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eco
| Question | Answer |
|---|---|
| Suppose that last week 100,000 people lost (or quit) their jobs and sought employment, while 10,000 new job seekers entered the labor market and began to look for work too | All these 110,000 people are officially counted as unemployed |
| Table The labor-force participation rate of Wrexington in 2005 was | 63.3% |
| Zeeman is a college student who is not working or looking for a job. The Bureau of Labor Statistics counts | Neither in the labor force nor unemployed |
| Most spells of unemployment are | Short, but most unemployment observed at any given time is long term |
| The amount of unemployment that an economy normally experiences is called the | Natural rate of unemployment |
| Economists would predict that, other things the same, that more generous unemployment compensation a county has | The longer the duration of each spell of unemployment, and the higher the unemployment rate |
| The theory of efficiency wages explains why | It may be in the best interest of firm to offer wages that are above the equilibrium level |
| The natural unemployment rate includes | Both frictional and structural unemployment |
| People who are unemployed because wages are, for some reason, set above the level that brings labor supply and demand into equilibrium are best classified as | Structurally unemployed |
| In 2002, the demand for construction workers increased and the demands for textile and steel workers diminished. This is an example of | Frictional unemployment created by sectoral shifts |
| The money supply is controlled by | federal reserve |
| Which lists ranks assets from most to least liquid? | currency, stocks, fine art |
| Decisions by policymakers concerning the money supply constitute | monetary policy |
| Reserve requirements are regulations concerning | The amount of reserve banks must hold against deposits |
| If the reserve ratio for all banks is 20%, then 100 of new reserves can generate | $500 |
| Which of the following lists two things that both decrease the money supply | Make open market sales, raise the reserve requirement |
| money demand depends on | the price level and interest rate |
| The relevant supply curve is one labeled MS 2 then… | When the mount market is in equilibrium |
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killakamara