HW-1 - Homework 1 Chapters 4-6 Due in class on Friday...

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Homework 1, Chapters 4-6 Due in class on Friday, February 13. [1]Rapid economic growth, stable prices and __________ are the three important macroeconomic goals about which most economists agree. 1. an unemployment rate of zero. 2. zero inflation. 3. full employment. 4. a high exchange rate. 5. low interest rates. [2]If the unemployment rate is 6 percent, that means that 6 percent of 1. the population is not working 2. potential workers do not have jobs 3. the workforce is not working at that time 4. the individuals who are looking for work cannot find jobs 5. people who want to work cannot find jobs [3]Over the past 75 years, the inflation rate has 1. generally increased 2. been positive in most years 3. stayed low 4. been negative in most years 5. dramatically increased [4]During the Great Depression, the unemployment rate peaked at about (1)25 percent (2)20 percent (3)15 percent (4)10 percent (5)5 percent. [5]Which of the following would be counted in U.S. GDP? 1. a new U.S.-produced radio bought by a Japanese citizen living in Kyoto 2. a used U.S.-produced computer bought by a French citizen living in Kansas 3. a new Japanese radio bought by a U.S. citizen in Rhode Island 4. a U.S. pianist's concert sales in Britain 5. stock in Microsoft Corporation bought by a Russian citizen [6]Which of the following would not be included in the consumption component of GDP? 1. movie ticket sales 2. the purchase of a new car by a rental car company. 3. medical bills 4. clothing purchases 5. home electricity bills
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2 [7]Government re-training programs, such as those that train workers who have lost their jobs due to out of date skills, would best fight the problem of (1)frictional unemployment (2)structural unemployment (3)cyclical unemployment
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