Sample exam - lati on rat e is per sis ten tly lo w de cis ion ma ker s wil l be abl e to for eca st it fai rly acc ura tel y 8 The type of

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The stages of a business cycle, in order, are: b. co ntr act ion , rec ess ion , ex pa nsi on, an d bo om . 2 Which of the following will most likely occur during the expansionary phase of a business cycle?
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c. Re al G DP inc rea ses , an d rat e of un em plo ym ent fall s. 3 During the last several decades the labor force participation rate:
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a. of wo me n has inc rea sed su bst ant iall y. 4 If a country's population (age 16 and over) is 50 million, with 2 million unemployed and 23 million currently holding jobs, the:
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b. un em plo ym ent rat e is 8.0 per ce nt, an d the lab or for ce par tici pat ion rat e is 50 per ce nt.
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5 When workers are unemployed due to a mismatch between their skills and the jobs available, economists call this: c. str uct ura l un em plo ym ent . 6 Economic theory suggests that frictional unemployment would:
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a. de cre ase if me tho ds of co m mu nic ati ng job inf or ma tio n am on g un em plo ye d wo rke rs we re im pr ov ed.
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7 Which of the following is true?
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b. W he n the inf
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Unformatted text preview: lati on rat e is per sis ten tly lo w, de cis ion ma ker s wil l be abl e to for eca st it fai rly acc ura tel y. 8 The type of unemployment which results from imperfect information and temporary periods of unemployment while workers are changing jobs is: d. fri cti on al un em plo ym ent . 9 Which of the following is a true statement? a. Th e co nc ept of pot ent ial out put mi ght be tho ug ht of as the ma xi mu m sus tai na ble out put of the ec on om y un der no rm al cir cu ms tan ces . 10 Which of the following is a true statement? a. Un ant ici pat ed inf lati on is a ch an ge in the ge ner al lev el of pri ces tha t cat ch es mo st de cis ion ma ker s by sur pri se. 11 If the consumer price index (CPI) was 125 at year-end of 2000 and 132.5 at year-end 2001, inflation during 2001 was: b. 6 per ce nt....
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This note was uploaded on 02/07/2011 for the course ECON 3461 taught by Professor Spencer during the Spring '10 term at Golden West College.

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Sample exam - lati on rat e is per sis ten tly lo w de cis ion ma ker s wil l be abl e to for eca st it fai rly acc ura tel y 8 The type of

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