Practice_Exam_2 - EconS 102 4th section 2010 Fall Practice...

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EconS 102, 4 th section, 2010 Fall Practice Test for Exam 2 Multiple Choices Identify the choice that best completes the statement or answers the question. ____1. Measured unemployment includes discouraged workers. a. True b. False ____2. Consider an economy with an adult population of 100, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The labor force participation rate is a. 100 percent b. 60 percent c. 50 percent d. 40 percent e. 10 percent ___ 3.Which of the following are classified as "discouraged workers"? a. all those between 16 and 65 who are neither disabled nor in an institution and are also neither employed nor seeking employment b. labor force members who have chosen early retirement because they dislike their work or think the pay is too low c. members of the noninstitutional population who say they want to be employed but are not searching for a job d. members of the labor force who are looking for a job but cannot find one e. anyone in the population who is not working ___4.When workers are over-qualified for their current jobs or can find only part-time work, we say they are a. unemployed b. discouraged workers c. not in the labor force d. Overemployed e. underemployed ____5. Your cousin recently graduated from Harvard Law School and has not found a job after looking for one last week. She can be described as a. frictionally unemployed b. structurally unemployed c. seasonally unemployed d. not part of the labor force e. a discouraged worker ____6.Frictional unemployment refers to unemployment that results from
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a. a mismatch of skills b. being in the wrong geographical location c. taking the time to find the best job d. seasonal decreases in demand for labor e. a recession in the economy ____7. In which of the following industries are workers least likely to suffer from cyclical unemployment? a. new home construction b. automobile manufacturing c. carpet installation d. education e. tourism ____8.Inflation is defined as a sustained increase in the price level. a. True b. False ____9.If the inflation rate is higher than expected, which of the following groups in society would be most likely to gain? a. borrowers b. lenders c. persons holding large amounts of money d. persons on fixed incomes e. workers under contract without a cost of living adjustment ____ 10.Deflation refers to a. decreasing relative prices b. a decreasing price level c. a slowing down of the rate of inflation d. a slowing down of the rate of relative price decreases e. a federal government policy of running budget surpluses ____ 11.If the aggregate demand curve shifts rightward, a. the price level increases and output decreases b. the resulting increase in the price level is usually called cost-push inflation c. the resulting increase in the price level is usually called demand-pull inflation d.
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