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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

 

  60%

 

  10%

 

  100%

 

  50%

 

 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

 

  overemployed

 

  discouraged workers

 

  underemployed

 

  unemployed

 

 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

 

  seasonal

 

  structural

 

  cyclical

 

  frictional

 

 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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