Which type of unemployment would increase if workers lost their jobs because their positions were replaced by an automated process?
Mr. Skinner has quit his job in order to look for another one. Mr. Skinner
A) is cyclically unemployed.
B) is frictionally unemployed.
C) is structurally unemployed.
D) is not counted in the labor force.
Which choice BEST describes what might happen to unemployment rates, if minimum wage laws were repealed?
A) In the short term, unemployment rates would remain stable.
B) In the short term, unemployment rates would drop drastically.
C) In the short term, unemployment rates would rise drastically.
D) In the short term, unemployment rates would depend on other market factors.
In the business cycle, what always follows immediately after a contraction?
In the graph, the year with the highest unemployment rate is 1983. What was the approximate unemployment rate in that year?
In this blank graph of the business cycle, what does the red circled area on the graph BEST represent?
Which example BEST illustrates that GDP (gross domestic product) is not always a good indicator of economic health?
A) The GDP falls when consumer spending declines.
B) Money spent repairing hurricane damage helps raise the GDP.
C) Goods produced for infrastructure projects help raise the GDP.
D) The GDP falls because scarcity of materials slows the rate of production.
In this blank graph of the business cycle, what does the x-axis (the hashed line) represent?
During a recession, what will the federal government MOST LIKELY do to stabilize the economy?
A) increase taxes significantly
B) maintain its level of taxation
C) maintain its level of spending
D) significantly change its spending
An income tax rate increase will most likely ____ aggregate demand and _____ aggregate supply.
A) increase; increase
B) increase; decrease
C) decrease; decrease
D) decrease; increase
Higher interest rates and higher taxes would have which of these effects on the aggregate supply and aggregate demand curves?
A) The aggregate supply curve would shift to the right, while the aggregate demand curve would shift to the left.
B) The aggregate supply curve would shift to the left, while the aggregate demand curve would shift to the right.
C) Both the aggregate supply and aggregate demand curves would shift to the right.
D) Both the aggregate supply and aggregate demand curves would shift to the left.
How does the CPI provide an accurate indication of inflation within a country?
A) The CPI uses a calculation to indicate how consumers spend more money on inferior goods as income rises.
B) The CPI involves the calculation of price changes in the purchase of luxury items to indicate inflation.
C) The CPI measures the average change over time in the selling prices received by domestic producers for their output using start and end dates.
D) The CPI measures urban household spending on a "market basket" in a calculation to see how the average prices of goods and services have changed over time.
Fri Apr 19 2019 11:59:18 GMT-0400 (EDT)