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15 Cards in this Set
- Front
- Back
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What is one phase of a business cycle? |
Recession |
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Most economists believe that the immediate determinate of the levels of domestic output and employment is |
The level of total spending |
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Production and employment would be least affected by a severe recession in which type of industry? |
Nondurable consumer goods |
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The labor force includes those who are... |
Employed |
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The unemployment data collected has been criticized because |
Discouraged workers are not considered a part of the labor force |
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A worker who loses a job at a an oil refinery because consumers and businesses switch from oil to coal is an example of |
Structural unemployment |
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A worker who has quit one job and is taking 2 weeks off before starting a new job is an example of... |
Frictional unemployment |
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Insufficient total spending in the economy results in |
Cyclical unemployment |
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The full-employment unemployment rate in the economy has been achieved when |
Cyclical unemployment is zero |
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At the natural rate of unemployment (NRU) the economy is said to |
Be producing its potential output |
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The burden of unemployment is "least" felt by |
White-collar workers |
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What contributes to cost-push inflation? |
An increase in per-unit production costs |
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Who would be hurt by unanticipated inflation? |
Those who lent money at a fixed interest rate |
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Cost-push inflation does what? |
Decreases real output |
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What do economists think about the effects of mild demand-pull inflation on the real output? |
They are mixed, and could be positive or negative. |
