Assume adult males have a 47% share of the work force and their unemployment rate is 8.6%, adult females have a share of 45% and their unemployment rate is 8.4%, and teenagers have a share of 8% and their unemployment rate is 21%. Approximately what is the overall unemployment rate?
A. 0.09
B. 0.095
C. 0.098
D. 0.102
E. 0.104
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In which of the following periods did the U.S. economy NOT experience a recession?
A. 1974/75
B. 1981/82
C. 1987/88
D. 2001/02
E. 2007/09
The relationship between job vacancies and the unemployment rate is called
A. the Beveridge curve
B. the original Phillips curve
C. the augmented Phillips curve
D. Okun's law
E. none of the above
Okun's law states that if the unemployment rate increases by 1percentage point, then
A. real GDP will fall by about 2 percent
B. real GDP will also fall by about 1 percent
C. real GDP will fall by about 0.5 percent
D. the rate of inflation will decline by about 2 percent
E. the rate of inflation will decline by about 0.5 percent
The fact that an increase in the unemployment rate by 1 percent will lead to a roughly 2 percent loss in output is referred to as
A. the sacrifice ratio
B. the replacement ratio
C. the misery index
D. the Beveridge relationship
E. Okun’s law