Inflation and Unemployment
Multiple Choice Questions
After watching the Inflation and Unemployment video lecture, consider the question(s) below. Then “submit” your response.
Question
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Question
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Question
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Question
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Question
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Question
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Question
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After watching the Inflation and Unemployment video lecture, consider the question(s) below. Then “submit” your response.
Question
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Question
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Question
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Short Answer/Discussion Questions
After watching the Inflation and Unemployment video lecture, consider the question(s) below. Then “submit” your response.
Question
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Suggested solution: Because high unemployment reduces the income of a sizable proportion of the populace, the affected individuals are less able to purchase the goods and services they desire. This reduced consumption constitutes a decline in standard of living. High inflation (driven by a rise in prices) reduces the purchasing power of savings, hence the standard of living. (Answers may vary.)
Question
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Suggested solution: The unemployment rate results from total number of people employed relative to the total size of the labor force. Because the U.S. government considers a part-time worker as employed even if that person wants full-time employment, the number of employed persons is overstated, decreasing the unemployment rate. Further, the government’s statisticians consider those who return to school because they can't find a suitable job or who cease looking for work because they are discouraged as not being members of the labor force. This understates the size of the labor force and understates unemployment.
Question
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Suggested solution: The two components of natural unemployment are frictional and structural unemployment. Frictional unemployment includes graduates looking for their first job and employees who leave jobs to search for better ones or who choose to take time off between jobs. Structural unemployment is caused by changes in the overall economy. A change such as unemployment caused by jobs moving offshore or new technology that renders skills or products obsolete drives structural unemployment. (Answers may vary.)