Unemployment involving a mismatch of the skills of unemployed workers and the skills required for available jobs is called:
0%
C. cyclical unemployment.
0%
B. Product quality has improved.
0%
B. structural unemployment.
0%
B. frictionally unemployed.
Q.2.
The phrase "too much money chasing too few goods" best describes:
0%
D. cost-push inflation.
0%
C. the trough.
0%
C. cyclical unemployment.
0%
B. demand-pull inflation.
Q.3.
A recession is defined as a period in which:
0%
A. can be found by summing C + Ig + G + Xn.
0%
D. real domestic output falls.
0%
B. full-employment unemployment rate.
0%
A. total output/worker-hours.
Q.4.
Suppose there are 10 million part-time workers and 90 million full-time workers in an economy. Five million of the part-time workers switch to full-time work. As a result:
0%
D. All of these are identified as causes of business cycle changes.
0%
C. Unrestricted trade between nations.
0%
C. An increase in the size of the working age population.
0%
C. the official unemployment rate will remain unchanged.
Q.5.
Which of the following transactions would be included in GDP?
0%
D. Peter buys a newly constructed house.
0%
C. Unrestricted trade between nations.
0%
A. income received by households less personal taxes
0%
C. growth of real GDP per capita
Q.6.
The industries or sectors of the economy in which business cycle fluctuations tend to affect output most are:
0%
C. dividing 70 by the annual growth rate.
0%
C. An increase in the size of the working age population.
0%
D. capital goods and durable consumer goods.
0%
A. can be found by summing C + Ig + G + Xn.
Q.7.
Other things equal, which of the following would increase the rate of economic growth, as measured by changes in real GDP?
0%
D. add increases in inventories or subtract decreases in inventories.
0%
D. All of these are identified as causes of business cycle changes.
0%
D. add exports, but subtract imports, in calculating GDP.
0%
C. An increase in the size of the working age population.
Q.8.
Transfer payments are:
0%
B. excluded when calculating GDP because they do not reflect current production.
0%
B. a firm's output less the value of the inputs bought from others.
0%
D. calculate the number of years required for the price level to double.
0%
C. may cause the official unemployment rate to understate the true amount of unemployment.
Q.9.
Given the annual rate of inflation, the "rule of 70" allows one to:
0%
D. calculate the number of years required for the price level to double.
0%
D. add exports, but subtract imports, in calculating GDP.
0%
D. add increases in inventories or subtract decreases in inventories.
0%
D. All of these are identified as causes of business cycle changes.
Q.10.
The value added of a firm is the market value of:
0%
B. full-employment unemployment rate.
0%
B. a firm's output less the value of the inputs bought from others.
0%
D. add increases in inventories or subtract decreases in inventories.
0%
D. calculate the number of years required for the price level to double.
Q.11.
Assume that Kyle is temporarily unemployed because he has voluntarily quit his job with company A and will begin a better job next week with company B. Kyle will be considered as:
0%
B. Product quality has improved.
0%
A. technological advance
0%
B. structural unemployment.
0%
B. frictionally unemployed.
Q.12.
Which of the following is not seen by economists as an underlying cause of business cycle fluctuations?
0%
C. growth of real GDP per capita
0%
D. All of these are identified as causes of business cycle changes.
0%
A. income received by households less personal taxes
0%
D. Peter buys a newly constructed house.
Q.13.
A large underground economy results in an:
0%
A. can be found by summing C + Ig + G + Xn.
0%
C. Unrestricted trade between nations.
0%
A. understated GDP.
0%
A. total output/worker-hours.
Q.14.
The phase of the business cycle in which real GDP is at a minimum is called:
0%
B. demand-pull inflation.
0%
C. the trough.
0%
C. cyclical unemployment.
0%
A. direct.
Q.15.
In calculating the GDP national income accountants:
0%
D. add exports, but subtract imports, in calculating GDP.
0%
D. add increases in inventories or subtract decreases in inventories.
0%
B. a firm's output less the value of the inputs bought from others.
0%
C. An increase in the size of the working age population.
Q.16.
The relationship between the size of the negative GDP gap and the unemployment rate is:
0%
D. add exports, but subtract imports, in calculating GDP.
0%
A. direct.
0%
C. the trough.
0%
B. demand-pull inflation.
Q.17.
The presence of discouraged workers:
0%
B. a firm's output less the value of the inputs bought from others.
0%
C. may cause the official unemployment rate to understate the true amount of unemployment.
0%
D. calculate the number of years required for the price level to double.
0%
B. excluded when calculating GDP because they do not reflect current production.
Q.18.
Rising per-unit production costs are most directly associated with:
0%
C. the GDP price index.
0%
D. calculate the number of years required for the price level to double.
0%
C. cyclical unemployment.
0%
D. cost-push inflation.
Q.19.
The natural rate of unemployment is the:
0%
C. dividing 70 by the annual growth rate.
0%
B. full-employment unemployment rate.
0%
A. can be found by summing C + Ig + G + Xn.
0%
B. a firm's output less the value of the inputs bought from others.
Q.20.
In the treatment of U.S. exports and imports, national income accountants:
0%
D. add exports, but subtract imports, in calculating GDP.
0%
D. add increases in inventories or subtract decreases in inventories.
0%
D. calculate the number of years required for the price level to double.
0%
C. An increase in the size of the working age population.
Q.21.
GDP is the:
0%
B. excluded when calculating GDP because they do not reflect current production.
0%
C. may cause the official unemployment rate to understate the true amount of unemployment.
0%
B. people are more likely to invest if they don't fear that others can take their returns on investment without compensation.
0%
B. monetary value of all final goods and services produced within the borders of a nation in a particular year.
Q.22.
According to the Bureau of Labor Statistics, to be officially unemployed a person must:
0%
C. growth of real GDP per capita
0%
C. the GDP price index.
0%
A. technological advance
0%
A. be in the labor force.
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