Podcast
Questions and Answers
What type of unemployment is caused by workers voluntarily changing jobs and by temporary layoffs?
What type of unemployment is caused by workers voluntarily changing jobs and by temporary layoffs?
Which measure of employment and labor utilization looks at how well the labor force is being used in terms of skills, experience, and availability to work?
Which measure of employment and labor utilization looks at how well the labor force is being used in terms of skills, experience, and availability to work?
What is the normal rate of unemployment around which the unemployment rate fluctuates?
What is the normal rate of unemployment around which the unemployment rate fluctuates?
Which type of unemployment occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season?
Which type of unemployment occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season?
Signup and view all the answers
What does the Bureau of Labor Statistics measure in the U.S. economy to support public and private decision making?
What does the Bureau of Labor Statistics measure in the U.S. economy to support public and private decision making?
Signup and view all the answers
Which type of economic statistical indicator changes (more or less) simultaneously with general economic conditions and therefore reflects the current status of the economy?
Which type of economic statistical indicator changes (more or less) simultaneously with general economic conditions and therefore reflects the current status of the economy?
Signup and view all the answers
What is the definition of creeping inflation?
What is the definition of creeping inflation?
Signup and view all the answers
What is the definition of deflation?
What is the definition of deflation?
Signup and view all the answers
What is the peak of the economy called before a recession begins?
What is the peak of the economy called before a recession begins?
Signup and view all the answers
What does easy money policy refer to?
What does easy money policy refer to?
Signup and view all the answers
What does contractionary fiscal policy involve?
What does contractionary fiscal policy involve?
Signup and view all the answers
What is supply-side fiscal policy also known as?
What is supply-side fiscal policy also known as?
Signup and view all the answers
What does demand side fiscal policy focus on?
What does demand side fiscal policy focus on?
Signup and view all the answers
What is meant by GDP per capita?
What is meant by GDP per capita?
Signup and view all the answers
What is meant by tight money policy?
What is meant by tight money policy?
Signup and view all the answers
What does Milton Friedman's monetary policy propose?
What does Milton Friedman's monetary policy propose?
Signup and view all the answers
Leading economic indicators are measures that consistently rise or fall several months after an expansion or a contraction begins.
Leading economic indicators are measures that consistently rise or fall several months after an expansion or a contraction begins.
Signup and view all the answers
Cyclical unemployment is caused by a business cycle recession.
Cyclical unemployment is caused by a business cycle recession.
Signup and view all the answers
Underemployment measures the utilization of labor force in terms of skills, experience, and availability to work.
Underemployment measures the utilization of labor force in terms of skills, experience, and availability to work.
Signup and view all the answers
Coincident Economic Indicators change (more or less) simultaneously with general economic conditions and therefore reflect the future status of the economy.
Coincident Economic Indicators change (more or less) simultaneously with general economic conditions and therefore reflect the future status of the economy.
Signup and view all the answers
Frictional unemployment is a type of unemployment caused by workers involuntarily changing jobs and by permanent layoffs.
Frictional unemployment is a type of unemployment caused by workers involuntarily changing jobs and by permanent layoffs.
Signup and view all the answers
Natural rate of unemployment is the normal rate of unemployment around which the unemployment rate fluctuates due to seasonal unemployment.
Natural rate of unemployment is the normal rate of unemployment around which the unemployment rate fluctuates due to seasonal unemployment.
Signup and view all the answers
Creeping inflation refers to a sudden, dramatic rise in the price of goods and services over a short period of time.
Creeping inflation refers to a sudden, dramatic rise in the price of goods and services over a short period of time.
Signup and view all the answers
Deflation is a general decline in prices for goods and services, typically associated with an expansion in the supply of money and credit in the economy.
Deflation is a general decline in prices for goods and services, typically associated with an expansion in the supply of money and credit in the economy.
Signup and view all the answers
GDP per capita is calculated by dividing the gross domestic product by the total population of a country.
GDP per capita is calculated by dividing the gross domestic product by the total population of a country.
Signup and view all the answers
Peak refers to the lowest point of the economy before a recovery begins, while trough is the highest point of the economy before a recession begins.
Peak refers to the lowest point of the economy before a recovery begins, while trough is the highest point of the economy before a recession begins.
Signup and view all the answers
Milton Friedman's monetary policy proposes that the Fed should target the growth rate of money to equal the growth rate of real GDP, leaving the price level unchanged.
Milton Friedman's monetary policy proposes that the Fed should target the growth rate of money to equal the growth rate of real GDP, leaving the price level unchanged.
Signup and view all the answers
In an easy money policy, interest rates are lower, making it easier to borrow and increasing money circulation in the economy.
In an easy money policy, interest rates are lower, making it easier to borrow and increasing money circulation in the economy.
Signup and view all the answers
The discount rate refers to the interest rates banks pay to consumers for borrowing money.
The discount rate refers to the interest rates banks pay to consumers for borrowing money.
Signup and view all the answers
Keynes and his followers believed that individuals should save more and spend less to effect full employment and economic growth.
Keynes and his followers believed that individuals should save more and spend less to effect full employment and economic growth.
Signup and view all the answers
Supply-side fiscal policy, also known as trickle-down economics, focuses on increasing aggregate demand to influence unemployment.
Supply-side fiscal policy, also known as trickle-down economics, focuses on increasing aggregate demand to influence unemployment.
Signup and view all the answers
The multiplier effect refers to the effect on national income and product of an exogenous decrease in demand.
The multiplier effect refers to the effect on national income and product of an exogenous decrease in demand.
Signup and view all the answers
