 12

Why might the official unemployment rate understate the true level of unemployment?

Accepted Answer

It counts part-time workers as fully employed.

Question 13

Which of the following statements about labor unions in the United States is most accurate?

Accepted Answer

Labor unions have little effect on overall unemployment because only a small percentage of private sector workers are unionized.

Question 14

Which of the following best explains why the Producer Price Index (PPI) can give early warning of future movements in consumer prices?

Accepted Answer

Producer prices often change before consumer prices, as they reflect costs at earlier stages of production.

Question 15

During a recession, which type of unemployment typically increases the most?

Accepted Answer

Cyclical unemployment

Question 16

Suppose your salary was $$50,000 in 2010 when the CPI was 100, and 55$$,000 in 2020 when the CPI was 120. What happened to your real income over this period?

$$	ext{Real Income}_{2020} = \frac{	ext{Nominal Income}_{2020}}{	ext{CPI}_{2020}} 	imes 100$$

Accepted Answer

Your real income stayed the same.

Question 17

Which of the following government policies is most likely to reduce structural unemployment?

Accepted Answer

Providing retraining programs for workers displaced by foreign competition.

Question 18

Which of the following is a cost of unanticipated inflation?

Accepted Answer

It redistributes income between borrowers and lenders in unpredictable ways.

Question 19

If the unemployment rate is 3.6%, the labor force is 167 million, and the number of unemployed is 6 million, what is the number of employed people?

$$	ext{Employed} = 	ext{Labor Force} - 	ext{Unemployed}$$

Accepted Answer

161 million

Measuring Unemployment and Inflation: Key Concepts in Macroeconomics

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