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- ning Time: 09 minutes, 39 seconds. tion Completion Status: O E. frictional, cyclical, and structural unemployment. QUESTION 6 Suppose an individual earned a salary of $12,000 in 1970. If the CPI was 38.8 in 1970 and 258.8 in 2020, then the value of this individual's salary in 2020 dollars is approximately O A. $80,041. O B. $71,456. OC. 593,381. O D.$1,799. O E. $60,398. QUESTION7 If real GDP remains constant we know for sure that O A. output has declined. O B. output has risen but prices have remained constant. O C. prices have remained constant. O D. output has remained constant. O E. output has risen. QUESTION 8 All of the following factors have contributed to the rapid expansion of international trade since the 1980s, except for O A. progress in communications. O B. trade agreements. Click Save and Submit to save and submit. Click Save All Answers to save all answers.5.0 4.0 3.0 2.0 1.0 1975 1985 1995 2005 Year In the above figure, which period(s) show deflation? O Only from 1995 to 2005. O Only from 1985 to 1995. O None of the above because there is no year with deflation in the above figure. O From both 1975 to 1985 and from 1995 to 2005. Inflation rate (percent per year)What is the quantity of real GDP produced if the real wage rate is at the full-employment equilibrium level? If the real wage rate is at the full-employment equilibrium level, real GDP is O A. equal to potential GDP, which is efficient but is not the most that can be produced. O B. equal to potential GDP, which is the most that can be produced O C. at its highest attainable and efficient level O D. at or below potential GDP depending on the level of employment Click to select your answer.
- If there are 3 million discouraged workers, 2.4 million marginally attached workers, the labor force is currently 102.5 million, and the unemployment rate is 5.2%, how many people are unemployed in this country? O 5.2 million O 5.33 million O 8.33 million O 10.73 millionTotal Population Civilian Population Employed Unemployed 300,000 250,000 127,500 22,500 The above table shows some labor market data for a country. Potential GDP in this country is Yp = 100,000, natural rate of unemployment is 5 percent. Okun's alpha has been estimated to be a = 2. What is the real GDP in this country? O 80000.00 O 85000.00 O 90000.00 110,000.00 O 120,000.00If the CPI was 228 at the end of 2013 and 236 at the end of 2014, what was the inflation rate in 2014? Select one: A. 8 percent B. 236 percent C. 4 percent O D. 3.4 percent O E. 3.5 percent
- The price index was 140 in one year and 148.4 in the next year. What was the inflation rate? 8.4 percent O 6.0 percent O 2.4 percent O 4.2 percentIf the population of a country is 1,000,000 people, its labor force consists of 500,000, and 40,000 people are unemployed, the unemployment rate is: O 8.0 percent. O 7.4 percent. O 50.0 percent. O 4.0 percent.Which of the following statements below is true in terms of unemployment and a healthy economy? O Full employment in an economy means that every adult who is not in school is employed. O Full employment means having some cyclical employment. Full employment in an economy means that the entire labor force is employed. O The natural rate of unemployment is 5%, according to most economists.
- Suppose the existing labor force inside the country is 1,000,000 persons, of whom 900,000 are employed and 100,000 unemployed. Suddenly 100,000 overseas workers are thrown out of their jobs overseas and must return home. Of these, 95,000 become employed while 5,000 have difficulty finding jobs and are unemployed. As a result of this development, the unemployment rate of the country__from____to___ O a. rises; 11 percent; 11.6 percent O b. falls; 10 percent; 9.5 percent O c. rises; 10 percent; 11 percent O d. falls; 11 percent; 10 percentThe reference base period is a period for which the is defined to equal Currently, the reference base period is 1982-1984. O A. inflation rate; 1 percent O B. PPI; 110 O C. interest rate; 1 percent O D. CPI; 100 Click to select your answer. DILO 5 The table below lists the CPI and wage values for the United States from different decades. a. Complete the table by computing the real income for each year shown in the table. Instructions: Round your answers to two decimal places. Nominal and Real Income Year 1967 1977 1997 2007 2013 Average Nominal Mage (dollars) $7,877 13,579 26,055 37.177 CPI 3.4 60.6 113.6 160.5 207.1 233.0 Average Beal Mage (dollars) 3 52,322 Instructions: Enter the year using all four numbers tyy b. Of the years listed above, the paycheck of the average worker was highest in c Of the years listed above, the purchasing power of the average worker was highest in