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The ultimate objective of macroeconomics is to

ECO105 Macroeconomics

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


  consumer income               


  business spending on capital equipment


 Question 3Which of the following is a flow variable?


  the U.S. population


  investment spending


  money supply


  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




  discouraged workers






 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


  frictional unemployment


  structural unemployment


  seasonal unemployment


  cyclical unemployment


 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


  cyclical unemployment


  structural unemployment


  frictional unemployment


  seasonal unemployment


 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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