Macro Exam 3
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Unemployment correlated with the ups and downs of the business cycle is called | show 🗑
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| show | Work Test
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| show | 1. Unemployment Benefits (The amount and duration)
2. Minimum Wage
3. Employment Protection Laws
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| show | As the Unemployed rates increase, more employed workers are incited to remain unemployed.
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| What is Minimum Wage? | show 🗑
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| What are the protection laws? | show 🗑
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| How can you reduce "Structural Unemployment'? | show 🗑
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| show |
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| Which of the following would be considered unemployed? | show 🗑
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| show | ean, who left her job to search for a higher-paying position
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| show | understated.
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| show | given up looking for work but would still like a job
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| show | frictional unemployment.
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| show | structural
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| show | structurally unemployed.
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| show | work tests
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| Active labor market policies: | show 🗑
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| show | increase
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| Unemployment correlated with the ups and downs of the business cycle is called | show 🗑
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| If the average price level rises from 120 in year 1 to 130 in year 2, the inflation rate between years 1 and 2 will be | show 🗑
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| The consumer price index measures the prices of: | show 🗑
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| show | increase at the same rate as the growth in the money supply
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| Nobel Prize–winning economist Milton Friedman says, “Inflation is always and everywhere a _____.” | show 🗑
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| With respect to real output, in the long run, money is: | show 🗑
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| show | distorts the information delivered by prices.
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| show | 3%
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| Which of the following correctly represents unexpected disinflation? | show 🗑
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| show | increasing the money supply
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| The term “business fluctuations” refers to: | show 🗑
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| If spending in an economy increases by 3% and real GDP increases by 1%, the result will be | show 🗑
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| If spending growth is 6% and inflation is also 6%, this means that: | show 🗑
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| show | inflation rate of 8%, real growth rate of –2%
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| show | 4%
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| According to the quantity theory of money, if both the growth rate of the money supply and the velocity of money are fixed, then a higher inflation rate means: | show 🗑
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| show | 3%
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| show | business fluctuations
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| An increase in inflation will cause the long-run aggregate supply curve to | show 🗑
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| In the basic model with an AD and LRAS curve only, if spending growth is 10% and the Solow growth rate falls from 5% to 3%, then inflation will: | show 🗑
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| During the Internet revolution in the late 1990s, a positive real shock shifted the long-run aggregate supply curve to the right, which led to: | show 🗑
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| show | labor unions set wage contracts for a certain period of time.
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| show | expected inflation, but not actual inflation
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| show | a menu cost
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| show | 2%
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| show | The growth rate is higher than the Solow growth rate.
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| The short-run aggregate supply curve shows the _____ relationship between the inflation rate and real growth during the period when prices and wages are _____. | show 🗑
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| show | workers respond to their nominal wage instead of to their real wage
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| show | increase
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| An increase in consumer pessimism will lead to increased inflation in | show 🗑
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| show | Widespread bank failures led to a reduction in the productivity of financial intermediation
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| Which of the following best describes the conditions during the Great Depression? | show 🗑
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| Which of the following is part of the labor force? | show 🗑
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| An unemployed person is one who: | show 🗑
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| show | discouraged workers
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| When workers lose their jobs and become officially unemployed, the unemployment rate | show 🗑
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| show | frictional unemployment.
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| show | someone who is collecting unemployment benefits
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| show | structural unemployment
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| show | increase the rate of structural unemployment.
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| show | employment-at-will
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| During recessions the unemployment rate: | show 🗑
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| show | by staying unemployed for so long that their skills become outdates
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| show | It would increase.
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| The invention of birth control in pill form substantially labor force participation. | show 🗑
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| Inflation is: | show 🗑
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| show | a basket of goods bought by the typical American consumer
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| In a small economy, the money supply is $600,000, and the velocity of money is 2. The current average price level in the economy is 3. What is the level of nominal GDP in this economy? | show 🗑
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| show | lenders on existing fixed rate loans will gain while borrowers will lose
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| What is the Fisher effect? | show 🗑
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| show | -1%
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| Business fluctuations are fluctuations in the: | show 🗑
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| Holding everything else constant, an increase in the growth rate of the money supply will cause the aggregate demand curve to: | show 🗑
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| The aggregate demand curve shows all the combinations of and that are consistent with a specified rate of . | show 🗑
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| show | potential growth rate given by the real factors of production
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| show | does not depend on the rate of inflation
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| show | SRAS curve shifts up and to the left
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| An unexpected increase in export growth is a: | show 🗑
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| show | firms’ profits will increase
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| show | Adults who do not have a job but who are looking for one.
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| show | Percentage of the labor force without a job.
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| show | Percentage of adults in the labor force.
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| What is Unemployment Rate | show 🗑
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| show | Workers who have given up looking for work but would still like a job
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| show | The unemployment rate goes down
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| Does unemployment excludes discouraged workers. | show 🗑
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| show | includes part time workers who would rather have a full time position and people who would like to work but given up looking for jobs.
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| Underemployment Rate includes | show 🗑
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| What is the Velocity of money? | show 🗑
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| show | Unemployment Benefits (Amount and Duration, Minimum Wages and Unions as well as Employment Protection Laws.
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alishabenefield