Quiz - Final Exam

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

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
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? A) $6.735 billion B) $673.5 billion C) $702.5 billion D) $1,010.6 billion Points Earned: 5.0/5.0 Correct Answer(s): B
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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. A) 75 percent B) 65 percent C) 50 percent D) 23.2 percent Points Earned: 5.0/5.0 Correct Answer(s): B
Background image of page 2
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 A) 80 million. B) 46 million. C) 42 million. D) 40 million. Points Earned: 5.0/5.0 Correct Answer(s): C
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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 A) is the major part of natural rate of unemployment. B) decreases during economic expansions. C) rises as a result of increased international competition. D) falls when unemployment compensation payments are increased. 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 A) a discouraged worker.
Background image of page 4
B) a job loser. C) a job leaver. D) not in the labor force. Points Earned: 3.3/3.3 Correct Answer(s): B 8. The duration of time spent by unemployed people looking for jobs A) rises during recessions and falls during expansions. B) falls during recessions and rises during expansions. C) falls during both recessions and expansions. D) rises during both recessions and expansions. Points Earned: 3.3/3.3 Correct Answer(s): A 9. Between 1960 and 2005, U.S. real GDP A) fell by 50 percent. B) remained constant. C) grew by a total of 25 percent. D) more than tripled.
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Points Earned: 5.0/5.0 Correct Answer(s): D 10. Inflation rate (percent per year) Unemployment rate (percent) 8 3 6 4 4 5 2 6 An economy's natural unemployment rate is 4 percent. The table above gives some points on the economy's short- run Phillips curve. When the unemployment rate is 4 percent ________.
Background image of page 6
Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/13/2011 for the course ECON 206 taught by Professor Parkin during the Spring '11 term at Buena Vista.

Page1 / 28

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

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online