Chapter 10

Question 1

Junior Ozark dressed for a job interviews in bib overalls, a red lumberjack shirt, and torn basketball sneakers. He has been looking for a job as an investment banker ever since he dropped out of high school. He is now 46 years old and has never had a job. Mr. Ozark is,,,,,,,,,,, unemployed.

Answer 1

Structurally

Question 2

Troughs occur

Answer 2

At the bottom of a business cycle

Question 3

The recovery phase of the business cycle ends when

Answer 3

We retain the level of the previous peek

Question 4

If the number of unemployed stays the same and the number of people in the labor force declines.

Answer 4

The unemployment rate will rise.

Question 5

The longest expansion since records have been kept in

Answer 5

March 1991

Question 6

An example of this inflation would be when the annual inflation rate went from

Answer 6

8% to 4%

Question 7

We have business cycles of

Answer 7

Different links and amplitudes

Question 8

A person who is not work in six months and has given up looking for work is officially classified as

Answer 8

Discouraged

Question 9

Which is true? Both the liberals and conservatives feel that official unemployment rate is too high, both liberals and conservatives feel the official unemployment rate is too low, the Liberals believe that the official unemployment rate is too high in the conservatives feel it’s too low or none of the statements are true

Answer 9

None of the statements are true

Question 10

Inflation generally occurs

Answer 10

In wartime

Question 11

Traditionally those hurt by inflation have been

Answer 11

Creditors and people on fixed incomes

Question 12

Farmers have generally been,,,,,,,,, by inflation.

Answer 12

Helped

Question 13

Inflation is

Answer 13

The rise in average price levels

Question 14

In 1973 the OPEC countries

Answer 14

Quadruple the price of oil

Question 15

Which ordering is correct.

Answer 15

Recession recovery prosperity

Question 16

Which is the most accurate statement?

Answer 16

Business cycle forecasting dates back to biblical times.

Question 17

Most post-World War II recessions lasted less than

Answer 17

One year

Question 18

Which statement is true about the rate of inflation?

Answer 18

It was higher at the beginning of the 1980s band at the end of the 1980s

Question 19

A high school dropout with poor work habits, little experience, and no vocational training who has been out of work for three years but is actively seeking employment, would be,,,,,,,,,,,,,, unemployed.

Answer 19

Structurally

Question 20

Which statement is true about the rate of inflation?

Answer 20

It was higher in the 1970s been in the 1960s

Question 21

If CPI is currently 296.3 and the base year is 1967, how much was the CP I in 1967.

Answer 21

100

Question 22

Each of the following people would be heard by anticipated inflation except

Answer 22

Debtors

Question 23

When looking at a graph where ex is at the middle of the increase what phase of the business is this

Answer 23

Recovery

Question 24

When looking at a graph where why is at the top of the line what phase of the business cycle is this

Answer 24

Prosperity

Question 25

H Ross Perlmutter is a crackerjack sales person. He could probably sell anything to anyone. The company he works for goes out of business. Until he finds a new position, Mr. Perlmutter is,,,,,,,,,, unemployed.

Answer 25

Frictionally