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Exam 28: Business Cycles, Unemployment, and Inflation

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Question 61

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Who is least likely to be hurt by unanticipated inflation?

A) A disabled laborer who is living off accumulated savings.
B) An owner of a small business.
C) A secretary.
D) A pensioned steelworker.

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Question 62

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During the past ten years,the annual rate of inflation in the United States has averaged less than 1 percent.

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Question 63

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The annual rate of inflation can be found by subtracting:

A college graduate using the summer following graduation to search for a job would best be classified as:

Which of the following formulas is correct? Percentage change in:

The relationship between the size of the negative GDP gap and the unemployment rate is:

During a period of hyperinflation:

Answer the question on the basis of the following information for a specific year in a hypothetical economy for which Okun's law is applicable: Potential Real GDP = $\$ 200$ Billion Natural Rate of Unemployment $= 6$ Percent Actual Rate of Unemployment $= 12$ Percent Refer to the given data.The amount of output being forgone by the economy is:

Between 1980 and 2000 the price level approximately doubled.The average annual rate of inflation over this 20-year period was about:

Answer the question on the basis of the following information about the hypothetical economy of Scoob.All figures are in millions. $\begin{array} { l l } \text { Unemployed } & 7 \\\text { Total Population } & 145 \\\text { Employed } & 95 \\\text { Discouraged Workers } & 3\end{array}$ Refer to the given information.The unemployment rate in Scoob is:

The industries or sectors of the economy in which business cycle fluctuations tend to affect output most are:

Compared to other industrial nations,inflation rates in the United States are:

Cost-push inflation may be caused by:

If actual GDP is $340 billion and there is a positive GDP gap of $20 billion,potential GDP is:

If actual GDP is $500 billion and there is a negative GDP gap of $10 billion,potential GDP is:

In which of the following cases would real income rise?

As applied to the price level,the "rule of 70" indicates that the number of years required for the price level to double can be found by:

The phase of the business cycle in which real GDP declines is called:

Recurring upswings and downswings in an economy's real GDP over time are called:

If actual GDP is less than potential GDP: