21 Sep The ultimate objective of macroeconomics is to
Module 4 Quiz
Question 1The ultimate objective of macroeconomics is to
develop and test theories about how the overall economy works
improve the international competitiveness of the U.S. financial markets
stabilize the economy’s growth rate
reduce the unemployment rate
Question 2Which of the following is a stock variable?
the federal government’s budget deficit
the federal government’s debt
business spending on capital equipment
Question 3Which of the following is a flow variable?
the U.S. population
U.S. plant and equipment
Question 4If business leaders become optimistic about future sales and profits, they will __________ spending on plant and equipment, which __________ employment and income and, therefore, their expectations are __________.
increase; decreases; fulfilled
increase; increases; fulfilled
decrease; decreases; fulfilled
increase; increases; not met
Question 5During the Great Depression, President Hoover
incorrectly called for a decrease in taxes
incorrectly called for an increase in taxes
correctly called for a decrease in government spending
correctly called for an increase in taxes
Question 6A recession is best defined as a period during which
the budget deficit and trade deficit are both growing
more resources are used
he percentage of the population employed is declining
employment, output, and income decline
Question 7A depression can be defined as
a mild reduction in total production coupled with a rising unemployment rate that lasts for several years
a severe reduction in total production coupled with high unemployment that lasts several years
a decline in government spending and taxes that lasts for several months
a decline in total production that lasts less than six months
Question 8When economists refer to the economy’s price level, they mean
the price of goods and services relative to consumers’ incomes
the rate of inflation
a general measure of prices of all goods and services
a period of level, or steady, prices
Question 9If the wealth of consumers increases substantially, this would shift
the aggregate supply curve outward
the aggregate supply curve inward
the aggregate demand curve inward
the aggregate demand curve outward
Question 10Equilibrium of aggregate supply and aggregate demand is best described as a situation in which
the slope of aggregate demand equals the slope of aggregate supply
quantity supplied exceeds quantity demanded at a unique price level
quantity demanded equals quantity supplied at a unique price level
quantity demanded exceeds quantity supplied
Question 11The labor force consists of all
the noninstitutionalized population over 16 in the economy who hold jobs or are looking for them
people in the economy over 16 years of age
the people in the economy who are not retired
the adults in the economy between 18 and 65 years old who are able to work
Question 12The unemployment rate is the
percentage of the labor force that does not have a job
number of people in the labor force without jobs
number of people in the economy who have given up looking for employment
percentage of people in the economy who do not hold jobs
Question 13Consider an economy with an adult population of 100, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The labor force participation rate is
Question 14A discouraged worker is one who
is underqualified for his current job
is overqualified for his current job
dislikes his current job but is afraid to quit
drops out of the labor force because he cannot find a job
Question 15When workers are over-qualified for their current jobs or can find only part-time work, we say they are
Question 16Sharon was being treated unfairly by her boss, so she stormed off the job and two weeks later found another position. For two weeks Sharon experienced
Question 17Juanita earned a B.S. inengineering and went to work for a defense contractor. When the government cut spending, Juanita and 99 others were laid off. The only other business in the town is growing grapes, but the growers refuse to hire laid-off engineers, knowing they will leave at the first opportunity. The unemployment Juanita is experiencing is
Question 18The type of unemployment most likely to be experienced by a touring professional golfe
Question 19Because of the way discouraged workers and part-time employment are measured, the official unemployment rate
understates the unemployment problem
overstates the unemployment problem
overstates the size of the labor force
truly reflects the level of unemployment
Question 20Inflation is
a reduction in everyone’s standard of living
a rise in the real prices of all goods and services
an increase in the value of money compared to the value of goods
a general and continuing rise in the money prices of goods and services
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