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Chapter_27 - YourResultsfor"SelfStudyQuiz SiteTitle...

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Your Results for: "Self-Study Quiz" Print this page Site Title: Principles of Economics, Eighth Edition Book Title: Principles of Economics, 8/e Book Author: Case/Fair Location on  Site: Chapter 27 > Self-Study Quiz Date/Time  Submitted: February 9, 2012 at 4:55 AM  (UTC/GMT) Summary of Results 35% Correct  of 40 Scored items: 14 Correct:  35% 26 Incorrect:  65% 4 questions not scored. 40 scored questions. More information about scoring 1. Let  LF  equal the labor force,  E  the  employed, and  U  the unemployed.  The unemployment rate equals: Your Answer:   Correct. The unemployment rate is the number of people unemployed as a percentage of  the labor force = U/LF. 2. Cyclical unemployment  can best be  described as  Your Answer: The unemployment associated wi available jobs. Correct Answer: The increase in unemployment tha depressions.   Incorrect. This is a problem associated with frictional (short-run matching) and structural  (long-run matching) types of unemployment. 3. Structural unemployment  occurs 
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when Your Answer: The economy suffers from a reces Correct Answer: Changes in the economy result in certain industries.   Incorrect. This is called cyclical unemployment. 4. The classical view of the  unemployment market is consistent  with the following idea: Your Answer: There should be no persistent une and structural amount. Correct Answer: All of the above.   Incorrect. This is true; however, other answers are also correct. 5. The classical view of the  unemployment market is consistent  with the following idea: Your Answer: The wage rate adjusts to equate th with the quantity of labor supplied unemployment above the frictiona unlikely. Correct Answer: All of the above.   Incorrect. This answer is correct, however, other choices are also correct. 6. Refer to the figure below. According  to Classical economists, what is the 
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impact of the decrease in labor  demand?   Your Answer:   Correct. This decreased demand will cause the wage rate to fall from  W 0  to  W 1  and the  amount of labor demanded to fall from  L 0  to  L 1 . The decrease in the quantity of labor  supplied is a movement along the labor supply curve. 7. The classical view of the labor  market is consistent with the view  that: Your Answer: Monetary policy can have a signifi and employment. Correct Answer: The aggregate supply curve is ver   Incorrect. If the AS curve is vertical, then these policies have no effect on output and  employment.
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