Economics 002 - Principles of Economics II » Fall 2020 » Week 5 Quiz
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Question #1
In November 2010 the labor force in Siouxtown, was 14,800. There were 14,483 persons employed. The local unemployment rate:
A.
was 1.2%.
B.
was 2.1%.
C.
was 5.6%.
D.
was 7.1%.
Question #2
During the Great Depression of the 1930s, the unemployment rate reached more than _________ of the labor force.
A.
45%
B.
25%
C.
85%
D.
65%
Question #3
Karen chooses to go to university fulltime rather than to work. Karen:
A.
is not part of the labor force.
B.
is part of the labor force, but not actively seeking work.
C.
is part of the labor force and what economists call a discouraged worker.
D.
is considered employed.
Question #4
Through good economic years and bad, many European economies had unemployment rates hovering near _________ since the 1970s.
A.
5%
B.
20%
C.
10%
D.
1%
Question #5
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.
A.
600,000
B.
60,000
C.
600
D.
6000
Question #6
Insofar as government public policy is concerned, the best way to battle unemployment would be __________________.
A.
to maximize unemployment payments
B.
to minimize recessions
C.
to minimize labor unions
D.
to maximize unemployment insurance duration
Question #7
If the unemployment rate is 6 percent and the number of persons unemployed is 6 million, then the number of people employed is equal to:
A.
94 million.
B.
106 million.
C.
100 million.
D.
6 million.
Question #8
The unemployment rate in a town in which 65,400 persons are employed and 11,000 are unemployed equals:
A.
11%.
B.
14.4%.
C.
16.8%.
D.
20.2 %.
Question #9
Freelife, New Hampshire has a labor force of 78,567 persons and employment of 74,382. The unemployment rate for the city is:
A.
6.0%.
B.
7.1%
C.
5.6%.
D.
5.3%.
Question #10
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.
A.
cyclical employment
B.
seasonal unemployment
C.
cyclical unemployment
D.
frictional unemployment
Question #11
What name is given to the index based on the prices of exported or imported merchandise?
A.
International Price Index
B.
U.S. Producer Price Index
C.
U.S. Producer Trade Index
D.
International Trade Index
Question #12
Nancy's union has negotiated a three-year wage contract that provides for a 2.4% increase indexed to inflation. The rates of inflation are forecast to be 1.62%, 1.93% and 2.21% respectively. How will Nancy's wage increase be expressed in the new contract?
A.
COLA plus 1.9%
B.
COLA plus 2.2%
C.
COLA plus 2.4%
D.
COLA plus 1.6%
Question #13
In the 1970s and 1980s, labor unions commonly negotiated wage contracts that had _______________________ which guaranteed that their wages would keep up with inflation.
A.
wage protection clauses
B.
inflation ceiling guarantees
C.
cost of living adjustments
D.
inflation protection plans
Question #14
Another term used to describe negative inflation is:
A.
deflation
B.
counter inflation
C.
hyperinflation
D.
GDP deflator
Question #15
The percentage change in the price level from one time period to the next, whether the price level is measured in terms of money or as a price index, will be the _____________.
A.
consumer price index
B.
inflation rate
C.
producer price Index
D.
price index rate
Question #16
The effects of inflation are seen in:
A.
services and wages only
B.
goods and services only
C.
wages and income levels only
D.
goods, services, wages and income levels
Question #17
The GDP deflator is a price index that includes the following components of GDP:
A.
Consumption, Investment plus Exports minus Imports
B.
Consumption plus Investment but not Exports
C.
Consumption, Investment, Government plus Exports minus Imports
D.
Consumption
Question #18
When Anders took out his first two-year membership with Maxima Gym in 2004, the fee was $540.00. He renewed his membership three times; in 2006 for $580.00, in 2008, for $600.00, and again in 2010, for $630.00. What is the overall rate of inflation for Anders' gym membership?
A.
5.4%
B.
16.66%
C.
7.87%
D.
8.6%
Question #19
What distinguishes the real value of a statistic from the nominal value of a statistic?
A.
adjusting for GDP deflator
B.
adjusting for inflation
C.
real interest rate
D.
timing of announcement
Question #20
With regard to the economy, the term negative inflation is synonymous with which of the following?
A.
recession
B.
hyperinflation
C.
depression
D.
deflation
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