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applied econ > Q2 L1: inflation and unemployment (INCLUDED IN FINALS) > Flashcards

Q2 L1: inflation and unemployment (INCLUDED IN FINALS) Flashcards

1
Q

Refers to the condition and extent of joblessness within an economy

A

unemployment

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2
Q

“A person is unemployed if he or she is not working and (1)____________________________________________________, (2)___________________________________________________.”

A

(1) has made specific efforts to find a job during the last four weeks
(2) is laid off from a job in the succeeding months

(Samuelson & Nordhaus, 2004)

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3
Q

enumerate the Causes of Unemployment

A
  1. A person might be a new graduate or new entrant into the labor force
  2. A person who quit a job in search for other employment may be considered as unemployed while he/she is searching
  3. A person may be laid off from work
  4. A worker may lose his/her job by being fired or because the company closes down
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4
Q

enumerate the types of unemployment

A
  1. Frictional
  2. Cyclical
  3. Structural
  4. Seasonal
  5. Social Impact
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5
Q

Transitional type of unemployment which happens when people move from one job to another

A
  1. Frictional
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6
Q

Arises because of the incessant(constant) movement of people between regions and jobs or through different stages of the life cycle

A
  1. Frictional
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7
Q

A result of temporary transitions made by workers and employers or from workers and employers having inconsistent information about the job they applied and hired to

A
  1. Frictional
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8
Q

Results from the ups and downs of business cycle of the country

A
  1. Cyclical
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9
Q

Exists when the overall demand for labor is low

A
  1. Cyclical
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10
Q

Also occurs when there is a recession in the economy or there is an economic crisis

A
  1. Cyclical
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11
Q

Results from the mismatch between the available skill and the requirements in the labor market

A
  1. Structural
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12
Q

Results from seasonable changes in the labor supply

A
  1. Seasonal
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13
Q

An unemployed individual experiences psychological deterioration due to anxiety and worry of not being able to find work and provide financial support to his family

A
  1. Social Impact
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14
Q

Psychological deterioration can also lead to social deterioration

A
  1. Social Impact
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15
Q

voluntary transition of workers

A
  1. Frictional
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16
Q

give examples of each type of unemployment

A
  1. Frictional
    - ung time na naghahanap ka ng trabaho after graduation
  2. Cyclical
    - nung nag pandemic nawalan ng trabaho, then after pandemic nagkaroon ulit, then nawawalang ulit, etc.
  3. Structural
    - napapalitan ng technology ung mga workers
  4. Seasonal
    - mga nagtitindang paputok
    - mga beach resorts na nag ha-hire ng life guards tuwing summer
  5. Social Impact
    - mental health issues of workers
17
Q

a temporary type of unemployment

A
  1. Cyclical
18
Q

a permanent type of unemployment

A
  1. Structural
19
Q

The economic condition characterized by a large and sudden increase in the general level of prices of goods and services

A

Inflation

20
Q

The rate of increase in the price level

A

Inflation

21
Q

enumerate the types of inflation

A
  1. Cost-Push Inflation
  2. Demand-Pull Inflation
22
Q

Caused by higher demand compared relative to the supply of goods and services

A
  1. Demand-Pull Inflation
23
Q

When aggregate demand is higher than aggregate supply

A
  1. Demand-Pull Inflation
24
Q

The increase in the demand for goods and services would lead to increased prices, assuming the supply of goods and services is not able to adjust quickly enough to meet the higher demand

A
  1. Demand-Pull Inflation
25
Q

The rise in prices resulting from increases in the cost of production(/input prices of raw materials) without corresponding increases in output

A
  1. Cost-Push Inflation
26
Q

May also be caused by a shortage in supply due to natural calamities and disasters leading to higher prices

A
  1. Cost-Push Inflation
27
Q

enumerate the costs of inflation

A
  1. Shoe Leather Costs
  2. Menu Costs
28
Q

Costs to households and business firms when making more trips to the banks to avoid holding significant amounts in pesos or of shifting funds from interest bearing assets into money.

A
  1. Shoe-Leather Costs
29
Q

These are costs due to (firms) changing prices.

A
  1. Menu-Costs
30
Q

true or false?

The BSP monitors movements in prices, analyzes their causes, and undertakes necessary measures to ensure that the money supply is managed in a manner that it contributes to inflation.

A

false

The BSP monitors movements in prices, analyzes their causes, and undertakes necessary measures to ensure that the money supply is managed in a manner that ((it does not contribute to inflation)).

31
Q

true or false?

All inflation should be addressed by monetary policy.

A

false

((Not)) all inflation should be addressed by monetary policy.

32
Q

_________________________________________ influences the cost of money

A

((Reduction in the reserve requirement)) influences the cost of money

33
Q

Improving public access to banking system facilities would encourage?

A

savings and investments

applied econ (6 decks)

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