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Quiz - Final Exam

# Quiz - Final Exam - Points Awarded 166.67 Points Missed...

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Points Awarded 166.67 Points Missed 3.33 Points Ungraded 100.00 1. Real GDP fluctuations tend to ________ fluctuations in total production because household production ________. A) overstate; increases during a recession and decreases during an expansion B) overstate; decreases during a recession and increases during an expansion C) understate; decreases during a recession and increases during an expansion D) understate; increases during a recession and decreases during an expansion Points Earned: 5.0/5.0 Correct Answer(s): A 2. What is the value of real GDP if the value of the GDP deflator is 122.5 and nominal GDP is \$825 billion? Points Earned: 5.0/5.0 Correct Answer(s): B

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3. Component Number of people Total population 2600 Working-age population 2000 Not in labor force 500 Employed 1300 Using the information in the table above, calculate the employment-to-population ratio. Points Earned: 5.0/5.0 Correct Answer(s): B
4. Total population (millions) Currently employed (millions) Not working and looking for work (millions) Want to work but no longer looking for work (millions) 80 40 2 4 In the table above, the size of the labor force is Points Earned: 5.0/5.0 Correct Answer(s): C

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5. The unemployment rate equals A) (number of people employed/working age population) × 100. B) (number of people unemployed/labor force) × 100. C) (labor force/working age population) × 100. D) (number of people employed/number of people age 16 and over) × 100. Points Earned: 5.0/5.0 Correct Answer(s): B 6. Cyclical unemployment Points Earned: 3.3/3.3 Correct Answer(s): B 7. Suppose Andy is laid off from the automobile plant because of slow automobile sales. Andy is looking for a new job. Andy is considered
Points Earned: 3.3/3.3 Correct Answer(s): B 8. The duration of time spent by unemployed people looking for jobs Points Earned: 3.3/3.3 Correct Answer(s): A

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