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study_q_-_midterm_2_s08

# study_q_-_midterm_2_s08 - Study Questions for Midterm II...

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Study Questions for Midterm II Please note that these questions are for you to get more practice. They may or may not be similar to exam questions . 1) Suppose initially that the working - age population is 220 million, the labor force is 150 million, and the unemployment rate is 10 percent. 5 million new jobs are created and filled by 5 million people who had previously been discouraged workers. What is the new unemployment rate? a. 6.25 percent. b. 6.7 percent. c. 9.7 percent. d. 8.7 percent. 2) To calculate the unemployment rate, which of the following are necessary pieces of information? I. The number of unemployed persons II. the population III. the number of people in the labor force IV. the working age population 3) Frictional unemployment comes about because of 4) When the economy is operating at full employment, the natural unemployment rate consists of only 5) The classical dichotomy states that a. the forces that determine the real variables are the same as those that determine the nominal variables b. the forces that determine the real variables are never the same as those that determine the nominal variables c. at full employment, the forces that determine the real variables are independent from those that determine the nominal variables d. at zero unemployment, the forces that determine the real variables are independent from those that determine the nominal variables

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6) In the short run, increasing real GDP requires 7) If the money wage rate is \$10 per hour and the price level is 100, the real wage rate is
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study_q_-_midterm_2_s08 - Study Questions for Midterm II...

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