exam2-solutions - Economics 304L EXAM 2 Helen Schneider...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 304L EXAM 2 Helen Schneider Fall 2008 SOLUTIONS I. Multiple choice . Do the following 10 multiple choice questions. Read each question carefully and circle the best answer. There is only one answer to each question. It often helps to jot down a quick graph or do some work next to the question before searching for the answer. 1. All of the following types of wages can cause unemployment EXCEPT: A) minimum wages. B) union wages. C) sticky or efficiency wages. D) equilibrium wages. 2. Which of the following statements regarding the types of unemployment is true? A) Frictional unemployment is generally short-term, whereas structural unemployment is often long-term. B) Cyclical unemployment is due to expansions in the business cycle. C) Frictional unemployment is brought about by changes in technology. D) Structural unemployment is the result of normal labor turnover. 3. During the 1970s when handheld calculators became popular and replaced slide rules in performing computations, workers in the slide rule industry lost their jobs. What type of unemployment did these workers experience? A) frictional unemployment B) cyclical unemployment C) structural unemployment D) natural unemployment 4. Which conclusion is typical of the classical economic model? A) Monopolies are a significant part of the economy. B) Markets rarely reach equilibrium. C) Markets keep the economy near full employment. D)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/16/2010 for the course ECONOMICS 420K taught by Professor Dusansky during the Spring '10 term at University of Texas.

Page1 / 5

exam2-solutions - Economics 304L EXAM 2 Helen Schneider...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online