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ECON202 - Quiz _1 Version 1

ECON202 - Quiz _1 Version 1 - d private investment was...

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Quiz #1 Version 1 1. Cyclical unemployment a. is short-term joblessness experienced by those who are between jobs b. is joblessness created by a mismatch between available jobs and workers' skills c. is joblessness related to regular seasonal events such as holidays or weather changes d. is joblessness caused entirely by microeconomic forces e. does not exist when the economy is at full employment 2. The largest component of GDP is a. tax revenue b. government purchases of goods and services c. the nation's capital stock d. private investment spending e. private consumption expenditures 3. Assume net exports are -$220, consumption is $5,000, tax revenues are $1,000, government purchases are $1,500, and 2003 GDP, calculated by the expenditure approach, is $8,000. We can conclude that
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Unformatted text preview: d. private investment was $1,720 e. public investment was $1,730 4. What are the three important macroeconomic goals about which most economists, and society at large, agree? a. economic growth, full employment, and low interest rates b. economic growth, full employment, and stable prices c. economic growth, zero unemployment, and falling prices d. economic growth, low unemployment, and a balanced budget e. economic growth, a balanced budget, and balanced international trade 5. If the unemployment rate is 6 percent, that means that 6 percent of a. the population is not working b. potential workers do not have jobs c. the workforce is not working at that time d. the individuals who are looking for work cannot find jobs e. people who want to work cannot find jobs...
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