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Phase in which employment rises, and production and income increase.
1-depression
2- expansion
3- peak
4-recession
5-trough
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- A point where most economic indicators are at their high point. 1-depression 2- expansion 3- peak 4-recession 5-troughDefine the three macroeconomic variables (inflation, unemployment, growth)nominal wages rise faster than the price level, then real wages have ________ and the purchasing power of income has ________. Select one: a. fallen; fallen b. fallen; risen c. risen; risen d. risen; fallen
- During an economic expansion, real GDP ____ and unemployment ____.(a)increases, increases(b)increases, decreases(c)decreases, increases(d)decreases, decreasesAs an Economic Professional how can you define the following:1. Production 2. InflationFrom 1950 - 2007, recessions in the United States A. did not occur. B. became more severe than before 1950. C. became less severe than before 1950. D. were about as severe as they were before 1950
- Economics Sarah is looking for work as a computer programmer. Although her prospects are good, she hasn't yet taken a job. Julie is looking for work in a steel mil, but there aren't many job ads for steelworkers and every time she shows up for an interview, there are many more people than openings. Which of the following best describes the nature of their unemployment? A. Sarah and Julie are both frictionally unemployed. B. Sarah and Julie are both structurally unemployed. C. Sarah is frictionally unemployed, and Julie is structurally unemployed. D. Sarah is structurally unemployed, and Julie is frictionally unemployed.q118
- a) Label the portions (A) thru (1) in the chart below. b) Draw/Explain the graphs that correspond to your answers in (A), (B), and (C). State of the Economy Unemployment What Do Rate vs. Natural We Call It? Unemployment State of the Labor Market Rate Real GDP Natural Real GDP (B) (E) (H) Real GDP = Natural Real (C) (F) (1) GDPIn June 2009, at the trough of the Great Recession, the Bureau of Labor Statistics announced that of all adult Americans, 143,322,000 were employed, 12,332,000 were unemployed, and 89,008,000 were not in the labor force. Use this information to calculate: a. The adult population b. The labor force C. The labor-force participation rate d. The unemployment rateOn a business cycle diagram, the trough represents: a. An expansionary phase b. A contractionary phase c. The lowest point of economic activity d. The highest point of growth
