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Unformatted text preview: Georgia State University Principles Macroeconomics, ECON 2105 Quiz # 7 Key Multiple choice questions: select the best answer (two points each). 1. Consider an economy made up of 100 people, of whom 50 qualified workers hold jobs, of whom 10 qualified workers are actively looking for work, 15 of whom are retired, and the rest are not working or looking for a job. The unemployment rate for this economy is 16.67% . b. 10 . 27%. c. 17 . 32%. d. 14 . 67%. e. none of the above. Ask yourself what you need to compute the unemployment rate: you need only N u and N t . Did I provide those? No: The banana is not peeled. What I provided N e = 50 and N u = 10, therefore you are able to compute N t = N e + N u = 50 + 10 = 60. All other numbers are provided to confuse you-DIRTY TRICK. Remember the information can be over supplied. 2. A small economy has a total population of 1200. In this economy, 400 qualified workers are having jobs, 50 qualified workers do not have jobs and are actively looking,...
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- Fall '10