A recession causes a decrease in the demand for housing, resulting in substantial layoffs in the construction industry. This is an example of
A) cyclical unemployment.
B) frictional unemployment.
C) seasonal unemployment.
D) structural unemployment.
52) Inflation is best defined as
A) a price decrease.
B) a relative price increase.
C) an increase in the general price level.
D) an increase in the price of a single necessity.
53) Deflation refers to the situation when
A) the inflation rate decreases.
B) the average of all prices is falling.
C) there is a recession and inflation.
D) prices are not changing.
54) The faster the drop in the purchasing power of money, the
A) faster the drop in the inflation rate.
B) faster the drop in the deflation rate.
C) faster the increase in the deflation rate.
D) the faster the increase in the inflation rate.
55) The nominal value of a good is
A) the good's value expressed in purchasing power terms.
B) the good's anticipated value one year from now.
C) the price of the good in today's dollars, minus an anticipated inflation premium.
D) the price of the good in today's dollars.
56) A new Pentium computer costs less than a 486 computer when it first came out three years earlier. The real price of personal computers over the last three years has
C) stayed the same.
D) changed, but there is not enough information to tell in which direction.
57) Last year the price of a dozen eggs was $1 and this year the price is $1.30. Which of the following does NOT express this price change accurately?
A) The price increased 30 percent.
B) The price increased by 30 cents.
C) If last year was the base year, the index number for this year would be 130.
D) If this year is the base year, the index number for last year would be 130.
1 $ .75 $ .75
2 1.35 .75
3 1.60 .75
4 2.10 .75
58) According to Table 4-1, in the base period (Year 1), the price index is
59) According to Table 4-1, in Year 3, the price index for widgets is
60) In Table 4-2, if 2000 is the base year, what is the price index for a market basket of goods for 2001?
D) Zero since the price of CDs fell and the price of bread increased.
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