ECON 2301 (Ch.20 Quiz)

ECON 2301 (Ch.20 Quiz) - hap 2|] Quiz — Microsoft...

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Unformatted text preview: hap 2|] Quiz — Microsoft Internet Explorer provided by Lubbock National Bank g, https:,l',l'ecampus.blinn.edul'Sectionl'AssessmentIQuestionIGradeDelivery.aspx?entry_id=FD15328D69?F4UA199238D1332B3ECCUfiresponse_id=9?2C609C4fiB84C129ADBFDDAAF4DSQB1 J 1. A major macroeconomic goal of nearly every society is: r" A) maintaining stability of prices. r" B) maintaining high levels of employment. r" C) achieving high rates of economic growth. 5' D) all of the above. r" E) none of the above. Points Earned: 1.D,-'1.D Correct An 5wer(5): D x 2. The unemployment rate may underestimate the true extent of unemployment if: r“ A) many part-time employees would like to work full-timer but are unable to get the additional work. (7 B) employees increase the number of hours they work overtime. r“ (3) there are a large number of people working in the underground economy. F D) any of the above occur. Points Earned: D.D,-'1.D Correct An 5wer(5): A q? 3. The unemployment rate may overestimate the true extent of unemployment if: r" A) many part-time employees would like to work full-timer but are unable to get the additional work. r" B) many people become discouraged and cease looking for work. r" (3) people falsely claim that they are actively seeking work in order to receive unemployment benefits. F D) many people who claim to be unemployed actually work in the underground economy. 5' E) either c. or d. occurs. Points Earned: 1.D,-'1.D Correct An 5wer(5): E J 4. If the unemployment rate is 8 percentr this means: r" A) 8 percent of the population is unemployed. Ll ‘;__‘ Done _ I I Internet I 100% v j l | l l fiStartI @ E [1.5;] Mail - Inbox...| [Flu Microsoft E... I LNB Phone I @ Summer 10 @ Aplia Home... I Q Aplia: Cour... I @ Chap 20 Qu... @ Chap 2|] Q... « Q a 12:52 PM Chap 2|] Quiz - Microsoft Internet Explorer provided by Lubbock National Bank g, https:.ii'ecampus.blinn.edui'Sectioni'nssessmenti'Questioni'GradeDeliverv.aspx?entry_id=FD15328069?F4UA19923801332BSECCUSu'esponse_id=9?2C6I39C46384C129ADBFUDAAF4059B1 v 4. If the Linemployment rate is S percentr this means: r A) 8 percent of the population is unemployed. r B) 8 percent of the population over age 16 is unemployed. 5' C) 8 percent of the labor force is unemployed. F D) the number of unemployed persons equals 8 percent of the employed persons. Points Earned: l.U,-'1.U Correct Answer(s): C y 5. Kathryn chooses to go to college full-time rather than to work. Kathryn: 5' A) is not part of the labor force. F B) is part of the laborforce and what economists call a discouraged worker. r" C) is part of the labor forcer but not actively seeking work. If" D) is considered employed. r" E) may be characterized by both b. and c. Points Earned: l.D,-'1.EI Correct Answer(5): A y 6. A discouraged worker is someone who: r A) has a jobr but wants to get a different one. C B) works part timer bth is actively seeking full-time work. r C) is unemployed and looking for work. F D) guits a job and is unable to collect unemployment compensation. 5' E) gives Lip looking for workr and is no longer counted as unemployed. Points Earned: l.U,-'1.U Correct Answer(s): E y I. The existence of discouraged workers: Ll f“ .-.\ inrmqflnn HM. Hi-m no: um I—.|.-.,-..— chm—n |nn+ Ann" rm:- —.q=,—..+ Hm .mnmnlm.mnn+ .——.+,—. 1-;__. Done a Internet 100% v 4 mfitartl @ @ my] Mail - Inbox - IBM Lotus fr:I Microsoft Excel - Dashb... I LNB Phone Directorvpd... I £5 Internet Explorer v Q] Documentl - Microsoft I « E} a 12:53 PM g, https:Ii'ecampus.blinn.edui'Sectioni'nssessmenti'Questioni'GradeDelivery.aspx?entry_id=FD15328069?F4UA19923801332BSECCUSu'esponse_id=9?2C6I39C46384C129ADBFUDAAF4059B1 cf" . E EXI ence D ISCDLll'ElgE WDI' EFSI r" A) increases the size of the labor forcer but does not affect the unemployment rate. r" B) reduces the size of the labor forcer but does not affect the unemployment rate. 5' C) may cause the official unemployment rate to understate the true amount of unemployment. F D) may cause the official unemployment rate to overstate the true amount of unemployment. Points Earned: l.D,-'1.EI Correct Answer(5): C y 3. Which of the following groups of people would be included in the official unemployment rate? r A) part-time workers '5' B) workers temporarily laid off from jobs to which they expect to return ) discouraged workers F D) all of the above Points Earned: l.D,-'1.U Correct Answer(5): B q? 9. Which of the following individuals would he considered unemployed? r" A) a lawyer temporarily working as an assistant in a law firm r" B) a computer technician who has not worked for 10 months and gave Lip looking 4 months ago r" C) a full time student who feel that he is taking too many classesto work 5' D) none of the above Points Earned: l.D,-'1.U Correct Answer(5): D y 1|]. Persons who do not have jobs and who do not look for work are considered: 1" A) unemployed. 5' B) out of the laborforce. r C) underemployed. F D] overemployed. LI Chap 2|] Quiz - Microsoft Internet Explorer provided by Lubbock National Bank g, https:Ii'ecampus.blinn.edui'Sectioni'nssessmenti'Questioni'GradeDelixu-ery.aspx?entry_id=FD15328D69?F40A199238D1332BSECCUSu'esponse_id=9?2C609C46384C129ADBFODAAF4059B1 y 11. A city in which 320,000 persons are employed has a laborforce of 359.500 persons. The unemployment rate for the city is: F A) 18 percent. 5' B) 11.0 percent. 1" C) 12.3 percent. ) 14.5 percent. r E) none of the above. Points Earned: 1.0,-'1.0 Correct Answer(5): B v 12. Frictional Linemployment occurs when: r A) there is friction between an employer and employee. 5' B) a worker decidesto quit to seek a different job. J a large corporation transfers a workerto another city. 1"" 0) college students go back to school at the end of the summer. Points Earned: 1.0,-'1.0 Correct Answer(s): B y 13. Structural unemployment occurs when: 5' A) automation reducesthe need for welders in Detroit. 1" B) frictional unemployment exceeds 5 percent of the labor force. F C) steelworkers are laid off due to a downturn in the economy. 1" D) a person leaves a job to seek a better position and can't find the job he or she wants. Points Earned: 1.0,-'1.0 Correct Answer(5): A a 14. In the unemployment rater part-time workers are: r A) not included in the laborforce. 1" B) included in the labor forcer but counted as unemployed. 1"“ Pi h'FIT-If'FII‘I Hm:- qr—imo wau at: I'liqrniiranorl inrnrkprq LI 1-_:__. Done a Internet 100% v 4 mfitartl @ @ my] Mail - Inbox - IBM Lotus [LE Microsoft Excel - Dashb... I LNB Phone Directory.pd... I £5 Internet Explorer v Q] Documentl - Microsoft I « E} a 12:53 PM Chap 2|] Quiz - Microsoft Internet Explorer provided by Lubbock National Bank g, https:.ii'ecampus.blinn.edui'Sectioni'nssessmenti'Questioni'GradeDelivery.aspx?entry_id=FD15328069?F4UA19923801332BSECCUSu'esponse_id=9?2C6I39C46384C129ADBFUDAAF4059B1 a 14. In the unemployment rater part-time workers are: r A) not included in the laborforce. r B) included in the labor forcer but counted as unemployed. r C) treated the same way as discouraged workers. 1" D) included in the labor force and counted as employed. 5' E) treated as employed if they report that they desire to have a part-time jobr but treated as unemployed if they report that they wish to have a full-time job instead. Points Earned: D.D,-'1.U Correct Answer(5): D v 15. Awelder who quits his job and moves from Houston to Buffalo to try to get a better welding job is said to be: 5' A) frictionally unemployed. 1"" B) underemployed. 1"" C) cyclically unemployed. J structurally unemployed. 1"" E) a discouraged worker. Points Earned: l.D,-'1.U Correct Answer(5): A y 16. A forestry worker who is out of work because of the temporarily low demand for wood products associated with a recession is defined as: F A) frictionally unemployed. 1" B) underemployed. 5' C) cyclically unemployed. ) structurally unemployed. r E) a discouraged worker. Points Earned: l.D,-'1.U Correct Answer(5): C “9 1 7 TF i“th ornnnnmr iI: nnorai‘inn uriHn Frill omnlmrmoni’ nrlnirln n'F Hon 'Fnllrmrinri it: DCC‘DH‘HFIII'IF oliminr—ni'orl') LI 1-_:__. Done a Internet 100% v 4 mfitartl @ @ my] Mail - Inbox - IBM Lotus fr:I Microsoft Excel - Dashb... I LNB Phone Directory.pd... I £5 Internet Explorer v Q] Documentl - Microsoft I « E} a 12:54 PM Chap 2|] Quiz - Microsoft Internet Explorer provided by Lubbock National Bank g, https:.ii'ecampus.blinn.edui'Sectioni'nssessmenti'Questioni'GradeDeliy-ery.aspx?entry_id=FD15328069?F4UA19923801332BSECCUSu'esponse_id=9?2C6I39C46384C129ADBFUDAAF4059B1 v 1?. If the economy is operating with full employmentr which of the following is essentially eliminated? 1" A) frictional unemployment 1" B) structural Linemployment 5' C) cyclical unemployment 1"" D) all of the above Points Earned: l.U,-'1.U Correct Answer(s): C y 13. The term full employment implies an unemployment rate of: r A) zero 5' B) approximately 5% r C) approximately 10% 1"“ o) 100% Points Earned: l.D,-'1.EI Correct Answer(5): B y 19. If a minimum wage law is passed imposing a price floor above the equilibrium price of unskilled labor: r A) the quantity of unskilled labor demanded will exceed the quantity of unskilled labor supplied. r B) the quantity of unskilled labor supplied will equal the quantity of unskilled labor demanded. 5' C) the quantity of unskilled labor supplied will exceed the quantity of unskilled labor demanded. ) the demand for unskilled labor will decrease. 1" E) both c. and d. will occur. Points Earned: l.D,-'1.U Correct Answer(s): C q? 2|]. Which of the following statements is correct? 1"" A) If unions successfully bargain for higher wages for their union membersr employment among union members will increase. 1'" B) Wages are higher in nonunion jobsthan in union jobs of comparable skill. Ll (2' r~\ Tlnn nmr:nm—.. m—mn mnAnI am.an “Hi. i..:,-.h.-..—...—.N-.,-....:II In—H-i +,—. warm.— “MAMA-inn“ 1-;__. Done a Internet 100% v 4 mfitartl @ @ any] Mail - Inbox - IBM Lotus fr:I Microsoft Excel - Dashb... I LNB Phone Directory.pd... I £5 Internet Explorer v Q] Documentl - Microsoft I « E} a 12:54 PM 1"" A) If Linions successfully bargain for higher wages for their Linion membersr employment among Linion members will increase. 1"" B) Wages are higher in nonunion jobsthan in Linion jobs of comparable skill. ) The efficiency wage model asserts that higher wages will lead to higher productivity. 1"" D) The imposition of a minimum wage above the market price for unskilled labor creates a shortage of labor. Points Earned: l.D,-'1.U Correct Answer(5): C y 21. which statement is FALSE about the price level? 1" A) The price level isthe average level of prices in the economy. 5' B) If the price level increasesr all prices will have risen. ) If the price level increasesr prices on average have risenr but some prices may have decreased. F D) If the price level decreasesr prices on average have fallenr but some prices may have increased. Points Earned: l.D,-'1.U Correct Answer(s): B y 22. Whatisinflation? 1" A) an increase in pricesfor all goods and services 1" B) a decrease in prices for all goods and services 5' C) an increase in the overall price level 1"" D) an increase in some prices and a decrease in other prices Points Earned: l.U,-'1.U Correct Answer(s): C y 23. If the purchasing power of money has fallenr 1'" A) 520 will buy less than it used tor and the country has experienced deflation. 1'" B) 520 will buy more than it used tor and the country has experienced inflation. 1" C 520 will buy more than it used tor and the country has experienced deflation. J 5' D) 520 will buy less than it used tor and the country has experienced inflation. Ll TL. Done a Internet '§;1EID°fo v 4 mfitartl @ @ my] Mail - Inbox - IBM Lotus [r3 Microsoft Excel - Dashb... I LNB Phone Directory.pd... I 95 Internet Explorer v El] Documentl - Microsoft I « E} a 12:54 PM Chap 2|] Quiz - Microsoft Internet Explorer provided by Lubbock National Bank g, https:Ii'ecampus.blinn.edui'Sectioni'nssessmenti'Questioni'GradeDelivery.aspx?entry_id=FD15328069?F4UA19923801332BSECCUSu'esponse_id=9?2C6I39C46384C129ADBFUDAAF4059B1 q? 24. The CPI is a measure of l” A) the overall cost of goods and services produced in the economy. 1"" B) the overall cost of inputs purchased by a typical producer. 5" C) the overall cost of goods and services bought by a typical consumer. 1"" D) the overall cost of stocks on the New York Stock Exchange. Points Earned: l.D,-'1.U Correct Answer(5): C x 25. If the consumer price index was 100 in the base year and 110 in the following yearr the inflation rate was 1" A) 110 percent. 1" B)1DD percent. 5' C) 11 percent. F D) 10 percent. Points Earned: D.D,-'1.U Correct Answer(s): D v 26. In the typical CPI shopping basketr which of the categories below represents the largest percentage of consumer spending? 5' A) housing 1" B) food & beverages 1"" C) transportation 1"" D) medical care 1"" E) recreation Points Earned: l.U,-'1.U Correct Answer(5): A y 2?. Inflation can harm 1" A) retirees on fixed pensions. 1" B) creditors who lend money without raising their rates to allow for inflation. v P rfl 'n-rarln harrian nrlflnr‘n inrnmnfl m—nm r-Innrnr Hnan imclai-inn _| 1-;__. Done a Internet 100% v 4 mfitartl @ @ my] Mail - Inbox - IBM Lotus [LE Microsoft Excel - Dashb... I LNB Phone Directory.pd... I £5 Internet Explorer v Q] Documentl - Microsoft I « E} a 12:54 PM Chap 2|] Quiz - Microsoft Internet Explorer provided by Lubbock National Bank g, https:Ii'ecampus.blinn.edui'Sectioni'nssessmenti'Questioni'GradeDeliv-ery.aspx?entry_id=FD15328D69?F4UA199238D1332BSECCUSu'esponse_id=9?2C6I39C46384C129ADBFDDAAF4059B1 y 2?. Inflation can harm 1'" A) retirees on fixed pensions. 1'" B) creditors who lend money without raising their rates to allow for inflation. 1'" C) wage earners whose incomes grow slower than inflation. 5' D) all of the above. Points Earned: l.D,-'1.EI Correct Answer(5): D y 23. Unanticipated inflation will 5' A) harm creditorsr like banksr because the money they receive in repayment will have a lower buying power than the money they loaned out. r B) help creditorsr like banksr because they money they receive in repayment will have a higher buying power tan the money they loaned out. 1" C) neither help nor harm creditorsr like banks. 1" D) result in hyperinflation. Points Earned: l.D,-'1.U Correct Answer(5): A q? 29. In order to protect themselves from anticipated inflationr creditors will 1"" A) refuse to make any more loans because of the anticipated reduced purchasing power of the dollars they would receive in repayment of the loan. 1"" B) lower the interest ratesthey charge to make Lip for the anticipated decreased purchasing power of the dollars received in repayment. 5' C) raise the interest rates they charge to make Lip for the anticipated decreased purchasing power of the dollars received in repayment. 1'" D) do none of the above. Points Earned: l.D,-'1.D Correct Answer(5): C y 3|]. If the nominal interest rate is 9% and the inflation rate is 3%r the real interest rate is 1"“ A) 3% 6' e) 5% Points Earned: l.D,-'1.U Correct Answer(5): B y 31. In the expansion phase of the business cycle 1" A) output is rising. 1" B) unemployment is falling. ) investment is rising. 5' D) all of the above are true. Points Earned: l.D,-'1.U Correct Answer(5): D W 32. Which of the following is Hora leading economic indicator? 1" A) Prices of common stock 1" B) Number of new businessesformed 5' C) Unemployment rate F D) New orders for plants and equipment Points Earned: l.U,-'1.U Correct Answer(s): C Continue I ‘ 1-}__. Done a Internet 100% v 4 flfitartl @ g [1.3) Mail - Inbox - IBM Lotus E, Microsoft Excel - Dashb... I LNB Phone Directory.pd... Internet Explorer v Q] Documentl - Microsoft I « E} a 12:55 PM ...
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ECON 2301 (Ch.20 Quiz) - hap 2|] Quiz — Microsoft...

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