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Midterm2sp - Econ 320 - 001 Midterm Exam #2, March 28, 2008...

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Econ 320 - 001 Midterm Exam #2, March 28, 2008 The exam has a total of 17 questions (150 points). You will have 50 minutes to complete the exam. Good Luck! Print your Name_______________________________ Sign the honor Pledge affirming that you have neither given nor received aid on this exam and have complied with all of the rules of this exam. Signature______________________________________ Turn this sheet and the scantron sheet in with your answers. I. Multiple Choice (50%) Instructions: For questions 1-15, mark the letter for the best answer choice for each question on the computer readable (scantron) answer sheet. Each question in this section is equally weighted. Read each question carefully 1. (5 pts) If the steady-state rate of unemployment equals 0.125 and the fraction of unemployed workers who find jobs each month (the rate of job findings) is 0.56, then the fraction of employed workers who lose their jobs each month (the rate of job separations) must be: A) 0.08. B) 0.125. C) 0.22. D) 0.435. 2. (5 pts) All of the following are causes of structural unemployment except : A) minimum-wage laws. B) the monopoly power of unions. C) unemployment insurance. D) efficiency wages. 3. (5 pts) Unemployment caused by the time it takes workers to search for a job is called ______ unemployment. A) structural B) frictional C) efficiency D) insider 4. (5 pts) Okun's law is the ______ relationship between real GDP and the ______. A) positive; inflation rate
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This document was uploaded on 10/28/2011 for the course ECON 320 at UNC.

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Midterm2sp - Econ 320 - 001 Midterm Exam #2, March 28, 2008...

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