Third Exam Fall 2010 version

Third Exam Fall 2010 version - Third Exam Fall 2010 Version...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Third Exam Fall 2010 Version #1 Student: ___________________________________________________________________________ 1. The term externalities refers to: A. All costs and benefits of a market activity borne by a third party B. The inequitable distribution of output C. The impact that imported goods have on domestic markets D. Free-riders who benefit but do not pay 2. If an economy is experiencing a recession, the Keynesian approach to achieving full employment is to: A. Relax immigration standards B. Reduce government regulations C. Follow a policy of laissez faire D. Use tax cuts or more government spending or both 3. An office worker who loses her job because she does not have the necessary computer skills is, ceteris paribus : A. Cyclically unemployed B. Structurally unemployed C. Seasonally unemployed D. Frictionally unemployed 4. Since those who do not pay for the goods still get to benefit, _____ goods have _____. A. Private; free-payers B. Public; free-riders C. Public; minimal costs D. Private; joint-consumers
Background image of page 1

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

View Full DocumentRight Arrow Icon
Table 10.1—Population and labor force data 5. In Table 10.1, what is the number of unemployed in Year 10? A. 90 million B. 100 million C. 10 million D. 110 million 6. In Table 10.1, what is the unemployment rate in Year 10? A. 45 percent B. .05 percent C. 10 percent D. 50 percent 7. In Table 10.1, what is the number of unemployed in Year 1? A. 15 million B. 90 million C. 105 million D. 75 million 8. In Table 10.1, what is the unemployment rate in Year 1? A. 8.3 percent B. 16.7 percent C. 41.7 percent D. 50 percent 9. Unemployment that occurs when there are not enough jobs for the number of people in the labor force is referred to as: A. Structural unemployment B. Frictional unemployment C. Cyclical unemployment D. Seasonal unemployment
Background image of page 2
10. Ceteris paribus , a leftward shift of the aggregate demand curve will cause the equilibrium price level to _______ and equilibrium real output to _______. A. Increase; decrease B. Increase; increase C. Decrease; decrease D. Decrease; increase 11. The total value of goods and services produced within a nation's borders, measured in current prices refers to: A. Nominal GDP B. Real CPI C. Per capita GDP D. Real GDP 12. Inflation is defined as: A. The level of prices at full-employment B. An increase in the average level of prices C. An increase in the price of expensive items, such as cars D. An increase in relative prices 13. After quitting one job, some people with marketable skills find that it takes several months to find a new job. This is an example of which type of unemployment? A. Cyclical unemployment B. Seasonal unemployment C. Frictional unemployment D. Structural unemployment 14. All of the following are used to measure a country's economic welfare except : A. The unemployment rate B. The output produced C. A change in relative prices D. A change in production capacity 15. A decline in real GDP for at least two consecutive quarters is referred to as: A. Deflation B. Inflation C. A recession D. A depression
Background image of page 3

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

View Full DocumentRight Arrow Icon
16. Inflation acts like a tax because:
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 22

Third Exam Fall 2010 version - Third Exam Fall 2010 Version...

This preview shows document pages 1 - 5. Sign up to view the full document.

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