Econ 102 - Principles of Macroeconomics » Fall 2022 » Quiz 2
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Question #1
If you graduate from university and are unemployed while searching for a job, what kind of unemployment are you experiencing?
A.
structural
B.
none of these
C.
frictional
D.
cyclical
Question #2
If a server was laid off at the beginning of the pandemic due to a lack of customers coming to their restaurant, what type of unemployment are they experiencing?
A.
structural
B.
none of these
C.
cyclical
D.
frictional
Question #3
If a customer service phone representative was laid off due to an increase in automated technology used to field calls, what type of unemployment are they experiencing?
A.
none of these
B.
frictional
C.
cyclical
D.
structural
Question #4
In the circular flow model, which of the following best describes the relationship between firms and the factor market?
A.
Firms supply factors and pay income for this.
B.
Firms demand factors and pay income for this.
C.
Firms demand factors and receive income for this.
D.
Firms sell factors and receive income for this.
E.
Firms supply factors and receive income for this.
Question #5
Below are actual data for GDP from 2017 from the nation of Seychelles – a small island nation 500 miles off the coast of Kenya. From this data, please calculate real GDP for 2017 in 2014 dollars.
A.
$1.50 billion
B.
$3.80 billion
C.
$1.74 billion
D.
$3.96 billion
E.
$1.44 billion
Question #6
What is the inflation rate between 2014 and 2017 based on the data in the previous problem?
A.
4.20%
B.
0.42%
C.
0.042%
D.
none of these
E.
104.2%
Question #7
Which of the following represents a sequential ordering of the four components of a business cycle?
A.
Peak, recession, expansion, trough
B.
Peak, expansion, recession, trough
C.
Peak, trough, recession, expansion
D.
Peak, trough, expansion, recession
E.
Peak, recession, trough, expansion
Question #8
Assume in an economy, there were 1,433,800 unemployed people looking for work. There were a total of 17,493,600 people working. The total population over the age of 16 was 27,636,000. What was the unemployment rate?
A.
none of these
B.
8.2%
C.
68.5%
D.
5.2%
E.
7.6%
Question #9
Assume in an economy, there were 1,433,800 unemployed people looking for work. There were a total of 17,493,600 people working. The total population over the age of 16 was 27,636,000. What was the labor force participation rate?
A.
none of these
B.
66.6%
C.
65.0%
D.
63.3%
E.
68.5%
Question #10
The labor force participation rate increased steadily in the US from 1950 to 2000 until starting to decline. Which of the following contributed to this?
A.
Increasing skilled workers and higher levels of education
B.
all of these
C.
Women entering the workforce and Baby boomers retiring
D.
none of these
E.
Higher levels of education and women entering the workforce
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