24 Due to a recession, George has been laid off from his construction job. The A

Question

24 Due to a recession, George has been laid off from his construction job. The A) cyelical C) scasonal D) frictional 25. If the rate of exchange is 1 -US$2, then A) 0.50 B) 62. C) $0.50. D) $2.00 Use the following to answer question 26 CPI 84 93 100 120 Starting Salary $ 52,000 S 61,000 $ 66,000 S 72,000 Year 1991 2000 Pat Alex2004 2009 Kiana 26. Pat, Lucy, Kiana, and Alex are comparing the starting salaries in their first jobs. The year each started his or her first job, the CPI in that year, and each person's nominai starting salary are given in Table 1. Who negotiated the highest real starting salary? A) Pat B) Lucy C) Kiana D) Alex 27. According to economists, money is NOT A) a medium of exchange B) a store of value C) a unit of account D) capital Page 8

Explanation / Answer

Ans)

24
A) cyclical
A cyclical unemployment is a type of unemployment which occurs usually during recessions when the demand falls.
25
A) e0.50
if e1=US$2
then US$1=e1/2
US$1=e0.5
26
C) Kiana
Salary/CPI * 100
Pat : 52000/84*100=61904.76
Lucy: 61000/93*100=65591.39
Kiana: 66000/100*100=66000
Alex: 72000/120*100=60000

27
D) Capital
Money is defined as anything which can serve as a medim of exchnage for goods and servies, a unit of accout, a store of value.

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