ECO 405 Week 10 Quiz – Strayer

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Quiz 9 Chapter 13

Unemployment And Inflation: Can We Find A Balance?

Multiple Choice Questions
 

1. A Person Is Considered Unemployed If The Person Is
A. Seeking A Job Requiring Greater Qualifications Than The Person Possesses And No One Is Willing To Hire The Person For Such A Job
B. Offered A Job For Which The Person Is Qualified But Prefers Not To Work
C. Qualified For A Job, Willing To Work, But Unable To Find Work For Over 30 Days
D. Out Of School During Christmas Vacation And Cannot Find Work During That Period
E. All Of The Above

2. Which Of The Following People Is Considered Unemployed?
A. A Truck Driver With A High School Education Who Has Been Laid Off His Job And Is Now Training To Be A Computer Programmer
B. An Individual Who Is Currently Not Working Nor Actively Seeking Employment
C. A Secretary Who Is Currently Not Working And Who Seeks Employment Using Secretarial Skills
D. All Of The Above
E. None Of The Above

3. An Auto Factory Worker Who Is Unemployed Because A Robot Now Has His Job Is A Victim Of
A. Structural Unemployment
B. Cyclical Unemployment
C. Underemployment
D. Frictional Unemployment
E. Seasonal Unemployment

4. Which Of The Following Individuals Is Considered Part Of The Labor Force?
A. An Unemployed Farmer
B. A College Graduate Looking For His First Job
C. A Retired Teacher Working As A Sales Clerk
D. A Department Store Santa During December
E. All Of The Above

5. When Individuals Want To Work, But Give Up Looking For A Job Because They Feel There Will Never Be One Available, They Are Considered
A. Pessimistic
B. Lazy
C. Discouraged
D. Part Of The Labor Force
E. Unemployed

6. Which Of The Following Individuals Is Part Of The Labor Force?
A. A 15-Year-Old Worker At A Fast Food Restaurant
B. A Paid Prison Worker At The Prison Carpentry Shop
C. A College Student Attending School Full-Time
D. A Stay-At-Home Dad
E. None Of The Above

7. The Unemployment Rate
A. For Blacks Is Roughly Twice The Rate For Whites
B. For Women Is Lower Than That Of Men
C. For Teenagers Is Below The Rate For The Labor Force As A Whole
D. Is Equal For Males And Females, Blacks And Whites, And Young And Old Workers
E. Is None Of The Above

8. Technological Change In An Industry That Historically Required Specific Labor Skills Will Lead To
A. Frictional Unemployment
B. Structural Unemployment
C. Cyclical Unemployment
D. Seasonal Unemployment
E. No Changes In Unemployment

9. People Who Are In The Process Of Changing Jobs Are Classified In The Category Of
A. Frictional Unemployment
B. Involuntary Unemployment
C. Structural Unemployment
D. Cyclical Unemployment
E. Seasonal Unemployment

10. A College Graduate Looking For Her First Job Is Considered
A. Frictionally Unemployed
B. Involuntarily Unemployed
C. Structurally Unemployed
D. Cyclically Unemployed
E. Seasonally Unemployed

11. A Farmer Who Has Lost His Farm Due To Increased Agricultural Productivity Is Considered
A. Frictionally Unemployed
B. Involuntarily Unemployed
C. Structurally Unemployed
D. Cyclically Unemployed
E. Seasonally Unemployed

12. A Factory Worker Who Loses A Job Because Of A Decrease In Aggregate Demand Is
A. Frictionally Unemployed
B. Involuntarily Unemployed
C. Structurally Unemployed
D. Cyclically Unemployed
E. Seasonally Unemployed

13. The Full-Employment Unemployment Rate Is
A. 0
B. Inconsistent With Price Stability
C. The Rate That Reflects Cyclical Unemployment
D. 10%
E. None Of The Above

14. Between 1960 And 2011, The Unemployment Rate Has
A. Steadily Increased
B. Steadily Fallen
C. Been Below 6% Over The Entire Period
D. Ranged From 1% To 12%
E. None Of The Above

15. Unemployment Rates Tend To Rise When
A. Inflation Rates Rise
B. Aggregate Demand Is High
C. The Economy Goes Through An Expansion
D. There Is A Recession
E. Interest Rates Are Low

16. A Major Cause Of Involuntary Unemployment Is
A. A Wage Rate Below Equilibrium
B. Not Enough Demand For Labor
C. Too Much Supply Of Labor
D. Laziness
E. A Wage Rate Above Equilibrium

17. The Unemployment Rate Will Not Fall To Zero Because Of
A. Cyclical Unemployment
B. Frictional Unemployment
C. Welfare
D. Voluntary Unemployment
E. All Of The Above

18. Which Of The Following Types Of Unemployment Is Considered Long-Term, Hardcore Unemployment?
A. Cyclical
B. Structural
C. Frictional
D. Seasonal
E. None Of The Above

19. A Poorly Educated, Unskilled Teenager Currently Unemployed Is An Example Of
A. Frictional Unemployment
B. Cyclical Unemployment
C. Structural Unemployment
D. Seasonal Unemployment
E. None Of The Above

20. People Who Are Unemployed Due To A Downturn In Economic Activity Are Classified In The Category Of
A. Frictional Unemployment
B. Structural Unemployment
C. Seasonal Unemployment
D. Cyclical Unemployment
E. Voluntary Unemployment

21. When General Motors Lays Workers Off Because Of A Decrease In Aggregate Demand, It Causes
A. Cyclical Unemployment
B. Frictional Unemployment
C. Seasonal Unemployment
D. Structural Unemployment
E. None Of The Above

22. Unemployment Below The Full Employment Rate Is A Measure Of
A. Underemployment
B. Structural Unemployment
C. Cyclical Unemployment
D. Seasonal Unemployment
E. None Of The Above

23. The Highest Unemployment Rate Is Found Among
A. People Between The Ages Of 16 And 19
B. Females
C. Ethnic Groups
D. The Elderly
E. Children

24. Which Of The Following Best Describes When The Economy Is Experiencing Inflation? When
A. The Price Of An Essential Good Increases Dramatically
B. The Prices Of Many Goods Go Up
C. There Is A Rise In The General Level Of Prices
D. All Prices Remain The Same Or Increase; No Prices Fall
E. The Value Of The Dollar Increases

25. Which Price Index Is Also Known As The Cost-Of-Living Index?
A. Consumer Price Index
B. Wholesale Price Index
C. Implicit Price Deflator
D. Gdp Deflator
E. All Of The Above

26. If Inflation Is Not Observable In The Form Of Rising Prices, It Is Called
A. Suppressed
B. Repressed
C. Deflation
D. Dynamic
E. None Of The Above

27. Price Index Numbers For A Series Of Years Show
A. If Money Gdp Is Growing
B. If Real Gdp Is Growing
C. If All Prices Are Rising
D. The Average Price Level For Each Year As A Percentage Of The Base Year
E. None Of The Above

28. If The Consumer Price Index Is 100 In 2010 And Is 120 In 2012, Then The Rate Of Inflation Between 2010 And 2012 Is
A. 10%
B. 20%
C. 15%
D. 5%
E. Unable To Be Calculated Without Further Information

29. The Best Description Of The Growth Of The Money Supply Since 1960 Is That It Has
A. Increased Steadily
B. Increased Rapidly During The 1980's
C. Decreased Steadily
D. Decreased Rapidly During The 1960's
E. Shown Patterns Of Both Fast And Slow Growth Over The Decades

30. When Inflation Redistributes Income From One Group In The Economy To Another, It Is An Example Of Which Effect?
A. Equity
B. Efficiency
C. Output
D. Input
E. None Of The Above

31. If Inflation Causes The Demand For Houses To Increase More Rapidly Than The Demand For Other Goods, The Economy Has Experienced Which Effect
Of Inflation?
A. Equity
B. Efficiency
C. Output
D. Input
E. None Of The Above

32. If Inflation Stimulates Production And Employment, The Economy Experiences Which Of The Following Effects Of Inflation?
A. Equity
B. Efficiency
C. Output
D. Input
E. None Of The Above

33. Which Of The Following Is Most Likely Be Hurt By Inflation?
A. People On Fixed Incomes
B. People Whose Wages Rise Faster Than Prices
C. Landholders
D. Borrowers
E. None Of The Above

34. Suppose A Family Spends $20,000 On A Basket Of Goods In 2011. Suppose The Same Basket Costs $22,000 In 2012. Using 2011 As The Base Year, The Price Index For 2012 Is
A. 105
B. 102
C. 111
D. 110
E. None Of The Above

35. The Effect Of Inflation On Production And Employment Is Known As
A. An Incomes Policy
B. The Equity Effects Of Inflation
C. The Efficiency Effects Of Inflation
D. The Output Effects Of Inflation
E. Fiscal Policy

36. Federal