Practice Exam 2 - Macro-exam2-Winter2007(Practice Multiple...

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Macro-exam2-Winter2007(Practice) Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. The fastest growing economy between 1870 and 1979 was a. the United Kingdom. b. the United States. c. Japan. d. Brazil. ____ 2. Faster economic growth in the United States may lead to the serious macroeconomic problem of higher a. levels of unemployment. b. federal budget deficits. c. levels of inflation. d. levels of poverty. ____ 3. Which of the following groups would be most optimistic about the effects of economic growth? ____ 4. The shortfall between actual real GDP and potential GDP ____ 5. When some firms fail because their output is not demanded by society, workers may suffer ____ 6. Technological change or the effects of automation cause a. structural unemployment. b. frictional unemployment. c. seasonal unemployment. d. cyclical unemployment. ____ 7. The unemployment rate that many economists believe represents full employment is ____ 8. Which of the following groups would most likely be harmed by inflation?
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____ 9. If you as a lender want an increase in purchasing power of 4 percent from making a loan and you set the nominal interest rate at 9 percent, then your ____
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