Homework Answers
Question 58. ANSWER - (A)
Reason : contractionary gap is one where the actual GDP is less than its Potential GDP
Question 59. ANSWER - (D)
Reason : While Aria is unemployed, Madison and Elizabeth does not belong to the labor force. Hence, Vashti, who had worked for 15 hours per week is employed.
Question 60. ANSWER - (A)
Reason : Gabriella has a job hence she is employed, so she is part of the labor force. Morgan and Catherine are not unemployed or employed. Hence they are not part of the labor force
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QUESTION 58 Which one of the following statements is not correct? A. A contractionary gap is...
Which of the following statements is not correct? A. The Fed was created in 1913 to...
Which of the following statements is not correct? A. The Fed was created in 1913 to provide central banking functions. B. The Fed is a central bank of the U.S.; it plays a role in regulating banks; and it is responsible for conducting the nation's monetary policy C. The Fed makes loans to any qualified business that requests one. D. Federal Open Market Committee makes decisions regarding monetary policy. QUESTION 56 Which of the following statements is not true? A....
QUESTION 24 Given the table below which of the following statements is TRUE? Consumption Savings MPC...
QUESTION 24 Given the table below which of the following statements is TRUE? Consumption Savings MPC MPS APC APS Level of output 240 -4 260 0 280 4 300 8 320 12 16 340 360 20 380 24 400 28 A. Equilibrium is obtained when the level of output is 280 When the level of output is 320 APS is equal to 0,375 C. When the level of output is 360 APC is 0.94 D. When the level of output...
2. Discouraged workers Which of the following statements correctly describe discouraged workers? (If none of the...
2. Discouraged workers Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply. They are full-time workers who would like to work only part-time. They have given up on looking for a job. They are counted as part of the labor force by the Bureau of Labor Statistics. They have not looked for a job in 4 weeks (or longer), but they would like a...
9.What is Say’s Law and what do classical economists say about prices, wages, and interest rates?...
9.What is Say’s Law and what do classical economists say about prices, wages, and interest rates? What are the three states of the economy in relating the real GDP to natural real GDP? In a recessionary gap, is there a surplus or a shortage of production? What does that imply about the labor market and how wages may change? Understand the differences between a recessionary gap, inflationary gap, and long run equilibrium. How is the physical production possibilities frontier (PPF)...
2. Discouraged workers Which of the following statements correctly describe discouraged workers? (If none of the...
2. Discouraged workers Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply. They are dissatisfied with their current jobs and are considering quitting. They have given up on looking for a job. They are counted as part of the labor force by the Bureau of Labor Statistics. They are full-time workers who would like to work only part-time. The following table contains U.S. employment...
Which of the following is a shortcoming of the unemployment rate? Choose one or more: A....
Which of the following is a shortcoming of the unemployment
rate?
Choose one or more:
A. There are too few observations collected monthly. The
small sample size causes inaccurate measurements.
B. Temporary workers are not counted as
employed.
C. If someone is working at a lower-paying job but is
qualified for a higher-paying job, he/she is counted as
unemployed.
D. The unemployment rate does not include discouraged
workers.
Which of the following can lower the level of frictional
unemployment over...
Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply.
Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply. They have not looked for a job in 4 weeks (or longer), but they would like a job and are available for work. They are full-time workers who would like to work only part-time. They have given up on looking for a job. They are counted as part of the labor force by the Bureau of Labor Statistics. The following...
Question 5 0.03/0.1 pts Which of the following groups are considered unemployed in the u-6 unemployment...
Question 5 0.03/0.1 pts Which of the following groups are considered unemployed in the u-6 unemployment rate calculation? (check all that apply) ✓ workers who are marginally-attached to the labor force part-time workers looking for full-time positions discouraged workers retirees
Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply.
Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply. They have not looked for a job in 4 weeks (or longer), but they would like a job and are available for work. They are counted as part of the labor force by the Bureau of Labor Statistics. They have given up on looking for a job. They are employed workers who want to earn higher wages. The following table...
An individual with a Ph.D. in physics who can find employment only in a pizza parlor...
An individual with a Ph.D. in physics who can find employment only in a pizza parlor would be considered: a. discouraged. b. long-term unemployed. c. underemployed. d. voluntarily unemployed. e. overemployed. Suppose the total population of an economy is 150 million, the labor force is 100 million, and the unemployment is 94 million. The unemployment rate is _____. a. 80 percent b. 15 percent c. 6 percent d. 94 percent e. 10 percent Which of the following would be included...
Which of the following statements is not correct? A. The Fed was created in 1913 to provide central banking functions. B. The Fed is a central bank of the U.S.; it plays a role in regulating banks; and it is responsible for conducting the nation's monetary policy C. The Fed makes loans to any qualified business that requests one. D. Federal Open Market Committee makes decisions regarding monetary policy. QUESTION 56 Which of the following statements is not true? A....
QUESTION 24 Given the table below which of the following statements is TRUE? Consumption Savings MPC MPS APC APS Level of output 240 -4 260 0 280 4 300 8 320 12 16 340 360 20 380 24 400 28 A. Equilibrium is obtained when the level of output is 280 When the level of output is 320 APS is equal to 0,375 C. When the level of output is 360 APC is 0.94 D. When the level of output...
2. Discouraged workers Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply. They are full-time workers who would like to work only part-time. They have given up on looking for a job. They are counted as part of the labor force by the Bureau of Labor Statistics. They have not looked for a job in 4 weeks (or longer), but they would like a...
2. Discouraged workers Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply. They are dissatisfied with their current jobs and are considering quitting. They have given up on looking for a job. They are counted as part of the labor force by the Bureau of Labor Statistics. They are full-time workers who would like to work only part-time. The following table contains U.S. employment...
Which of the following is a shortcoming of the unemployment
rate?
Choose one or more:
A. There are too few observations collected monthly. The
small sample size causes inaccurate measurements.
B. Temporary workers are not counted as
employed.
C. If someone is working at a lower-paying job but is
qualified for a higher-paying job, he/she is counted as
unemployed.
D. The unemployment rate does not include discouraged
workers.
Which of the following can lower the level of frictional
unemployment over...
Question 5 0.03/0.1 pts Which of the following groups are considered unemployed in the u-6 unemployment rate calculation? (check all that apply) ✓ workers who are marginally-attached to the labor force part-time workers looking for full-time positions discouraged workers retirees
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