claralillia1

Suppose the government increases aggregate demand to a level that increases GDP above its long-run equilibrium level. What sequence of events would follow? A)price rise; GDP increases; workers demand higher wages; short-run aggregate supply shifts to the left; GDP drops b) Prices fall; workers receive lower wages; shor-run aggregate supply shifts to the right; GDP rises c) Prices rise; GDP increases; workers demand higher wages; long-run aggregate supply shifts to the left; GDP falls d) Prices fall; workers receive lower wages; aggregate supply shifts to the right; GDP rises

Some analysts use the short-run and long-run effects on the aggregate demand–aggregate supply model to argue that expansionary monetary policy can’t affect employment in the long run because in the short run monetary policy shifts the aggregate:

A.)supply curve to the left, but over time the increase in prices shifts aggregate demand to the right so that GDP will end up going back to its same level of output with a higher price level.

B.)demand curve to the left, but over time the increase in prices shifts aggregate supply to the right so that GDP will end up going back to its same level of output with a higher price level.

C.)supply curve to the right, but over time the increase in prices shifts aggregate demand to the left so that GDP will end up going back to its same level of output with a higher price level.

D.)demand curve to the right, but over time the increase in prices shifts aggregate supply to the left so that GDP will end up going back to its same level of output with a higher price level.

Which of the following explains contractionary monetary policy in the long run?

a. Contractionary monetary policy shifts aggregate demand to the right, moving the economy from long-run equilibrium to a short-run equilibrium with a higher price level and a higher level of real GDP. In the long run, as resource prices rise, the aggregate demand curve shifts back to the left, bringing the economy back to a long-run equilibrium, where no real changes to GDP have occurred.

b. Contractionary monetary policy shifts aggregate demand to the right, moving the economy from long-run equilibrium to a short-run equilibrium with a higher price level and a higher level of real GDP. In the long run, as resource prices fall, the short-run aggregate supply curve shifts to the right as well, causing the economy to expand.

c. Contractionary monetary policy shifts aggregate demand to the left, moving the economy from long-run equilibrium to a short-run equilibrium with a lower price level and a lower level of real GDP. In the long run, as resource prices rise, the short-run aggregate supply curve shifts to the left, causing the economy to contract.

d. Contractionary monetary policy shifts aggregate demand to the right, moving the economy from long-run equilibrium to a short-run equilibrium with a higher price level and a higher level of real GDP. In the long run, as resource prices rise, the short-run aggregate supply curve shifts to the left, bringing the economy back to a long-run equilibrium, where no real changes to GDP have occurred.

e. Contractionary monetary policy shifts aggregate demand to the left, moving the economy from long-run equilibrium to a short-run equilibrium with a lower price level and a lower level of real gross domestic product (GDP). In the long run, as resource prices fall, the short-run aggregate supply curve shifts to the right, bringing the economy back to a long-run equilibrium, where no real changes to GDP have occurred.

In the aggregate demand-aggregate supply model, an increase in government purchases of goods and services will

In the aggregate-demand/aggregate-supply model, what market adjustments cause the economy to return to its long-run capacity when output is temporarily greater than the economy's long-run potential output? Question 11 options:

a) Lower wage rates and resource prices reduce short-run aggregate supply

b) Lower interest rates increase aggregate demand and thereby stimulate output

c) Higher wage rates and resource prices reduce short-run aggregate supply

d) A decrease in the price level reduces aggregate demand

PART ONE

If there is an autonomous increase in spending (a rightward shift in the aggregate demand curve) and the Fed wishes to hold real income constant, then the Fed would:

none of the above.

hold the money supply constant

decrease the money supply yielding a leftward shift in the aggregate demand curve.

ncrease the money supply yielding a rightward shift in the aggregate demand curve.

1) Suppose that currently the economic underutilizing resources

Which of the following correctly describe what type of monetary policy the Fed might choose and how the policy would change the economy?

A) The fed could use a contractionary monetary policy to reduce aggregate demand and GDP

B) The fed could use a contractionary monetary policy to reduce short-run aggregate supply and GDP

C) The fed could use a expansinary monetary policy to increase short-run aggregate supply and GDP

D) The Fed could use an expansionary monetary policy to increase aggregate demand and GDP

2)Suppose that the Fed pursues an expansionary monetary policy:

Which of the following statement best explains the transmission mechanism is an open economy

A) The increase in interest rates will cause capital inflow, increasing the value of the dollar and decreasing net export

B) The increase in interest rates will cause capital outflow, increasing the value of the dollar and increasing net export

C) The decrease in interest rates will cause capital outflow, lowering the value of the dollar and increasing net export

D) The decrease in interest rates will cause capital inflow, lowering the value of the dollar and decreasing net export

3) Decreases in the money supply affect the economy indirectly because

A) Interest rate decrease causing planned investment to increase, which causes an increase in aggregate demand.

B) People spend excess money balances and thus aggregate demand increases.

C) Interest rates increase causing planned investment to decrease which causes a decrease in aggregate demand.

D) People have insufficient money balances and thus aggregate demand decreases.

E) There is no indirect effect of the money supply on the economy

4) Which of the following would be likely to decrease the supply of money?

A) The Fed decreases reserve requirements for banks

B) Banks perceive loans to be less risky and are willing to hold fewer excess reserves.

C) The Fed increases the discount rate relatively to federal funds rate.

D) The Fed conducts an open market purchase of bonds

According to the kinked demand curve model, firms expect rivals to follow ________ but not ________.
quantity increases; quantity decreases
price decreases; price increases
price increases; quantity decreases
price increases; price decreases
quantity decreases; quantity increases

The demand curve for a monopolist is
horizontal.
upward sloping.
equal to the marginal cost curve.
the same as the market demand curve.
equal to the marginal revenue curve

9. Average cost in the long-run is defined as _____.

TVC/Q

TC/Q

TVC + TFC/Q

none of the above

10. Economies of scale is a characteristic of production where ______.

average costs increase as output increases

total cost decreases as output increases

average cost decreases as output increases

average cost decreases as output decreases

11. Which of the following factors of production is more likely to be fixed in the short run?

The number of workers.

Changes in electricity consumed.

The location of a manufacturing plant.

The amount of materials used.

12. If a company has $1000 in variable costs and $200 in fixed costs when it produces 200 units of output and sells the units for $20 per unit, average total costs would equal ______.

$10

$6

$50

$60

13. Economies of scope occur when the total cost of producing given quantities of two goods in the same firm is ______.

more than the total cost of producing those quantities in two single product firms

more than the average cost of producing those quantities in the same firm

less than the average cost of producing those quantities in the same firm

less than the total costs of producing those quantities in two single product firms

14. Does this firm experience economies or diseconomies of scale? What type of returns to scale does this firm experience? Show your work that justifies your response.

Q = ∛L

Solar and wind got so​ cheap, so fast

Solar panels and wind turbines are more efficient than they used to be and they cost less to produce.

​Source: The Atlantic​, December​ 2, 2015

Explain how the facts reported in the news clip affect the​ short-run and​ long-run average total cost of producing electricity.

How do they affect the marginal cost of producing​ electricity?

The decrease in the production cost of solar panels and wind turbines​ _______.

A. decreases the average fixed​ cost, average total​ cost, and​ long-run average cost of producing electricity

B. decreases the average total cost of producing electricity and increases the​long-run average cost

C. decreases the average fixed cost of producing electricity but increases the average variable cost because more electricity is produced

D. decreases the​ long-run average cost of producing electricity but increases the average total cost of producing electricity in the short run

E. does not change the average fixed cost of producing electricity because the solar panels and wind turbines are variable inputs

With greater efficiency in producing electricity using solar panels and wind​ turbines, the marginal cost of producing electricity​ _______.

A. is maximized

B. becomes negative

C. may decrease although marginal cost is already close to zero before using the more efficient equipment

D. increases

E. becomes equal to​ long-run average cost

1. Which of the following is a positive externality?

a. Inoculations against a disease that reduce the likelihood of transmitting it to others

b. phosphate from laundry detergents

c. litter from fast food containers

d. ozane depletion due to the production of fast containers

e. the greenhouse effect

2. If the minimum efficient scale in microwave oven production is 100,000 units per year, it implies that:

a. the average cost of producing 50,000 microwave ovens is greater than the average cost of producing 100,000 microwave ovens

b. the average cost of producing 50,000, microwave ovens is equal to the average cost of producing 100,000 microwave ovens

c. the total cost of producing 50,000 microwave ovens is greater than the total cost of producing 100,000 microwave ovens

d. the firm should not produce more than 50,000 microwave ovens

e. marginal cost exceeds average cost at 100,000 microwave ovens

3. One result of asymmetric information in the market for used cars is that:

a. few used cars are offered for sale

b. few lemons are offered for sale

c. more lemons may be offered for sale than good cars

d. buyers benefit at the expense of sellers

e. good cars sell at a price that is higher than their market value

In order to increase society's well-being, a process that produces a positive externality might be

taxed to discourage production

subsidized to encourage production

taxed to encourage production

subsidized to discourage production

provided without government intervention

When government regulations force a natural monopoly to produce where price equals average total cost, social welfare is

maximized

less than it would be without regulation

greater than it would be without regulation, but it is not maximized

exactly the same as it would be without regulation

minimized

Which of the following is a positive externality of consumption?

inoculations against a disease reduce the likelihood of transmitting it to others

phosphates from laundry detergents

litter from fast-food containers

ozone depletion from the production of fast-food containers

the greenhouse effect

If a firm can double inputs and, thereby, more than double output over the range of output the market demands, it is a

natural monopoly

Local monopoly

Price discrimination monopoly

Monopsony

Candidate for antitrust prosecution

When consumption of a good creates positive externalities,

the private demand curve shifts rightward

When consumption of a good creates positive externalities,

the private demand curve is below the marginal social benefit curve

the private demand curve is above the marginal social benefit curve

the equilibrium quantity determined by the free private market is too high

Markets for pollution rights

have never been tried in the United States

assign property rights to those who value them least

allow the government to assign property rights

enable those who value them most to pollute

are less efficient than pollution standards

The tendency for the poorest risks to buy health insurance and the tendency of the insured to take more risks with their health are known as

moral hazard and adverse selection, respectively

the winner's curse and adverse selection, respectively

adverse selection and natural selection, respectively

adverse selection and moral hazard, respectively

the winner's curse and moral hazard, respectively

Moral hazard occurs when a person's behavior changes in a way that

is immoral

is inherently dangerous

increases the chances of an unfavorable outcome

increases the likelihood of profit

raises the net welfare of society

If a seller knows more about the good than the buyer does, there exists

perfect information

an externality

a low marginal benefit of information for the buyer

asymmetric information

optimal search

The market demand curve for a public good

is the horizontal sum of all individual demand curves

is the vertical sum of all individual demand curves.

is upward sloping

is horizontal

does not exist

The rail system in Metropolis is a natural monopoly. If the government regulates the system by setting the fare equal to marginal cost, which of the following will be true?

Profit will be zero under regulation.

Only normal profit will be earned under regulation.

Accounting profit will be zero under regulation.

Economic loss will occur under regulation.

A production with the form Q=40 L.75 K.20 will have______ in the long run.

a. increasing returns to scale

b. decreasing returns to scale

c. constant returns to scale

d. diminishing returns to the variable input

Implicit costs are the opportunity costs of using the resources of ---------------------------------------------

a. outsiders.

b. banks.

c. retained earnings.

d. owners.

The Principle of Comparative Advantage implies that:

a. Two countries can benefit from trade only if one country is better at producing a good compared to another in absolute terms.

b. Two countries can benefit from specialization and trade even if one country is better at one good compared to another in absolute terms.

c. all countries should specialize in whatever they have a higher opportunity cost to producing.

d. all countries are better off when each produces all goods for themselves and they do not trade with each other.

Points inside a production possibilities frontier represent

a. unemployment of resources

b. unattainable production combinations

c. efficient use of resources

d. supply exceeds demand

In a free market --------------------------------

a. governments intervene

b. governments plan production

c. governments interfere

d. prices adjust to reconcile scarcity and desires

16.

If the price of a good rises and the quantity purchased falls by a smaller proportionate amount, we say:

Select one:

a. Demand is elastic

b. Demand is inelastic

c. The firm should lower prices to increase revenue

d. The law of demand has been violated

If the income elasticity of demand is equal to 1.43, it can be concluded that the good is:

Select one:

a. elastic

b. inelastic

c. normal

d. inferior

If the price of a good rises and the quantity purchased falls by a smaller proportionate amount, we say:

Select one:

a. Demand is elastic

b. Demand is inelastic

c. The firm should lower prices to increase revenue

d. The law of demand has been violated

Which of the following is NOT an example of a fixed cost?

Select one:

a. mortgage on a retail store

b. business property taxes

c. equipment rental

d. wages paid to workers

Cross-price elasticity of demand measures:

Select one:

a. the responsiveness of quantity supplied to a change in price of an input

b. consumer responsiveness to a change in price of the good being purchased

c. producer responsiveness to a change in income

d. consumer responsiveness to a change in price of a related goo

Which of the following does NOT affect the demand for labor?

Select one:

a. Price of other inputs

b. Technological improvements in production

c. Changes in unemployment benefits

d. Demand for the good produced

If the income elasticity of demand is equal to 1.43, it can be concluded that the good is:

Select one:

a. elastic

b. inelastic

c. normal

d. inferior

If the price of a good rises and the quantity purchased falls by a smaller proportionate amount, we say:

Select one:

a. Demand is elastic

b. Demand is inelastic

c. The firm should lower prices to increase revenue

d. The law of demand has been violated

If average total costs at 51 units of output are greater than average total costs at 50 units of output, then which of the following is NOT true?

Select one:

a. average variable costs are increasing at 50 units

b. marginal costs are increasing at 50 units

c. average fixed costs are increasing at 50 units

d. marginal costs are greater than average total costs at 50 units

24.

Which of the following is NOT a feature of a budget constraint?

Select one:

a. a budget constraint contains the combinations of two goods that a person can buy

b. a budget constraint contains the combinations of all goods that a person can buy

c. a budget constraint is the outer boundary of an opportunity set

d. all income is spent along the budget constraint

27. If average total costs at 51 units of output are greater than average total costs at 50 units of output, then which of the following is NOT true?

Select one:

a. average variable costs are increasing at 50 units

b. marginal costs are increasing at 50 units

c. average fixed costs are increasing at 50 units

d. marginal costs are greater than average total costs at 50 units

28. In the graph showing negative externalities, which of the following is true?

Select one:

a. the supply curve that only includes private costs will be to the left of the supply curve which includes social costs

b. the supply curve that only includes private costs will be to the right of the supply curve which includes social costs

c. the demand curve that only includes private costs will be to the left of the demand curve which includes social costs

d. the demand curve that only includes private costs will be to the right of the demand curve which includes social costs

In a typical graph showing negative externalities, which of thefollowing is true? Select one: a. the supply curve that onlyincludes private costs will be to the left of the supply curvewhich includes social costs b. the supply curve that only includesprivate costs will be to the right of the supply curve whichincludes social costs c. the demand curve that only includesprivate costs will be to the left of the demand curve whichincludes social costs d. the demand curve that only includesprivate costs will be to the right of the demand curve whichincludes social costs

In a typical graph showing negative externalities, which of thefollowing is true?

Select one:

a. the supply curve that only includes private costs will be tothe left of the supply curve which includes social costs

b. the supply curve that only includes private costs will be tothe right of the supply curve which includes social costs

c. the demand curve that only includes private costs will be tothe left of the demand curve which includes social costs

d. the demand curve that only includes private costs will be tothe right of the demand curve which includes social costs

14. When positive externalities exist in a market, which of the following is true?

a. the social demand curve is to the left of the private demand curve

b. the social demand curve is to the right of the private demand curve

c. the social demand curve is more elastic than the private demand curve

d. the social demand curve is more inelastic than the private demand curve

16.

When the price of a complementary good decreases, what is affected in the market for beef and how?

Select one:

a. supply of beef increases

b. demand for beef increases

c. supply of beef decreases

d. demand for beef decreases

17. In the short run the firm is able to:

Select one:

a. Adjust both variable and fixed costs

b. Adjust only fixed costs

c. Adjust only variable costs

d. Adjust neither fixed costs nor variable costs

If nothing shifts the supply curve and yet prices and quantities changed, what would be identified in regression of price on quantity?

A: the demand curve

B: the supply curve

C: Both the demand curve and the supply curve

D: Neither the demand curve nor the supply curve

What does the coefficient of determination (or R-squared) measure?

A: how well a regression line fits the data

B: how computationally involved a regression is

C: how precise a regression coefficient is estimated in a regression

D: how sensitive quantitiy demand is to changes in price

What does the coefficient of determination (or R-squared) measure?

A: How precise a regression coefficient is estimated in a regression.

B: How computationally involved a regression is.

C: How sensitive quantity demand is to changes in price.

D: How well a regression line fits the data.

1. The market supply curve for labor is upward-sloping because

a) As the wage rises, most workers want to work fewer hours.

b) As the wage falls, most workers want to work more hours.

c) As the wage rises, most workers are willing to work more hours.

d) For most workers, as the wage rises, the preference for leisure time increases.

2. As marginal physical product diminishes, marginal revenue product

a) Also diminishes.

b) Is not affected.

c) Rises at a diminishing rate and eventually falls.

d) Rises.

3. For a minimum wage to have any impact on the labor market, it must be set at a level

a) Higher than the equilibrium wage.

b) Higher than MPP.

c) Higher than MRP.

d) Consistent with economic growth.

4. Because a union is a form of monopoly, it must be concerned about the ________ slope of the demand curve for labor.

a) Vertical

b) Horizontal

c) Downward

d) Upward

1.The market supply curve for labor is upward-sloping because

a) As the wage rises, most workers want to work fewer hours.

b) As the wage falls, most workers want to work more hours.

c) As the wage rises, most workers are willing to work more hours.

d) For most workers, as the wage rises, the preference for leisure time increases.

2. As marginal physical product diminishes, marginal revenue product

a) Also diminishes.

b) Is not affected.

c) Rises at a diminishing rate and eventually falls.

d) Rises.

3. For a minimum wage to have any impact on the labor market, it must be set at a level

a) Higher than the equilibrium wage

b) Higher than MPP.

c) Higher than MRP.

d) Consistent economic growth.

4. Because a union is a form of monopoly, it must be concerned about the _____ slope of the demand curve for labor.

a) Vertical

b) Horizontal

c) Downward

d) Upward

1.The market supply curve for labor curve is upward-sloping because a) As the wage rises, most workers want to work fewer hours. b)As the wage falls, most workers want to work more hours. c)As the wage rises, most workers are willing to work more hours. d) For most workers, as the wage rises, the preference for leisure time increases. 2 As marginal physical product diminishes, marginal revenue product a)Also diminishes. b) Is not affected. c) Rises at a diminishing rate and eventually falls. d) Rises. 3. For a minimum wage to have any impact on a labor market, it must be set at a level a)Higher than the equilibrium wage. b) Higher than MPP. c) Higher than MRP. d) Consistent with economic growth. 4. Because a union is a form of monopoly, it must be concerned about the ________ slope of the demand curve for labor. a)vertical b) horizontal c) downward d) upward

1.The market supply curve for labor curve is upward-sloping because a) As the wage rises, most workers want to work fewer hours. b)As the wage falls, most workers want to work more hours. c)As the wage rises, most workers are willing to work more hours. d) For most workers, as the wage rises, the preference for leisure time increases.

2 As marginal physical product diminishes, marginal revenue product

3. For a minimum wage to have any impact on a labor market, it must be set at a level

4. Because a union is a form of monopoly, it must be concerned about the ________ slope of the demand curve for labor.

.
(Figure 6.1) Which of the following statements is (are) TRUE?


I. At L = 5, MPL > APL.
II. At L = 2, MPL = APL.
III. For this production function, MPL is greater at L = 2 than at L = 8.
IV. For this production function, MPL is always greater than APL.

I and IV
I and II
II
III

11.
Brenda's Pastry employs two workers who produce 4 dozen pastries per hour. After Brenda hires a third worker, the number of pastries produced increases to 7 dozen per hour. Because the marginal product of the third worker is _____ than the average product of two workers the average product must _____.

greater; rise
less; fall
less; rise
greater; fall

12.
Below is the short-run production function for a given firm with five units of capital. Use the multi-point line drawing tool to plot the firm's short-run production function as a function of labor, including all points from L=0 to L=5. Label the curve SR_Production. Be sure to plot each point.

Capital, K Labor, L Output, Q
5 0 0
5 1 8
5 2 14
5 3 17
5 4 19
5 5 20

13. (Figure 6.3) Which of the following statements is (are) TRUE?


I. More output is produced at point A than at point B.
II. The ratio of the marginal product of labor to the marginal product of capital is higher at point A than at point B.
III. The MRTSLK is equal at points A and B.

III
II
I, II, and III
II and III

QUESTION 1

Rosina Gonzales quit her job in Pennsylvania and moved to California to be close to her family. She is currently looking for work, so she would be considered

1 points

QUESTION 2

Discouraged workers

1 points

QUESTION 3

In measuring the unemployment rate, part-time workers are ________ and discouraged workers are ________.

1 points

QUESTION 4

Mary has decided that the she does not like Iowa and has decided to quit her job as a medical technician and move to Arizona. Mary's unemployment as she searches for a new job is best classified as

1 points

QUESTION 5

When a golf caddy in Minnesota (where golf courses close in the winter) is unemployed in December, it is most likely the case that the golf caddy is

1 points

QUESTION 6

After graduating from college, Yunis, age 22, started working for his parent's real estate business as an unpaid assistant. He works 25 hours a week helping manage rental units . In the Current Population Survey, Yunis is considered

1 points

QUESTION 7

The working-age population includes

1 points

QUESTION 8

Involuntary part-time workers are workers who

1 points

QUESTION 9

Frictional unemployment is the result of

1 points

QUESTION 10

Bill just graduated with his degree in economics. Through Career Services he submitted his resume to several companies and he will visit them during the next two weeks. Bill is considered

1 points

QUESTION 11

Harry works at the video rental store for 20 hours per week. He's asked his boss to allow him to work 40 hours per week, but has been told that business is too slow. Harry is considered

1 points

QUESTION 12

Discouraged workers who are over 16 years old are

i.not counted as unemployed.

ii.part of the working-age population.

iii.part of the labor force.

1 points

QUESTION 13

Higher unemployment benefits create

1 points

QUESTION 14

Seasonal unemployment includes people who become unemployed from

1 points

QUESTION 15

Cyclical unemployment is

1 points

QUESTION 16

Which of the following people would be classified as employed in the Current Population Survey?

1 points

QUESTION 17

People who are willing and able to work but are not looking for work because they have been discouraged by their previous futile efforts are called

1 points

QUESTION 18

Discouraged workers are included in the calculation of the

i.unemployment rate.

ii.labor force participation rate.

iii.working-age population.

1 points

QUESTION 19

As firms search for the best employee to fill an opening and the unemployed search for the job that best fits their skills, the economy experiences

1 points

QUESTION 20

Suppose the U.S. population is 275 million. If 210 million people are of working age, 135 million are employed, and 6 million are unemployed, what is the labor force participation rate?

1 points

QUESTION 21

During a recession the unemployment rate generally ________ and during an expansion the unemployment rate generally ________.

1 points

QUESTION 22

In January of 2001, the population of the United States was 276.8 million, the working-age population was 210.2 million, the total number of people employed was 140, and the total number of people unemployed was 5.0 million. What was the labor force participation rate?

1 points

QUESTION 23

If Brian, age 24, had no job but was available for work and had looked for a job the week before the survey, Brian is classified in the Current Population Survey as

1 points

QUESTION 24

Julie works part-time for economic reasons. She would be considered

1 points

QUESTION 25

Suppose the population is 300 million people, the labor force is 200 million people, the number of people employed is 185 million, and the working-age population is 170 million people. What is the unemployment rate?

1 points

QUESTION 1

Rosina Gonzales quit her job in Pennsylvania and moved to California to be close to her family. She is currently looking for work, so she would be considered

1 points

QUESTION 2

Discouraged workers

1 points

QUESTION 3

In measuring the unemployment rate, part-time workers are ________ and discouraged workers are ________.

1 points

QUESTION 4

Mary has decided that the she does not like Iowa and has decided to quit her job as a medical technician and move to Arizona. Mary's unemployment as she searches for a new job is best classified as

1 points

QUESTION 5

When a golf caddy in Minnesota (where golf courses close in the winter) is unemployed in December, it is most likely the case that the golf caddy is

1 points

QUESTION 6

After graduating from college, Yunis, age 22, started working for his parent's real estate business as an unpaid assistant. He works 25 hours a week helping manage rental units . In the Current Population Survey, Yunis is considered

1 points

QUESTION 7

The working-age population includes

1 points

QUESTION 8

Involuntary part-time workers are workers who

1 points

QUESTION 9

Frictional unemployment is the result of

1 points

QUESTION 10

Bill just graduated with his degree in economics. Through Career Services he submitted his resume to several companies and he will visit them during the next two weeks. Bill is considered

1 points

QUESTION 11

Harry works at the video rental store for 20 hours per week. He's asked his boss to allow him to work 40 hours per week, but has been told that business is too slow. Harry is considered

1 points

QUESTION 12

Discouraged workers who are over 16 years old are

i.not counted as unemployed.

ii.part of the working-age population.

iii.part of the labor force.

1 points

QUESTION 13

Higher unemployment benefits create

1 points

QUESTION 14

Seasonal unemployment includes people who become unemployed from

1 points

QUESTION 15

Cyclical unemployment is

1 points

QUESTION 16

Which of the following people would be classified as employed in the Current Population Survey?

1 points

QUESTION 17

People who are willing and able to work but are not looking for work because they have been discouraged by their previous futile efforts are called

1 points

QUESTION 18

Discouraged workers are included in the calculation of the

i.unemployment rate.

ii.labor force participation rate.

iii.working-age population.

1 points

QUESTION 19

As firms search for the best employee to fill an opening and the unemployed search for the job that best fits their skills, the economy experiences

1 points

QUESTION 20

Suppose the U.S. population is 275 million. If 210 million people are of working age, 135 million are employed, and 6 million are unemployed, what is the labor force participation rate?

1 points

QUESTION 21

During a recession the unemployment rate generally ________ and during an expansion the unemployment rate generally ________.

1 points

QUESTION 22

In January of 2001, the population of the United States was 276.8 million, the working-age population was 210.2 million, the total number of people employed was 140, and the total number of people unemployed was 5.0 million. What was the labor force participation rate?

1 points

QUESTION 23

If Brian, age 24, had no job but was available for work and had looked for a job the week before the survey, Brian is classified in the Current Population Survey as

1 points

QUESTION 24

Julie works part-time for economic reasons. She would be considered

1 points

QUESTION 25

Suppose the population is 300 million people, the labor force is 200 million people, the number of people employed is 185 million, and the working-age population is 170 million people. What is the unemployment rate?

1 points