What is the name given to unemployment that occurs because people want to take time to find a job?
seasonal
structural
cyclical
frictional
2.
Nominal GDP is calculated using __________ prices.
last year's
current
estimated
wholesale
3.
Which of the following is NOT a factor that influences the business cycle?
missing Social Security payments
interest rates on loans
capital investment in business development
uncontrollable weather events
4.
Near-zero rates of unemployment are not desirable because they often lead to
decreases in the supply of products.
increases in the cost of production.
government regulation of the minimum wage.
consumers demanding more products.
5.
Which goal of the U.S. economy is characterized by the maximum utilization of resources?
growth equity
efficiency
stability
6.
Which goal of the U.S. economy is characterized by the government providing a safety net for those who
have fallen on hard times or otherwise need help?
stability
growth
freedom
security
7.
What is the lowest point of the business cycle called?
peak
trough
depression
recession
8.
What often happens to stock prices when a recession in the economy is in the future?
Stock prices increase.
Stock prices decrease.
Stock prices remain constant.
Stock prices increase for one day and then decrease.
9.
Which of the following organizations conducts economic research, maintains a list of leading economic
indicators, and publishes monthly economic reports?
Stock Market Exchange
Economic Data Board Conference Board
Economic Research Commission
10.
The highest point in the business cycle is the
peak.
trough.
summit.
plateau.
11.
Cyclical unemployment occurs because a worker's skills do not match available jobs.
True
False
12.
Real GDP is calculated using unchanging prices.
True
False
13.
As capital investment levels off, business spending decreases and leads to a possible contraction in the
economy.
True
False
14.
Unemployment rates nearest zero are desirable in the economy.
True
False
15. Unemployment can force the economy into a contraction because consumers stop purchasing high priced
products.
True
False
16.
As the population of the U.S. continues to grow, the number of jobs must grow with it.
True
False
17.
Businesses react to contractions in the economy by increasing output.
True
False
18.
The cyclical approach is used to calculate Gross Domestic Product.
True
False
19.
The cost of rising resources causing the cost of finished products to push upward is one cause of inflation.
True
False
20.
The demand-pull theory of inflation states that inflation can be caused when there is too much money in
the economy.
True
False 21. In an essay of at least two well-developed paragraphs, discuss real and nominal GDP. Point out how
they are alike and how they differ. Also, explain the problem with using nominal GDP to measure the
growth of the economy. 22. In an essay of at least two well-developed paragraphs, describe the types of information economists
use to forecast the business cycle and how they use this information to make predictions about the
business cycle.
23. Describe two types of unemployment and provide an original example of each.
24. In an essay of at least three well-developed paragraphs, define Gross Domestic Product and explain
the two methods used to measure it. Provide original examples that represent both methods.
25.
In an essay of at least three well-developed paragraphs, describe the four phases of the business cycle, and
describe three situations that can happen during a contraction in the economy.
26.
In an essay of at least two well-developed paragraphs, explain how the government calculates the
unemployment rate. Give an original example to aid your explanation.
27. In an essay of at least two well-developed paragraphs, define the term inflation and explain how it is
used as a measure of economic performance. Use an original example that shows how prices might rise
over time to aid your explanation.

 

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Status NEW Posted 05 Jun 2017 07:06 AM My Price 20.00

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