econ201 homework 2 quiz latest 2015

Chapter 7 random

Question 1 1 / 1 point

Which of the following is most likely to contribute to economic growth as measured by GDP per capita?

Question options:

a)

increased capital formation

b)

rapid population growth

c)

the imposition of tariffs and quotas on imported goods

d)

an increase in marginal tax rates

Question 2 1 / 1 point

Which of the following factors contribute to economic growth?

Question options:

a)

an increase in the proportion of the population that is college educated

b)

an increase in the average wage rate paid to workers

c)

an increase in the standard of living

d)

a decrease in the productivity of labor

Question 3 1 / 1 point

Since the late 1950s, economists have performed “growth accounting” studies in the United States. These have determined that ________________ is typically the most important contributor to U.S. economic growth.

Question options:

a)

physical capital

b)

human capital

c)

technology

d)

a market orientation

Question 4 0 / 1 point

In the early 2000s, the illiteracy rate for girls between the ages of 15 and 24 was __________ and the illiteracy rate for males in this age group was ______________.

Question options:

a)

67%; 70%

b)

80%; 83%

c)

72%; 69%

d)

78%; 75%

Question 5 1 / 1 point

Which of the following is correct?

Question options:

a)

A decrease in the productivity of labour leads to economic growth.

b)

An increase in the quantity of labor always leads to economic growth.

c)

Increased education adds to the stock of human capital, not unlike building factories adds to the stock of physical capital.

d)

Third World countries are rich in human capital.

Question 6 1 / 1 point

A nation can achieve higher economic growth if:

Question options:

a)

the productivity of labor declines.

b)

more resources are allocated to consumption goods.

c)

it devotes more resources to research and development.

d)

taxes are imposed on investment in capital.

Question 7 1 / 1 point

In macroeconomics, the connection from inputs to outputs for the entire economy is called _______________.

Question options:

a)

physical capital

b)

a production function

c)

human capital

d)

an aggregate production function

Question 8 1 / 1 point

Over the long run, ____________ per hour is the most important determinant of the average wage level in any economy.

Question options:

a)

demand

b)

productivity

c)

supply

d)

dollars

Question 9 1 / 1 point

_________ is output per hour in the business sector.

Question options:

a)

GDP per capita

b)

Investment

c)

Productivity

d)

Net exports

Question 10 1 / 1 point

____________ is a term which refers to the widespread use of power-driven machinery and the economic and social changes that resulted in the first half of the 1800s.

Question options:

a)

Industrial Revolution

b)

Capital deepening

c)

Living standard

d)

Technology

Chapter 7 Mandatory

Question 11 1 / 1 point

Assuming a country's economy maintains an 8% rate of growth, young adults starting at age 20 would see the average standard of living in their country more than double by the time they had reached age __________.

Question options:

a)

30

b)

60

c)

50

d)

40

Question 12 1 / 1 point

Country Alpha and Country Beta initially have the same real GDP per capita. Country Alpha experiences no economic growth, while Country Beta grows at a sustained rate of 5 percent. In 14 years, Country Alpha's GDP will be approximately _________ that of Country Beta.

Question options:

a)

triple

b)

double

c)

one-half

d)

one-fourth

Chapter 8 Random

Question 13 1 / 1 point

The labor force consists of:

Question options:

a)

all adults who are able to work.

b)

all adults who are working, plus those not working.

c)

discouraged workers, employed workers, plus those actively seeking work.

d)

all adults who are working or actively seeking work.

Question 14 1 / 1 point

During the deep recessions of the early 1980s and of 2007-2009, unemployment reached roughly __________.

Question options:

a)

10%

b)

20%

c)

40%

d)

30%

Question 15 1 / 1 point

Frictional unemployment is:

Question options:

a)

unemployment caused by lack of training and education.

b)

unemployment caused by automation in the workplace.

c)

unemployment that is due to normal turnover in the labor market.

d)

unemployment that is due to the friction of competing ideological systems.

Question 16 1 / 1 point

The extent of _______________________ will depend on how easy it is for workers to learn about alternative jobs, which may reflect the ease of communications about job prospects in the economy.

Question options:

A. frictional unemployment

B. cyclical unemployment

C. seasonal unemployment

D. cyclical employment

Question 17 1 / 1 point

Each month the Census Bureau carries out the Current Population Survey (CPS) (which has been carried out every month since 1940). A total of __________ households are contacted every month.

Question options:

a)

600,000

b)

6000

c)

60,000

d)

600

Question 18 1 / 1 point

If a nation's labor force receives a significant influx of young workers:

Question options:

a)

frictional unemployment will likely decrease to zero.

b)

the natural rate of unemployment is likely to increase.

c)

the natural rate of unemployment is likely to decrease.

d)

the natural rate of unemployment is unlikely to change

Question 19 1 / 1 point

The rise in unemployment that occurs because of a recession is known as cyclical unemployment, because it is closely tied to the ______________.

Question options:

a)

labor supply

b)

natural rate of unemployment

c)

supply curve

d)

business cycle

Question 20 1 / 1 point

The type of unemployment that occurs because of a recession is called:

Question options:

a)

the natural rate of unemployment.

b)

cyclical unemployment.

c)

frictional unemployment.

d)

seasonal unemployment.

Question 21 1 / 1 point

During the Great Depression of the 1930s, the unemployment rate reached more than _________ of the labor force.

Question options:

a)

45%

b)

85%

c)

65%

d)

25%

Question 22 1 / 1 point

The development of a nationwide computerized job bank listing of all job openings would be most likely to reduce:

Question options:

a)

natural unemployment.

b)

frictional unemployment.

c)

seasonal unemployment.

d)

cyclical unemployment.

Chapter 8 mandatory

Question 23 1 / 1 point

Reginald looked for work for six months but could not find a job to his liking. He now spends his time at the beach. For purposes of employment he is considered:

Question options:

a)

employed in the underground economy.

b)

underemployed.

c)

unemployed.

d)

out of the labor force.

Question 24 0 / 1 point

If the number of employed persons in a country equals 24 million, the number of unemployed persons equals 8 million, and the number of persons over age 16 in the population equals 40 million, the unemployment rate equals:

Question options:

a)

32%.

b)

25%.

c)

20%.

d)

8%.

Question 25 1 / 1 point

Craigburg has a working age population of 20 million. Of those, 11 million are employed and 1 million are unemployed. The unemployment rate is ________ and the participation rate is __________.

Question options:

a)

5%; 55%.

b)

8.3%; 55%.

c)

5%; 60%.

d)

8.3%; 60%.

Question 26 1 / 1 point

In November 2010 the labor force in Siouxtown, was 14,800. There were 14,483 persons employed. The local unemployment rate:

Question options:

a)

was 1.2%.

b)

was 7.1%.

c)

was 5.6%.

d)

was 2.1%.

Chapter 9 random

Question 27 1 / 1 point

The ____________________ is based on the prices of merchandise that are exported or imported.

Question options:

a)

International Price Index

b)

Producer Price Index

c)

International Product Index

d)

Foreign Price Index

Question 28 1 / 1 point

The Producer Price Index is based on prices paid for supplies and inputs by:

Question options:

a)

the small business sector

b)

government

c)

producers of goods and services

d)

consumers

Question 29 1 / 1 point

The __________________ is the nominal interest rate minus the rate of inflation.

Question options:

a)

annualized interest rate

b)

nominally adjusted

c)

real interest rate

d)

real GDP

Question 30 1 / 1 point

What name is given to the index based on the prices of exported or imported merchandise?

Question options:

a)

U.S. Producer Price Index

b)

U.S. Producer Trade Index

c)

International Price Index

d)

International Trade Index

Question 31 1 / 1 point

The effects of inflation are seen in:

Question options:

a)

goods, services, wages and income levels

b)

goods and services only

c)

wages and income levels only

d)

services and wages only

Question 32 1 / 1 point

Another term used to describe negative inflation is:

Question options:

a)

hyperinflation

b)

deflation

c)

counter inflation

d)

GDP deflator

Question 33 1 / 1 point

Two factors that complicate the calculation of the inflation rate are:

Question options:

a)

complimentary product bias

b)

substitution and quality/new product bias

c)

preferential bias

d)

consumer behavior bias

Question 34 1 / 1 point

The basket of goods in the Consumer Price Index consists of about _________ products; that is, several hundred specific products in over __________ broad-item categories.

Question options:

a)

800; 200

b)

80,000; 400

c)

200; 800

d)

80,000; 200

Question 35 1 / 1 point

A payment is said to be ________________ if it is automatically adjusted for inflation.

Question options:

a)

cross referenced

b)

matched

c)

indexed

d)

maintained

Question 36 1 / 1 point

The most commonly cited measure of inflation in the United States is:

Question options:

a)

the Cumulative Price Index (CPI)

b)

the Deflationary Price Index (DPI)

c)

the Consumer Price Index (CPI).

d)

the Inflationary Price Index (IPI)