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Chapter 16 Worksheet

Section 1 Unemployment
a. b. c. d. e. f. g. h. i. j. k. l. m. n. o. p. q. 1 hour 15 hours 1940 28 5 58 65 66.2 Automation Automation Business cycle Change Civilian labor Current Population Survey Cyclical Unemployment Demand Divided r. s. t. u. v. w. x. y. z. aa. bb. cc. dd. ee. ff. gg. hh. Durable Entire Every year Frictional Unemployment Geographic Horse Laid off Long-term Looking for Means Mergers Military base Move New No longer Not enrolled One-half million ii. Part-time jj. Production kk. Reduces ll. Replaced mm. Rural nn. Seasonal Unemployment oo. State-based pp. Stopped looking qq. Structural Unemployment rr. Surveys ss. Technological Unemployment tt. Temporary uu. Unemployed vv. Urban ww. White-collar xx. Work Projects Administration yy. Working

1. How many hours per week do you have to work for pay or profit in order to be employed? Cap 395 a. ____________________ or more b. ____________________or more in a family business 2. How is the unemployment rate computed? Review 414 a. The number of ____________________ individuals is ____________________ by the total number of persons in the ____________________or force. 3. How does the government collect monthly data on employment? Review 397 a. Bureau of the Census ____________________ about 60,000 households monthly looking for unemployed. Census workers turn their data over to the Bureau of Labor statistics for analysis & publication b. Labor Force Statistics from the Current Population Survey. Use this site to fill in the information indicated below. Because unemployment insurance records relate only to persons who have applied for such benefits, and since it is impractical to actually count every unemployed person each month, the Government conducts a monthly sample survey called the ____________________ (CPS) to measure the extent of unemployment in the country. The CPS has been conducted in the United States every month since ____________________, when it began as a ____________________project. It has been expanded and modified several times since then. For instance, beginning in 1994, the CPS estimates reflect the results of a major redesign of the survey. (For more information on the CPS redesign, see Chapter 1, "Labor Force Data Derived from the Current Population Survey," in the BLS Handbook of Methods.) There are about 60,000 households in the sample for this survey. This translates into approximately 110,000 individuals, a large sample compared to public opinion surveys which usually cover fewer than 2,000 people. The CPS sample is selected so as to be representative of the ____________________ population of the United States. In order to select the sample, all of the counties and county-equivalent cities in the country first are grouped into 2,025 ____________________ areas (sampling units). The Census Bureau then designs and selects a sample consisting of 824 of these geographic areas to represent each State and the District of Columbia. The sample is a ____________________ design and reflects ____________________ and ____________________ areas, different types of industrial and farming areas, and the major geographic divisions of each State 4. List the 5 major kinds of unemployment a. ____________________ unemployment caused by workers who are between jobs b. ____________________ change in the operations of the economy reduces the demand for workers & their skills

Chapter 16 Worksheet

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i. Tastes and needs change (____________________ & buggy) ii. Mergers & cost reductions trim ____________________labor forces in the banking & computer industries iii. ____________________closure iv. Most workers have to develop ____________________ skills or ____________________ to other regions c. ____________________ unemployment directly related to swings in the business cycle i. Recession = put off buying of ____________________ goods (washer, autos). ii. Workers ____________________, but get jobs back when economy recovers iii. Takes place over the course of the ____________________, which may last 3 5 years d. ____________________ unemployment resulting from changes in the weather or changes in the ____________________ for certain products i. Takes place ____________________ regardless of the health of the economy e. ____________________ when workers with less skills, talent, or education are replaced by machines i. ____________________ production with mechanical or other processes that reduces the need for workers What is the level of employment that most economists today classify as full employment? a. Below ____________________% Why may a government statistic about the number of employed people be misleading? a. It does not count those who have ____________________for work and people are considered employed even when they hold ____________________jobs. What are the similarities & differences between structural & technological unemployment? Give an example of each. a. Structural unemployment occurs when certain goods & services are ____________________in demand or when industries ____________________ the way they operate i. ____________________ in the early 1990s trimmed many white-collar jobs. b. Technological unemployment results from a change in the means of ____________________, such as when ____________________ replaces human labor. Why are these kinds of unemployment serious problems for an economy? a. Both are ____________________ b. Frictional, cyclical & seasonal are ____________________ What causes technological unemployment? Cap 397 a. When workers are ____________________ by machines Did you know? Left side of page - Page 396 a. Stay in School! Approximately ____________________ percent of the 2.7 million high school graduates in 1996 were attending colleges or universities in the autumn after they graduated. Women were more likely to go to college than men 68% compared to 60%. Nearly ____________________people dropped out of high school that same year, however. Of these, only ____________________% were in the labor force, & their unemployment rate was ____________________%. BLS Click on this link to get the answers a. In October 2012, ____________________percent of 2012 high school graduates were enrolled in colleges or universities, the U.S. Bureau of Labor Statistics reported today. Recent high school graduates ____________________in college in October 2012 were more likely than enrolled graduates to be ____________________ or ____________________ for work (69.6 percent compared with 38.2 percent).

Section 2 Inflation AT HOME 1. What are the 10 years between 1914 & the present that had over 10% inflation? a. Use this web site: USINFLATIONCALCULATOR.COM b. Use Excel for the following: i. Copy and paste the spreadsheet from the inflation calculator into Excel ii. Use the =average formula to get your answers c. ANSWER i. . ii. . iii. . iv. . v. . vi. . vii. . viii. .

Chapter 16 Worksheet

ix. . x. . 2. What was the Consumer Price Index for June, 2013? ____________________ 3. What does deflation mean? a. 4. What are the years that we see deflation taking place between 1913 & 2013? Use your spreadsheet. List 14 years and the amounts. a. . b. . c. . d. . e. . f. . g. . h. . i. . j. . k. . l. . m. . n. . 5. What was the amount of inflation in 2009? ____________________ 6. List the 4 years that have the highest deflation rate. a. . b. . c. . d. .

7. Use the Inflation Calculator a. If you bought an item for $20 in 1913 how much would it cost you in 2013? $ ____________________ i. What is the rate of inflation? ____________________% b. If you bought an item for $20 in 1920 how much would it cost you in 1942? $____________________ i. What is the rate of inflation? ____________________% c. If you bought an item for $20 in 1942 how much would it cost you in 1947? $____________________ i. What is the rate of inflation? ____________________% d. If you bought an item for $20 in 1960 how much would it cost you in 1990? $ ____________________ i. What is the rate of inflation? ____________________% e. If you bought an item for $20 in 1978 how much would it cost you in 1999? $ ____________________ i. What is the rate of inflation? ____________________% f. If you bought an item for $20 in 2008 how much would it cost you in 2013? $ ____________________ i. What is the rate of inflation? ____________________% a. b. c. d. e. f. Annual Consumer price index Divided Expanding General price level Increase g. h. i. j. k. l. Lenders Less Less Less Losing More m. n. o. p. q. r. Multiplied Percentage Prices Raise Rises Vary

8. What might an increase in inflation mean? a. That the economy is ___________________ & that businesses believe they can ___________________ prices without losing sales 9. What is the difference between the price level and the rate of inflation? Cap 400 a. Price level refers to comparative level of ___________________ at one point in time b. Rate of inflation is degree by which general price level ___________________ each year i. Inflation is a rise in the ___________________& is generally reported in terms of ___________________rates of change.

Chapter 16 Worksheet

10. How do economists compute the rate of inflation? Cap 401 a. By finding the ___________________ change in the ___________________. 11. Why are people on fixed incomes especially hard-hit during inflationary periods? Cap 402 a. Their money buys a little ___________________each month 12. How is the CPI used to compute the inflation rate? How is this computed? Review 403 a. Change in the price level is ___________________ by the beginning price level, then multiplied by 100 13. What are the 5 causes of inflation? a. . b. . c. . d. . e. . 14. List 4 consequences of inflation causing destabilization in the economy. a. . b. . c. . d. . 15. Explain the effect that inflation has on the financial positions of borrowers & lenders. a. ___________________ are hurt more than borrowers during long inflationary periods b. Money lent out may have ___________________purchasing power when it is repaid at a later date c. Interest rates will ___________________ d. Lenders will try to ___________________ interest rates to protect themselves against inflation 16. What does an inflation rate of 4% mean? a. The economy is experiencing ___________________ than creeping inflation. 17. When inflation continues, what happens to the buying power of the dollar? Cap 403 a. It buys ___________________. Section 3 Poverty & the Distribution of Income a. b. c. d. e. f. g. Above Abuse Disrupts Divided Free Grow Income-to-poverty h. i. j. k. l. m. n. Individual self-respect Inequality Lessened Living standards Lower Lowest Plotted o. p. q. r. s. t. u. Poverty Quintiles Ranked Right Varies Work Work

1. How is the Lorenz Curve used to show the inequality of income distribution? Review 414 a. Family incomes are ranked from ___________________ to highest b. Ranking is divided into ___________________ c. ___________________ as a Lorenz Curve d. Shows how much the actual distribution of income ___________________ from an equal distribution 2. In which direction does the Lorenz Curve move if income distribution becomes more unequal? a. To the ___________________ , further from the diagonal 3. What 5 factors help explain why some groups have more income than others? Cap 406 a. . b. . c. . d. . e. . 4. What problems do you think are associated with unemployment? a. Reduces ___________________ b. ___________________ families c. Reduces ___________________ 5. How did the decline of unionism affect the general level of wages? QC 409 a. Unions had successfully kept their members wages ___________________ those of nonunion members. The decline of unions ___________________ wage degree of difference between union & nonunion workers. 6. Who determines which families are eligible for TANF? a. .

Chapter 16 Worksheet

7. How has the changing structure of the family contributed to the income distribution disparity? VI 409 a. The shift from married-couple families to single-parent families tended to ___________________ family income 8. How do food stamps lower recipients grocery bills? QC 411 a. Get food stamps ___________________ or for a fraction of the face value 9. How does the negative income tax differ from other antipoverty programs? a. Market-based program designed to encourage people to ___________________ 10. How is the distribution of income measured? Review 412 a. Incomes are ___________________ by families from lowest to highest, and then ___________________ into quintiles. Quintile data is then plotted as a Lorenz Curve. 11. How are income-to-poverty rations used to measure the growing inequality of income? a. Family income is divided by the ___________________ level. b. Ratios are then ranked & divided into quintiles c. ___________________ratios for each quintile are spreading farther apart, revealing a growing inequality of income 12. What are 7 major programs & proposals designed to alleviate the problem of poverty a. . b. . c. . d. . e. . f. . g. 13. How do enterprise zones help businesses & area residents? a. Unemployed people can find ____________________ in their own neighborhoods b. Run-down areas can begin to ____________________