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Terms in this set (8)
A recession is generally characterized by.
I. a decrease in real GDP
II. a decrease in employment
III. an increase in price level
a. I only
b. III only
c. I and II only
d. II and III only
e. I, II, and III
c
Unemployment measures the percentage of people in the labor force who
a. are not working
b. are not looking for jobs
c. are not working and are actively looking for jobs
d. have given up looking for jobs
e. are not working or are only working part-time
c
A college graduate who has worked for 20 hrs per week part time, is not working now and is now searching for her first job is experiencing
a.
frictional unemployment
b. structural unemployment
c. seasonal unemployment
d. cyclical unemployment
e. underemployment
a
During a times of falling Real GDP we usually see this type of unemployment in the economy
a. frictional unemployment
b. structural unemployment
c. seasonal unemployment
d. cyclical unemployment
e. unemployment
d
If a worker's nominal income increases by 5% and the inflation rate increases by 3%, how did the worker's real income change?
a. it fell by 8%
b. it fell by 2%
c. It rose by 2%
d. it rose by 5%
e. It rose by 8%
c
Which of the following factors would cause demand-pull inflation?
a. Increase in the cost of raw materials for firms.
b. Significant period of
Expansion in the Economy in which income increases.
c. significant decrease in the supply of oil
d. Serious crop failure
e. Reduction in imports allowed into the country.
b
Which of the following groups of people is least likely to be hurt by unanticipated inflation?
a. Retirees living on a fixed pension
b. People who have borrowed money to buy cars
c. Savers earning income from intrest on
savings accounts
d. Workers earning the minimum wage
e. Creditors who provide loans to customers
b
If a bank charges customers a nominal interest rate of 12% for car loans and expects a 7% inflation rate over the life of the loan, what is the real interest rate?
a. -5%
b. 5%
c. 5.8%
d. 19%
e. 12%
b
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