Recent economic news includes: a.. Grocery prices falling to the lowest level since before the pandemic b. the unemployment rate continuing to be fairly steady at a narrow range c.Home mortgage rates falling d.the Fed decreasing interest rates e. Oil prices falling to the lowest level in years

A mixed picture of encouraging and unsettling trends can be seen in recent economic developments.…

Answered: Recent economic news includes: a.…

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter17: Stabilizing The National Economy

Section17.1: Unemployment And Inflation

Problem 5R

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Effect of inflation on demand and supply
FRONT PAGE Unemployment Rate Hits a 26-Year High The nation's unemployment rate climbed to 10.2 percent in October, the highest rate since 1983. Nonfarm payrolls dropped another 190,000 last month, adding to 22 consecutive months of job losses. The biggest job losses were in manufacturing, construction, and retail employment. Since the recession began over 7.3 million jobs have been lost. The unemployment rate has more than doubled from 4.9 percent in December 2007 to its current level of 10.2 percent. In October, 35.6 percent of unemployed persons were jobless for 27 weeks or more, while 20 percent of the unemployed were jobless for 5 weeks or less. Source: U.S. Bureau of Labor Statistics, November 10, 2009. If the number of unemployed people is 15.7 million, in October 2009 Instructions: Round your responses to one decimal place. a. how many people were in the labor force? million b. how many people were employed? million
In the short run, an increase in the quantity of money in the economy causes: a. A decrease in production and an increase in unemployment b. An increase in both production and unemployment c. An increase in production and a decrease in unemployment d. A decrease in both production and unemployment
________ of unemployment during ________ make it easier for workers to ________ wages. High levels; a recession; negotiate higher Low levels; an expansion; negotiate higher Low levels; a recession; accept lower High levels; an expansion; accept lower
18. Mr. Ma owns a pizza shop with AVC = $70 and ATC = $98. It is a competitive market and the market price for pizza is $95. Mr. Ma should A. exit the market in both the short-run and long-run. B. continue his business in both the short-run and long-run. continue his business in the short-run but exit in the long-run if the situation continues. shut down his business in the short-run but continue in the long-run if the situation C. D. continues. Which of the following is(are) correct about how accountants and economists consider costs? Accountants consider only implicit costs Economists consider both explicit and implicit costs 19. I. II. A. I only II only C. Both I and II B. Neither I nor II D. 20. Which of the following statements is(are) correct for a monopoly firm and a competitive firm? Both firms earn economic profit in the long run. I. II. Both firms aim to maximize profit and produce at P = MC. I only П only Both I and II A. B. C. Neither I nor II D.
Explain how prices are quoted.
The change in the business cycles can impact how the economy is operating. Explain how an increase in the unemployment rate would impact how businesses will operate. Analyze how economic growth can be impacted by changes in the unemployment rate.
The size of unemployment shows the dynamics in the labor market. a. Illustrate how to calculate the Open Unemployment Rate! b. Explain why unemployment can arise and how to solve it!
Choose the one alternative that best completes the statement or answers the question. The diagram below illustrates the pattern of: A. Wage movements over timeIs a temporary minimum point B. Price level movements C. Economic growth patterns D. Business cycles E. When the inflation rate is its highest
Which of the following events is likely to increase unemployment and drive the price level down? Select one: a. The U.S. government lowering income and corporate taxes b. Strong economic growth in Mexico, one of our largest trade partners c. The Fed reducing the supply of money through an open market operations d. An increase in the price of fuel due to rising demand from India and China e. A rise in minimum wage
The next note that changes in oil prices can affect the inflation-unemployment outcome. Explain what effect changes in oil prices may have on these two variables.
Part A. What are the four phases of the business cycle? Part B. In which phase of the business cycle is the problem of inflation most likely present? Part C. In which phase of the business cycle would you likely see high unemployment?

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	a.	. Grocery prices falling to the lowest level since before the pandemic
	b.	the unemployment rate continuing to be fairly steady at a narrow range
	c.	Home mortgage rates falling
	d.	the Fed decreasing interest rates
	e.	Oil prices falling to the lowest level in years

Recent economic news includes: a. . Grocery prices falling to the lowest level since before the pandemic b. the unemployment rate continuing to be fairly steady at a narrow range c. Home mortgage rates falling d. the Fed decreasing interest rates e. Oil prices falling to the lowest level in years