Exam 2 McBrn - Question #1 Unemployment describes the...

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Question #1 Unemployment describes the condition where: Student Response Value Correct Answer Feedback A.equipment and machinery are going unused. B.a person cannot get a job, but is willing to work and is actively seeking work. 100% C.a person does not have a job, regardless of whether or not they want one. D.any resource sits idle. Score: 2/2 Comments: 2. Question #2 Which of the following is used to measure directly the average standard of living across countries? Student Response Value Correct Answer Feedback A.real GDP B.nominal GDP C.purchasing power parity D.GDP per person 100% Score: 2/2 Comments:
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3. Question #3 Which of the following would an economist consider to be investment? Student Response Value Correct Answer Feedback A.Boeing building a new factory 100% B.Oprah buying a $10 million home from a fellow celebrity C.A stockbroker buying 1000 shares of Starbucks stock D.All of the above Score: 2/2 Comments: 4. Question #4 (Last Word) Computerized inventory tracking has been credited with reducing the number and severity of recessions because these tracking systems: Student Response Value Correct Answer Feedback A.require firms to change prices much more quickly than before. B.effectively eliminate negative demand shocks. C.allow firms to react more quickly to negative demand shocks, and avoid the large output reductions that frequently result in
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Student Response Value Correct Answer Feedback higher unemployment. D.have eliminated the need for government macroeconomic policy. 0% Score: 0/2 Comments: 5. Question #5 Suppose that Techno TV produces LCD televisions. At a price of $2000 per television, Techno determines that its optimal output is 3000 television sets per week. If prices are sticky and fears of a recession reduce demand for LCD televisions, we would expect Techno to: Student Response Value Correct Answer Feedback A.reduce output in the long run. B.reduce output in the short run. C.raise prices in the short run to compensate for lost revenue. 0% D.lower prices in the short run to offset the reduced demand. Score: 0/2 Comments: 6. Question #6 Macroeconomics is mostly focused on:
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Value Correct Answer Feedback A.the individual markets within an economy. B.only the largest industries in the economy. C.the economy as a whole. 100% D.why businesses fail. Score: 2/2 Comments: 7. Question #7 Higher rates of unemployment are linked with: Student Response Value Correct Answer Feedback A.greater political stability because the employed tend to be more politically active. B.higher crime rates as the unemployed seek to replace lost income. 100% C.lower rates of heart disease as the unemployed have eliminated job stress. D.improvements in overall health as the unemployed have more leisure time to be physically active. Score:
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This note was uploaded on 04/26/2011 for the course MAC 1106 taught by Professor Petruska during the Spring '08 term at Pensacola Junior College.

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Exam 2 McBrn - Question #1 Unemployment describes the...

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