Question 1

Some individuals are unemployed because they are laid off from their jobs when the economy is sluggish.These individuals would be considered:

Accepted Answer

A)   frictionally unemployed.
B)   cyclically unemployed.
C)   structurally unemployed.
D)   overemployed.
E)   discouraged workers.F) B) and E)
G) C) and D)

Question 2

The invention of the Internet has reduced ____________ unemployment because it allows for workers and employers to find each other more quickly.

Accepted Answer

A)   structural
B)   cyclical
C)   discouraged
D)   frictional
E)   seasonalF) A) and E)
G) A) and C)

Question 3

Natural unemployment is the:

Accepted Answer

A)   average of frictional, structural, and cyclical unemployment.
B)   sum of frictional, structural, and cyclical unemployment.
C)   sum of frictional and cyclical unemployment.
D)   sum of structural and cyclical unemployment.
E)   sum of structural and frictional unemployment.F) All of the above
G) B) and C)

Question 4

A school of thought is a:

Accepted Answer

A)   cohesive way of thinking about a subject.
B)   university where creativity in thinking is of primary focus.
C)   branch of psychology dedicated to mental processes.
D)   trend of new educational programs.
E)   large, single-concept focus at a university.F) A) and C)
G) A) and E)

Question 5

Country A has a GDP of $200,000 and a population of 1,000.Country B has a GDP of $400,000 and a population of 4,000.Which of the following is true?

Accepted Answer

A)   The value of output is higher in country A.
B)   The value of income is higher in country A.
C)   The value of GDP per capita is higher in country A.
D)   The value of GDP per capita is higher in country B.
E)   The average living standard is higher in country B.F) D) and E)
G) None of the above

Question 6

Which of the following people would be officially considered unemployed?

Accepted Answer

A)   Mitchell, who is a full-time student working part-time at the bookstore
B)   Janice, who is actively seeking a full-time job while currently working at a part-time job
C)   Jade, who has stopped looking for a job because she feels there are no jobs available for her
D)   Jenna, who just graduated college and is searching for a job that fits her graphic-design skills
E)   Ralph, who is a stay-at-home father and is not currently looking for a jobF) A) and B)
G) C) and D)

Question 7

Which of the following is a topic of macroeconomics?

Accepted Answer

A)   the income earned by a person
B)   the profit earned by a firm
C)   production in the computer industry
D)   the price of ice cream
E)   the number of people in the economy with no jobsF) A) and B)
G) B) and E)

Question 8

The 2007-2009 recession lasted for ________ months.

Accepted Answer

A)   12
B)   18
C)   36
D)   6
E)   24F) B) and D)
G) A) and E)

Question 9

When GDP increases,national income ________ and national output __________.

Accepted Answer

A)   is unaffected; is unaffected
B)   increases; increases
C)   decreases; decreases
D)   increases; is unaffected
E)   is unaffected; decreasesF) C) and E)
G) C) and D)

Question 10

Wes recently graduated from Penn State University and is in the process of finding a full-time job to start his career.He is currently considered to be unemployed because he is actively seeking employment.
a.What type of unemployment is Wes experiencing?
b.What is something the government can do to help limit this type of unemployment?

Accepted Answer

a.Wes is experiencing frictional unemplo...

Question 11

Between 1960 and 2014,the average unemployment rate in the United States was about:

Accepted Answer

A)   4%.
B)   6%.
C)   0%.
D)   8%.
E)   9%.F) All of the above
G) B) and D)

Question 12

When it is difficult to hire employees,firms take ____________ to hire,which increases ____________ unemployment.

Accepted Answer

A)   less time; frictional
B)   less time; structural
C)   longer; frictional
D)   longer; cyclical
E)   longer; structuralF) All of the above
G) A) and C)

Question 13

The recession of 2007-2009 has been dubbed the:

Accepted Answer

A)   Great Depression.
B)   Grand Recession.
C)   Grand Depression.
D)   Big Recession.
E)   Great Recession.F) C) and D)
G) A) and E)

Question 14

A shortcoming of non-adjusted GDP is that:

Accepted Answer

A)   an increase in non-adjusted GDP can be caused by changes in either price or quantity.
B)   it does not measure changes in employment.
C)   it does not measure changes in price.
D)   it does not include net exports.
E)   it does not include the value obtained through purchases of stocks and bonds.F) All of the above
G) C) and D)

Question 15

Joe Jones is running for governor of your home state.He has hired you to help him run his campaign.Mr.Jones has decided to make his campaign slogan "Vote for Joe! I'll make the unemployment rate zero!" Would you advise Mr.Jones to use this slogan? Why or why not?

Accepted Answer

Mr.Jones should not use this slogan.A pr...

Question 16

Describe two different uses of GDP,or give two different reasons to explain why it might be useful to calculate GDP.

Accepted Answer

GDP is used to measure living standards....

Question 17

During economic downturns:

Accepted Answer

A)   the unemployment rate declines.
B)   the unemployment rate rises.
C)   household income rises.
D)   output rises.
E)   real gross domestic product (GDP)  rises.F) B) and E)
G) A) and B)

Question 18

Which of the following is an example of frictional unemployment?

Accepted Answer

A)   Raymond loses his job as a steelworker because the economy is in a downturn.
B)   Chad graduates with his master's degree in economics and is searching for an analyst job.
C)   Edith has decided to retire after 35 years of working at the state prison.
D)   Cameron quits his job at the circus to volunteer for the Red Cross.
E)   Jasmine loses her job as a newspaper editor because the publication has gone digital.F) B) and D)
G) None of the above

Question 19

A primary cause of inflation is:

Accepted Answer

A)   businesses' quest for higher profits via higher prices.
B)   workers' need for higher wages to cover higher prices.
C)   the government central bank printing excess money.
D)   the government borrowing money to distribute for entitlements.
E)   a growing economy influencing purchasing power.F) C) and D)
G) A) and B)

Question 20

An unemployment rate that is above the natural rate indicates ________ unemployment,and we say that the economy is producing ________ the full employment output level.

Accepted Answer

A)   cyclical; at more than
B)   cyclical; at
C)   cyclical; at less than
D)   frictional; at more than
E)   frictional; atF) B) and C)
G) A) and D)

Exam 10: What Is Macroeconomics?

A primary cause of inflation is:

Correct Answer
verified

Country A has a GDP of $200,000 and a population of 1,000.Country B has a GDP of $400,000 and a population of 4,000.Which of the following is true?

Correct Answer
verified

A shortcoming of non-adjusted GDP is that:

Correct Answer
verified

Which of the following is a topic of macroeconomics?

Correct Answer
verified

The recession of 2007-2009 has been dubbed the:

Correct Answer
verified

Natural unemployment is the:

Correct Answer
verified

The 2007-2009 recession lasted for ________ months.

Correct Answer
verified

During economic downturns:

Correct Answer
verified

Some individuals are unemployed because they are laid off from their jobs when the economy is sluggish.These individuals would be considered:

Correct Answer
verified

Which of the following is an example of frictional unemployment?

Correct Answer
verified

Between 1960 and 2014,the average unemployment rate in the United States was about:

Correct Answer
verified

Correct Answer
verified
a.Wes is experiencing frictional unemplo...
View Answer

A school of thought is a:

Correct Answer
verified

When GDP increases,national income and national output __.

Correct Answer
verified

When it is difficult to hire employees,firms take to hire,which increases unemployment.

Correct Answer
verified

Describe two different uses of GDP,or give two different reasons to explain why it might be useful to calculate GDP.

Correct Answer
verified
GDP is used to measure living standards....
View Answer

The invention of the Internet has reduced ____________ unemployment because it allows for workers and employers to find each other more quickly.

Correct Answer
verified

Which of the following people would be officially considered unemployed?

Correct Answer
verified

An unemployment rate that is above the natural rate indicates unemployment,and we say that the economy is producing the full employment output level.

Correct Answer
verified

Joe Jones is running for governor of your home state.He has hired you to help him run his campaign.Mr.Jones has decided to make his campaign slogan "Vote for Joe! I'll make the unemployment rate zero!" Would you advise Mr.Jones to use this slogan? Why or why not?

Correct Answer
verified
Mr.Jones should not use this slogan.A pr...
View Answer

Exam 10: What Is Macroeconomics?

A primary cause of inflation is:

Correct AnswerverifiedShow Answer

Country A has a GDP of $200,000 and a population of 1,000.Country B has a GDP of $400,000 and a population of 4,000.Which of the following is true?

Correct AnswerverifiedShow Answer

A shortcoming of non-adjusted GDP is that:

Correct AnswerverifiedShow Answer

Which of the following is a topic of macroeconomics?

Correct AnswerverifiedShow Answer

The recession of 2007-2009 has been dubbed the:

Correct AnswerverifiedShow Answer

Natural unemployment is the:

Correct AnswerverifiedShow Answer

The 2007-2009 recession lasted for ________ months.

Correct AnswerverifiedShow Answer

During economic downturns:

Correct AnswerverifiedShow Answer

Some individuals are unemployed because they are laid off from their jobs when the economy is sluggish.These individuals would be considered:

Correct AnswerverifiedShow Answer

Which of the following is an example of frictional unemployment?

Correct AnswerverifiedShow Answer

Between 1960 and 2014,the average unemployment rate in the United States was about:

Correct AnswerverifiedShow Answer

Correct Answerverifieda.Wes is experiencing frictional unemplo...View AnswerShow Answer

A school of thought is a:

Correct AnswerverifiedShow Answer

When GDP increases,national income ________ and national output __________.

Correct AnswerverifiedShow Answer

When it is difficult to hire employees,firms take ____________ to hire,which increases ____________ unemployment.

Correct AnswerverifiedShow Answer

Describe two different uses of GDP,or give two different reasons to explain why it might be useful to calculate GDP.

Correct AnswerverifiedGDP is used to measure living standards....View AnswerShow Answer

The invention of the Internet has reduced ____________ unemployment because it allows for workers and employers to find each other more quickly.

Correct AnswerverifiedShow Answer

Which of the following people would be officially considered unemployed?

Correct AnswerverifiedShow Answer

An unemployment rate that is above the natural rate indicates ________ unemployment,and we say that the economy is producing ________ the full employment output level.

Correct AnswerverifiedShow Answer

Joe Jones is running for governor of your home state.He has hired you to help him run his campaign.Mr.Jones has decided to make his campaign slogan "Vote for Joe! I'll make the unemployment rate zero!" Would you advise Mr.Jones to use this slogan? Why or why not?

Correct AnswerverifiedMr.Jones should not use this slogan.A pr...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
a.Wes is experiencing frictional unemplo...
View Answer

Correct Answer
verified

When GDP increases,national income and national output __.

Correct Answer
verified

When it is difficult to hire employees,firms take to hire,which increases unemployment.

Correct Answer
verified

Correct Answer
verified
GDP is used to measure living standards....
View Answer

Correct Answer
verified

Correct Answer
verified

An unemployment rate that is above the natural rate indicates unemployment,and we say that the economy is producing the full employment output level.

Correct Answer
verified

Correct Answer
verified
Mr.Jones should not use this slogan.A pr...
View Answer