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20 Cards in this Set
- Front
- Back
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Measuring unemployment is the job of the
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Bureau of Labor Statistics.
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Which of the following is not one of the categories into which the Bureau of Labor Statistics places each adult of each surveyed household?
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underemployed
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Edgar is working part-time. Diane is on temporary layoff. Who is included in the Bureau of Labor Statistics’ “employed” category?
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only Edgar
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Which of the following includes everyone in the adult population that the Bureau of Labor Statistics counts as unemployed?
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anyone who is not employed, is available for work, has looked for work in the past 4 weeks, and anyone who is waiting to be recalled from a job from which they have been laid off
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Jason works part-time as a babysitter. The Bureau of Labor Statistics counts Jason as
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employed and in the labor force.
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Suppose some country had an adult population of about 50 million, a labor-force participation rate of 60 percent, and an unemployment rate of 5 percent. How many people were unemployed?
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1.5 million
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-The labor-force participation rate of women has increased in part due to smaller families.
- The labor-force participation rate of men has decreased in part due to men retiring younger and living longer. |
Correct
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The deviation of unemployment from its natural rate is called
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cyclical unemployment.
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Economists at the Congressional Budget Office estimated that for 2009, the U.S. natural rate of unemploy-ment was
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5.0 percent.
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Just after World War II, the labor-force participation rate of women was
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about 33 percent, and in 2009 it was about 60 percent.
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The existence of money leads to
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greater specialization and to a higher standard of living.
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Which of the following lists is included in what economists call “money”?
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cash
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The confidence you have that a retailer will accept dollars in exchange for goods is based primarily on money
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being a medium of exchange.
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Dollar bills, rare paintings, and emerald necklaces are all
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stores of value.
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Liquidity refers to
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the ease with which an asset is converted to the medium of exchange.
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Treasury Bonds are
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a store of value, but not a medium of exchange
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Prisoners sometimes determine a single good to be used as money. This good becomes
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a medium of exchange and a unit of account.
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The Soviet government in the 1980’s never abandoned the ruble as the official currency. However, the people of Moscow preferred to accept
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goods such as cigarettes or American dollars in exchange for goods and services, reminding us of the fact that government decree by itself is not sufficient for the success of a commodity money.
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Paper money
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is valuable because it is generally accepted in trade.
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People can write checks against
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demand deposits and money market mutual funds
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