Macro Sample Test _5 Ch 7,15,11

# Macro Sample Test _5 Ch 7,15,11 - MacroTest#5Ch7,15,11...

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Macro Test #5 Ch 7,15,11 Student: ___________________________________________________________________________ 1. Real GDP was \$9,950 billion in Year 1 and \$10,270 billion in Year 2. The population rose from 270 million in Year 1 to 275 million in Year 2. What was the approximate increase in real GDP per capita rate from Year 1 to Year 2? A. 1.3 percent B. 2.1 percent C. 3.3 percent D. 4.2 percent 2. If an economy's real GDP doubles in fourteen years, then the average annual rate of growth in real GDP is about: A. 3 percent B. 4 percent C. 5 percent D. 6 percent 3. A recession is a decline in: A. The full-employment unemployment rate over a year B. The natural rate of unemployment C. GDP that lasts two consecutive quarters or longer D. GDP that lasts one year or longer 4. In which industry or sector of the economy is output least likely to be affected by the business cycle? A. Housing construction B. Automobile production C. Agricultural commodities D. Capital goods production 5. A nation has a population of 260 million people. Of these, 60 million are retired, in the military, in institutions, or under 16 years old. There are 188 million who are employed and 12 million who are unemployed. What is the unemployment rate? A. 4 percent B. 6 percent C. 9 percent D. 27 percent

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The descriptions give the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment. 1. Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month. 2. George works in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in several months when national economic conditions improve. 3. Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the Federal government cut defense spending. She has been looking for similar work for a year but no company seems interested in her aircraft design skills. 4. Ricardo lost his job last year when his company downsized and laid off middle-level managers. He tried to find another job for a year, but was unsuccessful and quit looking for work. 6. Refer to the above information. Which individual is frictionally unemployed? A. 1
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Macro Sample Test _5 Ch 7,15,11 - MacroTest#5Ch7,15,11...

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