Lernkarten

Marco Wernli
Karten 42 Karten
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Sprache English
Stufe Universität
Erstellt / Aktualisiert 04.10.2020 / 04.10.2020
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0 Exakte Antworten 39 Text Antworten 3 Multiple Choice Antworten

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Explain the terms nominal interest rate and real interest rate.

The nominal interest rate is the interest rate in dollar terms – for example, the interest rate on a student loan. The real interest rate is the nominal interest rate minus the rate of inflation.

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Explain the term disinflation

The process of bringing the  inflation rate down is called disinflation. This process is very costly!

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Calculate the number of workers employed in each of the regions in July 2015 and July 016. use your answer to calculate the change in the total number of workers employed between July 2015 and July 2016.

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For each reagion, calculate the growth in the labor force from July 2015 to July 2016.

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Compute unemployment rates in the different regions of the country in July 2015 and July 2016.

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What can you infer about the fall in unemployment rates over this period? Was it caused by a net gain in the number of jobs or by a large fall in the number of people seeking jobs?

Across all four regions there was both a net rise in the number of jobs and the number of people seeking jobs. But the number of jobs increased more than the labor force, and the unemployment rate fell.

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The accompanying diagram shows the interest rate on one-year loans and inflation during 2001-2016 int the economy of Albernia. When would one-year loans have been especially attractive and why?

One-year loans in Albernia would have been especially attractive during the time inwhich the inflation rate exceeded the interest rate, corresponding to the years of 2004 and 2009. Whenever nominal interest rates are lower than inflation, borrowers are better off and lenders are worse off.

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What is the equilibrium wage rate in Profunctia? At this wage rate, what are the level of employment, the size of the labor force, and the unemployment rate?

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If the government of Profunctia sets a minimum wage equal to $12, what will be the level of employment, the size of the labor force, and the unemployment rate?

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If unions bargain with the firms in Profunctia and set a wage rate equal to $14, what will be the level of employment, the size of the labor force, and the unemployment rate?

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If the concern for retaining workers and encouraging high-quality work leads firms to set a wage rate equal to $16, what will be the level of employment, the size of the labor force, and the unemployment rate?

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Fenster schliessen

Explain the terms emplyoment and unemlployment

Employment is the number of people currently employed in the economy, either full time or part time. On the other hand, unemployment is defined as the total number of people who are actively looking for work but aren’t currently employed. That means, just because a person isn’t working doesn’t mean that we consider that person unemployed

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Explain the term labor force and the labor force participation rate

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A country’s labor force is the sum of employment and unemployment, whereas the labor force participation rate is the percentage of the  population aged 16 or older that is in the labor force (either employed or unemployed).

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Explain the term unemployment rate

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The unemployment rate is the percentage of the total number of people in the labor force who are unemployed.

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Explain why it is impossible, that the unemployment rate falls to zero.

If you are searching for work, it’s normal to take at least a few weeks to find a suitable job. Yet a worker who is quite confident of finding a job, but has not yet accepted a position, is counted as unemployed. As a consequence, the unemployment rate never falls to zero, even in boom times when jobs are plentiful.

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Explain the term discourage workers

Discouraged workers are nonworking people who are capable of working but have given up looking for a job given the state of the job market (e.g. no suitable jobs are currently available). They don't get counted as unemployed!

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Explain the term marginally attached workers

Marginally attached workers would like to be employed and have looked for a  job in the recent past but are not currently looking for work. Discouraged workers are part of this group. They don't get counted as unemployed!

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Explain the term underenmployed workers

Workers who would like to find full-time jobs buta re currently working part time because they can't find a suitable job.  They don't get counted as unemployed!

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The unemployment number usually quoted in the news media counts someone as unemployed only if he or she has been looking for work during the past __________.

week

two weeks

three weeks

four weeks

five weeks

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The unemployment rate is an indicator of

overall labor market conditions

an exact, literal measure of the percentage of people unable to find jobs

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During periods of economic expansion the unemployment rate usually 

falls

rises

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A period in which real GDP is growoing at a bleow-average rate and unemployment is rising is called a __________ or a __________.

jobless recovery or a growth recession

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Explain the term job separation

terermination of employment that occurs because a worker is either fired or quits voluntarily.

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Explain the term frictional unemployment

Frictional unemployment is unemployment due to the time workers spend in job search. It's basically the time between two jobs, when while the workers is not employed. A certain amount of frictional unemployment is inevitable due to the constant process of economic change.

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Why coult a certain amount of frictional employment be a good thing in the economy?

Because the economy is more productive if workers take the time to find jobs that are well matched to their skills, and workers who are unemployed for a brief period while searching for the right job don’t experience great hardship.

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Explain the term structural unemployment

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Structural unemployment is unemployment that results when there are more people seeking jobs in a particular labor market than there are jobs available at the current wage rate.