Practice for final exam Fall 2010

# Practice for final exam Fall 2010 - Practice for final exam...

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Practice for final exam Fall 2009 Student: ___________________________________________________________________________ 1. Which of the following is not a basic measure of macroeconomic performance? A. Output growth B. Unemployment C. Public goods D. Inflation 2. The total value of goods and services produced within a nation's borders, measured in current prices refers to: A. Real GDP B. Nominal GDP C. Per capita GDP D. Real CPI 3. The unemployment rate is calculated by dividing: A. The number of unemployed by the size of the population and multiplying by 100 B. 1.0 by the percentage of the employed population and multiplying by 100 C. The number of unemployed by the labor force and multiplying by 100 D. The number of employed by the labor force and multiplying by 100 4. If the population of a country is 1,000,000 people, its labor force consists of 600,000 and 60,000 people are unemployed, the unemployment rate is: A. 6.0 percent B. 6.6 percent C. 10.0 percent D. 60.0 percent 5. If the population of a country is 800,000 people, the number employed is 700,000 and the number of unemployed is 70,000, the unemployment rate is: A. 10.00 percent B. 9.09 percent C. 8.75 percent D. 3.75 percent

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6. People are unemployed if they are over 16 and not working due to: A. The inability to find a job even though they are looking B. A two-week summer vacation C. A strike D. The lack of motivation to look for work 7. When construction workers seek work because the ground is covered in snow and ice, the unemployment rate goes up. This situation is an example of: A. Frictional unemployment B. Seasonal unemployment C. Structural unemployment D. Cyclical unemployment 8. 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. Structural unemployment B. Frictional unemployment C. Cyclical unemployment D. Seasonal unemployment 9. A person who drives a taxi for a living is out of work because people are now using the improved mass- transit system. This person is: A. Frictionally unemployed B. Structurally unemployed C. Cyclically unemployed D. Seasonally unemployed 10. Unemployment that occurs when there are not enough jobs for the number of people in the labor force is referred to as: A. Frictional unemployment B. Structural unemployment C. Cyclical unemployment D. Seasonal unemployment
11. If an increase in the price of some goods outweighs other prices that remain constant or decrease then there is: A. Inflation B. Deflation C. Stagflation D. Reflation 12. During a period of inflation: A. Specific prices are rising and relative prices are falling B. Both relative prices and average prices are rising C. Relative prices are rising, but it is not certain what is happening to average prices D. Average prices are rising, but it is not certain what is happening to relative prices 13. Deflation occurs when the: A. Price of large ticket items, such as appliances, decreases

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Practice for final exam Fall 2010 - Practice for final exam...

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