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Exam 9: Business Cycles, Unemployment, and Inflation

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Question 31

Multiple Choice

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In the depth of the Great Depression,the unemployment rate in Canada was about:

A) 15 percent.
B) 33 percent.
C) 20 percent.
D) 40 percent.

E) All of the above
F) B) and C)

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Question 32

Multiple Choice

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The labour force includes:

A) employed workers and persons who are officially unemployed.
B) employed workers,but excludes persons who are officially unemployed.
C) full-time workers,but excludes part-time workers.
D) permanent employees,but excludes temporary employees.

E) C) and D)
F) B) and D)

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Question 33

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Inflation means:

Dr.Homer Simpson,an economics professor,decided to take a year off from teaching to run a commercial fishing boat in P.E.I.That year,Professor Simpson would be officially counted as:

The severe recession of 2008 - 2009 was precipitated by:

A statement that is often used to describe demand-pull inflation is:

In which industry or sector of the economy is output least likely to be affected by the business cycle?

Inflation rates in Canada in recent years:

In which industry or sector of the economy is output least likely to be affected by the business cycle?

Unemployment involving a mismatch of the skills of unemployed workers and the skills required for available jobs is called:

The descriptions give the responses of four individuals to Statistics Canada. 1.Mollie just graduated from university and is now looking for work.She has had three job interviews in the past month. 2.George works in an automotive assembly plant.He was laid off six months ago as the economy weakened.He expects to return to work in several months when national economic conditions improve. 3.Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the federal government cut defence spending.She has been looking for similar work for a year but no company seems interested in her aircraft design skills. 4.Ryan lost his job last year when his company downsized and laid off middle-level managers.He tried to find another job for a year,but was unsuccessful and quit looking for work. -Refer to the above information.Which individual would be included in the calculation of the full-employment unemployment rate?

Assume Smith is temporarily unemployed because he has voluntarily quit his job with company A and will begin a better job next week with company B.Smith will be considered as:

The official unemployment rate:

If the natural rate of unemployment was 7 percent,the current unemployment rate was 12 percent,and the nominal GDP was $4,000 billion,then according to Okun's law the economy would have sacrificed:

According to the economists,different kinds of shocks to the economy could be responsible for the variations in real output and employment over time.These shocks include:

The unemployment rate in an economy is 7.5 percent.The total population of the economy is 250 million and the size of the civilian labour force is 180 million.The number of employed workers in this economy is:

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

For every 1 percent that the actual unemployment rate exceeds the natural rate,there is generated a 2 percent GDP gap.This is a statement of:

The GDP gap measures the:

Eckstein has lost her job in a Quebec textile plant because of import competition.She intends to take a short course in electronics and move to B.C.where she anticipates new jobs will be available.We can say that Eckstein is faced with: