ECO 372T Wk 2 - Apply: Business Cycles, Unemployment, and Inflation Test

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ECO 372T Wk 2 - Apply: Business Cycles, Unemployment, and Inflation Test

Review the Week 2 Business Cycles, Unemployment, and Inflation Quiz in preparation for this assignment.

Complete the Week 2 Business Cycles, Unemployment, and Inflation Assignment in McGraw-Hill Connect®. These are randomized questions.

Note: You have only one attempt available to complete the assignment. Grades must be transferred manually to eCampus by your instructor. Don't worry, this might happen after your due date.

For each of the following items, indicate to which major group of the CPI the item belongs:

In each of the following examples, identify whether the person is counted in the official labor force or not.

In each of the following examples, identify whether the individual is experiencing cyclical unemployment, frictional unemployment, structural unemployment, or no unemployment.

Historical data show that during the recession of 1990–1991, the natural rate of unemployment was about 5.9% while the actual unemployment rate was 7.0%. A decade later, during the 2001 recession, the natural rate of unemployment fell to 4.8% while actual unemployment was 6.0%. 

Using this information, which of the following statements is  regarding these two short recessions?

The actual unemployment rate was higher during the recession of 1990−1991, while cyclical unemployment was higher in 2001. 

Both the actual unemployment rate and cyclical unemployment were higher during the recession of 1990−1991.

Both the actual unemployment rate and cyclical unemployment were higher during the 2001 recession.

The actual unemployment rate was higher in 2001, while cyclical unemployment was higher from 1990−1991.

The recurrent ups and downs in the level of economic activity extending over several years are referred to as

Multiple Choice

noncyclical fluctuations.

business cycles.

economic phases.

business startups.

In the expansion phase of a business cycle

Multiple Choice

employment and output increase.

employment increases, but output decreases.

the inflation rate and productive capacity decrease.

the inflation rate decreases, but productive capacity increases.

A mismatch between the geographic location of workers and the location of job openings would result in which type of unemployment?

Multiple Choice

cyclical

frictional

wait

structural