Test_2_Chap_5_and_6 - Test 2: Chapters 5 and 6 Fall 2008...

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Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. In year 1 the CPI is 141, and in year 2 the CPI is 149. If Dennis's salary was $65,000 in year 1, what is the minimum salary he must earn in year 2 to "more than keep up with inflation"? a. $96,850 b. $68,689 c. $91,650 d. $63,625 ____ 2. The base year is the year a. in which prices are unstable. b. in which prices are lowest. c. in which prices are highest. d. that serves as a reference point or benchmark. e. in which nominal output is largest. ____ 3. Persons who are retired or engaged in own-home housework are considered to be in which of the following categories? a. in the civilian labor force b. not in the labor force c. employed d. unemployed ____ 4. If a person did at least one hour of work as a paid employee during the survey week, how is she classified? a. as an employed person b. as not in the labor force c. as an unemployed person d. none of the above ____ 5. If a person is waiting to be called back to a job from which she has been laid off, how is she classified? a. as not in the labor force b. as an unemployed person c. as an employed person d. none of the above ____ 6. In order to be classified as unemployed, a person must a. not have a job, have been actively looking for work within the past four weeks, and currently be available for work. b. not have a job, and currently be available for work. c. actively have looked for work within the past six weeks. d. not have a job. ____ 7. Suppose the civilian non-institutional population equals 150,000; there are 72,500 employed persons and 10,000 unemployed persons. How many people are not in the labor force? a.
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This note was uploaded on 03/15/2011 for the course MACRO 210 taught by Professor Ed during the Spring '11 term at Columbia School of Broadcasting.

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Test_2_Chap_5_and_6 - Test 2: Chapters 5 and 6 Fall 2008...

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