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BAM 223 Unit 4 Examination – The labor force participation

BAM 223 Principles of Economics Unit 4 Examination Multiple Choice Questions (Enter your answers on the enclosed answer sheet)Table 13-1Total population 20,000 Working-age population 15,000 Employment 1,000 Unemployment100Consider the data above for a simple economy.1. Refer to Table 13-1. The labor force participation rate for this simple economy equals:a.b.c.d. (1,100/15,000) × 100(1,100/20,000) × 100(1,000/15,000) × 100(1,000/1,100) × 100 2. In the modern U.S. economy, the typical unemployed person stays unemployed for:a.b.c.d. a relatively short time, less than six monthsan amount of time that is hard to quantifyfor a long time during expansions and short time during recessionsa relatively long time, over a year 3. Most of the unemployment that occurred during the Great Depression was __________unemployment.a.b.c.d. frictionalcorecyclicalstructural 4. Which of the following is an example of a worker experiencing frictional unemployment?a.b.c.d. An employee is laid off because the economy is suffering a recession.A United Airlines pilot loses her job because of lack of demand for air travel.A computer programmer loses her job because it is outsourced to India.A worker quits his job at the post office to find more interesting work. 5. An increase in cyclical unemployment will result in:a.b.c.d. 210 an increase in the unemployment ratean increase in the natural rate of unemploymentan increase in structural unemploymenta decrease in frictional unemployment BAM 223 Principles of Economics Unit 4 Examination Figure 13-1 6. Refer to Figure 13-1. Based on the graph of the labor market above, if a minimum wage is setat $5 per hour, which of the following will occur?a. The level of unemployment will rise, but the percentage of the labor force unemployed willnot change.b. The unemployment rate will rise.c. The unemployment rate will fall.d. None of the above will occur. Table 13-9Year CPI(1982-1984 =100) 2012 100 2013 113 7. Refer to Table 13-9. Suppose that the data in the table above reflects the price levels in theeconomy. Given that data, we can say that the cost of living rose by ________ between 2012and 2013?a.b.c.d.e. 211 2%5%8%11%13% BAM 223 Principles of Economics Unit 4 Examination 8. The base period for CPI calculations is generally 1982-84. In 2005, 50% of householdsaccessed the Internet through a broadband connection that would not have existed in the1980s. This potential for bias in the CPI is referred to as ________ bias and results in________.a.b.c.d. new product; the CPI overestimating the true change in the cost of livingnet product; the CPI underestimating the true change in the cost of livingoutlet bias; the CPI overestimating the true change in the cost of livingoutlet bias; the CPI underestimating the true change in the cost of living Table 13-16Year Nominal AverageHourly Earnings CPI(1982-1984 =100) 2011 $10 100 2012 10 105 2013 12 110 9. Refer to Table 13-16. Looking at the table above, real wages ________ from 2011 to 2012,and real wages ________ from 2012 to 2013.a.b.c.d. fell; rosefell; fellrose; roserose; fell 10. The real rate of interest is the ____________.a.b.c.d. nominal interest rate minus the inflation ratenominal interest ratenominal interest rate plus the inflation rateinterest rate determined by the supply and demand in the money market 11. Which of the following individuals would be most negatively affected by anticipated inflation?a. a retired railroad engineer who receives a fixed income payment every monthb. a union contractor whose pay is adjusted based on changes in the CPIc. a student who borrows $10,000 at a nominal interest rate of 5% to finance educationalexpensesd. a full-time employee at a pizza parlor who makes more than the minimum wage 212 BAM 223 Principles of Economics Unit 4 Examination 12. If real GDP per capita doubles between 2005 and 2020, what is the average annual growthrate of real GDP per capita?a.b.c.d. 4.7%10.5%15%21% 13. If the growth rate of real GDP rises from 3% to 4% per year, then the number of years requiredto double real GDP will decrease from __________ years to __________ years.a.b.c.d. 23.3;11.2;23.3;28.0; 20.610.817.521.0 14. Which of the following will increase investment spending in the economy, holding everythingelse constant?a.b.c.d. anananan increaseincreaseincreaseincrease inininin the budget deficittransfer paymentsthe federal government surplusconsumer dissavings 15. An increase in the demand for loanable funds will occur if there is:a.b.c.d. a decrease in the real interest rate.an increase in the real interest rate.an increase in expected profits from firm investment projects.an increase in the nominal interest rate accompanied by an equal increase in inflation. 16. As the economy nears the end of a recession, which of the following do we typically see?a.b.c.d. 213 increased spending on capital goods by firmsincreasing interest ratesfurther decreases in consumer spendingall of the above BAM 223 Principles of Economics Unit 4 Examination 17. A recession begins with a(n) ________ in spending by firms on capital goods and a(n) ________in spending on durable goods by households.a.b.c.d. increase; increaseincrease; decreasedecrease; increasedecrease; decrease 18. Inflation is measured:a.b.c.d. as the percentage change in the consumer price indexusing the level of the consumer price indexusing the level of real GDPas the percentage change in real GDP 19. If you spend more of your income on consumption goods, which of the following will occur?a.b.c.d. The production of investment goods will fall.Investments in education will rise.For every dollar you spend on consumption, real GDP will fall by a dollar.Economic growth will be stimulated. Figure 15-1 20. Refer to Figure 15-1. Ceteris paribus, a decrease in personal income taxes would berepresented by a movement from:a.b.c.d. 214 AD1 to AD2AD2 to AD1point A to point Bpoint B to point A BAM 223 Principles of Economics Unit 4 Examination 21. If stricter immigration laws are imposed and many foreign workers in the United States areforced to go back to their home countries, what would be the effect on the long-run aggregatesupply curve?a.b.c.d. The long-run aggregate supply curve will shift to the left.We will move down along the long-run aggregate supply curve.The long-run aggregate supply curve will shift to the right.We will move up along the long-run aggregate supply curve. 22. If potential GDP is equal to $600 billion, what does the long-run aggregate supply curve looklike?a.b.c.d. ItItItIt isisisis aaaa vertical line at a level of GDP above $600 billion.horizontal line at $600 billion of GDP.vertical line at $600 billion of GDP.vertical line at a level of GDP below $600 billion. Figure 15-3 23. Refer to Figure 15-3. Suppose the economy is at point A. If the economy experiences a supplyshock, where will the eventual short-run equilibrium be?a.b.c.d. 215 ABCD BAM 223 Principles of Economics Unit 4 Examination 24. Which of the following is considered a negative supply shock?a.b.c.d. a decline in wagesincreasing investment in the economy causes the capital stock to risean unexpected increase in the price of natural gasan improvement in technology 25. The new Keynesians emphasize the importance of:a.b.c.d. 216 the monetary growth rulerational expectationssticky wages and pricesreal causes of the business cycle

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