ECON 1120 Midterm: Prelim 2 Econ 1120 revised

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turquoisegnu128

31 Jan 2019

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Part i : multiple choice, 10 points (each question is worth point). If there is a(n)________ in the number of discouraged workers in the economy from the pool of unemployed workers, then all else equal the unemployment rate will _______: increase, increase. Increase, decrease: decrease, decrease, increase, not change, none of the above. United states: the female labor force participation rate is typically lower than the male labor force participation rate, the phillips curve shows that inflation and unemployment are negatively correlated, none of the above, all of the above. Implementation lags for fiscal policy: are longer than those for monetary policy, are shorter than those for monetary policy, about the same as those for monetary policy. Section number or ta name: november 5, 2009: refer to the information about phillips curves provided in figure 1 below to answer the question that follows.

Related Questions

1. A change in quantity supplied:

A. refers to a shift in the supply curve.

B. results from a change in a determinant of supply.

C. refers to a movement along a given supply curve.

D. is caused by a change in the number of sellers in the industry.

2. Which one of the following would most likely cause the supply curve for microwaves to shift to the right:

A. a decrease in the price of microwaves.

B. an increase in the wage rate earned by workers who produce microwaves.

C. a decrease in consumer preferences for microwaves.

D. an increase in the number of firms that produce microwaves

3. If the actual price sellers are pricing their goods at is currently above the equilibrium price. There is a ____________. Therefore, we would expect sellers to ____________ the price until the market reaches equilibrium.

surplus; raise

surplus; lower

shortage; raise

D. shortage; lower

4. Suppose the demand and the supply of wine both increase. The net effect of these changes in demand and supply will be

A	an increase in equilibrium quantity, but a decrease in equilibrium price.
B	an increase in equilibrium price and quantity.
C.	an increase in equilibrium price, but the change in equilibrium quantity is indeterminate.
D.	an increase in equilibrium quantity, but the change in equilibrium price is indeterminate.

rosecat128

1.Assume that there was a 10 per cent increase in the price of all goods in 2010; if the base year is 2009, then the price index in 2010 will be Select one:

a. 1100. b. 200. c. 90. d. 110.

2.The value of your money income, in terms of buying goods and services, is referred to like your money's

a. transaction cost.

b. rigidity factor.

c. staying power.

d. purchasing power.

3. Unemployment that is caused by business recessions is called

a. frictional unemployment.

b. seasonal unemployment.

c. structural unemployment.

d. cyclical unemployment.

4.All of the following are examples of a flow EXCEPT

a. the current unemployment rate.

b. a person who is fired from a job.

c. an individual who voluntarily leaves the labour force.

d. a new entrant into the labour force.

5.Which one of these factors plays a role in determining the extent and duration of frictional unemployment?

a. the ease with which job seekers can obtain information about job openings

b. the degree to which the overall level of business activity fluctuates up and down

c. the extent to which government legislation requires firms to provide health insurance for employees

d. the education and skill levels of labour force participants

6.Since 1950, the labour force participation rate in the United States

a. of men and women both decreased.

b. of men decreased and for women increased.

c. of men increased and women decreased.

d. of men and women both increased.

7.Increases in the duration of unemployment may

a. reflect a general downturn in economic activity that depresses job openings.

b. increase the unemployment rate.

c. All of these.

d. increase the number of discouraged workers.

8. A discouraged worker is someone who

a. is unemployed.

b. has been fired.

c. is not in the labour force.

d. is employed.

9.In the United States, the wage floor legislated by the government below which it is generally illegal to pay workers is known as

a. the going wage.

b. the employment gap.

c. the minimum wage.

d. the wage ceiling.

10. Which of the following is an effect of a minimum wage law that establishes a ceiling wage below the current market-clearing wage?

a. Surplus labour, or unemployment

b. A decrease in the market-clearing wage

c. A decrease in the quantity of labour supplied

d. An increase in the quantity of labour supplied

11. Which group of individuals most likely benefits from rent controls?

a. low-income wage earners who fail to obtain rental housing

b. the unemployed who fail to obtain rental housing

c. single-parent families without savings or other financial assets who fail to obtain rental housing

d. upper-income professionals who rent apartments at the price ceiling rate

blushsardine736

Question 1:

Economic discrimination puts the economy inside its production possibilities curve because discrimination:

promotes present consumption rather than production of capital goods.

often causes inflation, which reduces the nation's real output.

redistributes income from low-paid to high-paid persons.

arbitrarily blocks women and certain minorities from higher-productivity, higher wage jobs and thus keeps the economy from producing its maximum output.

Question 2:

Economic discrimination:

affects the distribution of domestic output and income, but not its total size.

places the economy at some point inside of its production possibilities curve.

affects the total size of domestic output and income, but not its distribution.

is shown as some point outside of an economy's production possibilities curve.

Question 3:

Labor market discrimination creates a:

larger domestic output but no redistribution.

redistribution of a smaller domestic output.

redistribution of a larger domestic output.

smaller domestic output but no redistribution.

Question 4:

An increase in the collective discrimination coefficients of employers will:

reduce the African-American wage rate, increase African-American employment, and lower the actual African-American-white wage ratio.

reduce the African-American wage rate, decrease African-American employment, and lower the actual African-American-white wage ratio.

increase the African-American wage rate, reduce African-American employment, and increase the actual African-American-white wage ratio.

increase the African-American wage rate, increase African-American employment, and increase the actual African-American-white wage ratio.

Question 5:

A reduction in the collective discrimination coefficients of employers will:

reduce the African-American wage rate, increase African-American employment, and lower the actual African-American-white wage ratio.

reduce the African-American wage rate, decrease African-American employment, and lower the actual African-American-white wage ratio.

increase the African-American wage rate, reduce African-American employment, and increase the actual African-American-white wage ratio.

increase the African-American wage rate, increase African-American employment, and increase the actual African-American-white wage ratio.

Question 6:

In the taste-for-discrimination model:

women and minorities are confined to a limited number of occupations.

white employers behave as if employing African-American workers adds to costs.

individual workers are judged by the characteristics of the groups to which they belong.

prejudiced white employers will never hire African-American workers.

Question 7:

Which of the following employers is the most prejudiced? Employer:

Question 8:

An implication of the taste-for-discrimination model is that:

other things equal, nondiscriminating firms will have lower production costs than discriminating firms.

discrimination will move a firm along its declining average total cost curve.

discrimination can lower a firm's production costs.

other things equal, discriminating firms will have lower production costs than nondiscriminating firms.

Question 9:

An employer is prejudiced, prefers to hire white rather than African-American workers, and is willing to pay higher wages to obtain white workers. This illustrates:

the crowding model.

statistical discrimination.

the taste-for-discrimination model.

reverse discrimination.

Question 10:

Empirical studies generally find that the estimated discrimination coefficient is larger in southern versus northern states. True or False: presuming that the wage differential is due to employer discrimination, this necessarily implies that there are more discriminating employers in the South than there are in the North.

ECON 1120 Midterm: Prelim 2 Econ 1120 revised

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