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Econ 232 Exam 2 Quiz
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Multiple Choice Questions
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Unemployment involving a mismatch of the skills of unemployed workers and the skills required for available jobs is called:
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C. cyclical unemployment.
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B. Product quality has improved.
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B. structural unemployment.
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B. frictionally unemployed.
The phrase "too much money chasing too few goods" best describes:
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D. cost-push inflation.
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C. the trough.
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C. cyclical unemployment.
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B. demand-pull inflation.
A recession is defined as a period in which:
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A. can be found by summing C + Ig + G + Xn.
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D. real domestic output falls.
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B. full-employment unemployment rate.
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A. total output/worker-hours.
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:
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D. All of these are identified as causes of business cycle changes.
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C. Unrestricted trade between nations.
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C. An increase in the size of the working age population.
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C. the official unemployment rate will remain unchanged.
Which of the following transactions would be included in GDP?
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D. Peter buys a newly constructed house.
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C. Unrestricted trade between nations.
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A. income received by households less personal taxes
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C. growth of real GDP per capita
The industries or sectors of the economy in which business cycle fluctuations tend to affect output most are:
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C. dividing 70 by the annual growth rate.
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C. An increase in the size of the working age population.
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D. capital goods and durable consumer goods.
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A. can be found by summing C + Ig + G + Xn.
Other things equal, which of the following would increase the rate of economic growth, as measured by changes in real GDP?
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D. add increases in inventories or subtract decreases in inventories.
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D. All of these are identified as causes of business cycle changes.
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D. add exports, but subtract imports, in calculating GDP.
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C. An increase in the size of the working age population.
Transfer payments are:
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B. excluded when calculating GDP because they do not reflect current production.
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B. a firm's output less the value of the inputs bought from others.
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D. calculate the number of years required for the price level to double.
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C. may cause the official unemployment rate to understate the true amount of unemployment.
Given the annual rate of inflation, the "rule of 70" allows one to:
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D. calculate the number of years required for the price level to double.
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D. add exports, but subtract imports, in calculating GDP.
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D. add increases in inventories or subtract decreases in inventories.
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D. All of these are identified as causes of business cycle changes.
The value added of a firm is the market value of:
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B. full-employment unemployment rate.
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B. a firm's output less the value of the inputs bought from others.
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D. add increases in inventories or subtract decreases in inventories.
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D. calculate the number of years required for the price level to double.
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:
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B. Product quality has improved.
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A. technological advance
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B. structural unemployment.
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B. frictionally unemployed.
Which of the following is not seen by economists as an underlying cause of business cycle fluctuations?
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C. growth of real GDP per capita
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D. All of these are identified as causes of business cycle changes.
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A. income received by households less personal taxes
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D. Peter buys a newly constructed house.
A large underground economy results in an:
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A. can be found by summing C + Ig + G + Xn.
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C. Unrestricted trade between nations.
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A. understated GDP.
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A. total output/worker-hours.
The phase of the business cycle in which real GDP is at a minimum is called:
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B. demand-pull inflation.
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C. the trough.
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C. cyclical unemployment.
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A. direct.
In calculating the GDP national income accountants:
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D. add exports, but subtract imports, in calculating GDP.
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D. add increases in inventories or subtract decreases in inventories.
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B. a firm's output less the value of the inputs bought from others.
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C. An increase in the size of the working age population.
The relationship between the size of the negative GDP gap and the unemployment rate is:
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D. add exports, but subtract imports, in calculating GDP.
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A. direct.
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C. the trough.
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B. demand-pull inflation.
The presence of discouraged workers:
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B. a firm's output less the value of the inputs bought from others.
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C. may cause the official unemployment rate to understate the true amount of unemployment.
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D. calculate the number of years required for the price level to double.
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B. excluded when calculating GDP because they do not reflect current production.
Rising per-unit production costs are most directly associated with:
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C. the GDP price index.
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D. calculate the number of years required for the price level to double.
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C. cyclical unemployment.
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D. cost-push inflation.
The natural rate of unemployment is the:
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C. dividing 70 by the annual growth rate.
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B. full-employment unemployment rate.
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A. can be found by summing C + Ig + G + Xn.
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B. a firm's output less the value of the inputs bought from others.
In the treatment of U.S. exports and imports, national income accountants:
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D. add exports, but subtract imports, in calculating GDP.
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D. add increases in inventories or subtract decreases in inventories.
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D. calculate the number of years required for the price level to double.
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C. An increase in the size of the working age population.
GDP is the:
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B. excluded when calculating GDP because they do not reflect current production.
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C. may cause the official unemployment rate to understate the true amount of unemployment.
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B. people are more likely to invest if they don't fear that others can take their returns on investment without compensation.
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B. monetary value of all final goods and services produced within the borders of a nation in a particular year.
According to the Bureau of Labor Statistics, to be officially unemployed a person must:
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C. growth of real GDP per capita
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C. the GDP price index.
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A. technological advance
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A. be in the labor force.
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