macro quiz 2 - SUNY New Paltz Department of Economics...

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SUNY New Paltz Dr. Kim Department of Economics Principles of Macroeconomics (ECO 207) Spring 2008 Quiz #2 Name: _____________________________ Please mark your answer CLEARLY to get credit for the correct answer. 1. Economic growth is measured by changes in: ANSWER: C a) nominal GDP. b) the money supply. CORRECT ANSWER c) real GDP per capita. d) the rate of unemployment. e) none of the above. 2. The unemployment rate is the number of people classified as unemployed as a percentage of: ANSWER: C a) the entire population. b) the population over the age of sixteen. CORRECT ANSWER c) the labor force. d)the number of people over the age of sixteen who are employed. 3. Kathryn chooses to go to college full-time rather than to work. Kathryn: ANSWER: A CORRECT ANSWER a) is not part of the labor force. b) is part of the labor force and what economists call a discouraged worker. c) is part of the labor force, but not actively seeking work. d) is considered employed. e) may be characterized by both b) and c). 4. After looking for a job for more than eight months, Kyle has become frustrated and stopped looking. Economists view Kyle as: ANSWER: C a) unemployed. b) part of the labor force, but neither employed nor unemployed. CORRECT ANSWER c) a discouraged worker. d) cyclically unemployed. e) both b) and c). 5. A person who works 25 hours per week: ANSWER: E a) is considered to be a discouraged worker. b) is considered to be employed. c) is considered to be unemployed. d) is considered to part of the labor force. CORRECT ANSWER e) is characterized by both b) and d). 6. Which of the following individuals are considered officially unemployed? ANSWER: D a) a discouraged worker b) an individual who quits his job to raise a child c) an individual who is not looking for a job because he works in the underground economy
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CORRECT ANSWER d)None of the above 7. In December 2005 the labor force in Athens, Georgia, was 20,000. There were 15,000 persons employed. The local unemployment rate: ANSWER: B a) was 75 percent. CORRECT ANSWER b) was 25 percent. c) was 33 percent . d) was 66 percent. e) cannot be determined from the information provided. 8. Which of the following groups of people would be included in the official unemployment rate? ANSWER: B a) part-time workers CORRECT ANSWER b) workers temporarily laid off from jobs to which they expect to return c) discouraged workers d)all of the above 9. Unemployment caused by a contraction in the economy is called: ANSWER: B a) frictional unemployment. CORRECT ANSWER b) cyclical unemployment. c) structural unemployment. d)seasonal unemployment. 10. When an economy is operating at full employment: ANSWER: C a) the unemployment rate will equal zero. b) frictional unemployment will equal zero.
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macro quiz 2 - SUNY New Paltz Department of Economics...

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