ECON304 - MidTerm02_Practice_KEY - F10

ECON304 - MidTerm02_Practice_KEY - F10 - Sonoma State...

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Sonoma State University Department of Economics ECN 304 Florence Bouvet Fall 2010 Practice Midterm 2- Answer Key Multiple Choice Questions: Choose the best answer. 1. Which ofthe following would be counted as unemployed according to official statistics? a. Tim, who worked, but worked only 35hours lastweek b. Mary, who iswaiting forher newjob tostart c. Bev, who neither has ajob nor islooking forone d. Noneofthe above would becounted as unemployed. 2. Ifvelocity isconstant and, inaddition, real GOP grows at aconstant rate: 3. The natural rate of unemployment is 4. During the past 50years the natural rate of unemployment inthe United States _----''-- during the 1970s and 1980s, compared to the 1950sand 1960s,and then __ .,.-during the 1990s,compared to the previous two decades.
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5. Inflation tax means that: a. Asthe price level rises, taxpayers are pushed into higher tax brackets. b. As the price level rises, the real value of money held by the public decreases. c. Astaxes increase, the rate of inflation also increases. d. Inahyperinflation, the chief source oftax revenue isoften printing money. 6. All of the following are causes of structural unemployment except: 7. How can the Solow model explain the trend of growth inoutput per person observed inu.S. data over the lastcentury or longer?
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