"economics"exercise:Average unemployment time

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Questions 1:

Cost–push inflation is least likely to be affected by an increase in:

A、 employee wages.

B 、finished goods prices.

C、 commodity prices.

Questions 2:

All else remaining equal, a decline in the average duration of unemployment most likely indicates that an economic:

A 、upturn is beginning.

B 、upturn has already occurred.

C 、downturn is forthcoming.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. Cost–push inflation arises due to increases in costs associated with production: wages and raw materials prices.

A is incorrect. Cost–push inflation arises due to increases in costs associated with production. Wages are the single biggest cost to businesses.

C is incorrect. Cost–push inflation arises due to increases in costs associated with production. Commodities are an input to production, so they are major source of cost– push inflation.

【Answer to question 2】B

【analysis】

B is correct. The average duration of unemployment is a lagging economic indicator because businesses wait until a downturn looks genuine before laying off employees and until recoveries look secure before rehiring. If there is a decline in the average duration of unemployment, then it means that companies have been hiring, which indicates that an economic upturn has already occurred.

A is incorrect. Average duration of unemployment is a lagging indicator, not a coincident indicator.

C is incorrect. Although the average duration of unemployment is a lagging indicator, it is more directly indicating that an upturn has been underway, not that a downturn is forthcoming.

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