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Business Cycles
Business Cycles MCQs
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A headline states: "Real GDP falls again as the economy slumps." This condition is most likely to produce what type of unemployment? Select one:
Structural
Cyclical
Frictional
Natural
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Which measure of inflation would include consumer goods and capital goods? Select one:
The GDP price index
The Consumer Price Index
The Retail Trade Survey
The Survey of Manufactures
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"Full employment" refers to the situation when there is: Select one:
100% employment of the labor force
0% unemployment rate
No frictional or structural unemployment
No cyclical unemployment
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Inflation is a rise in: Select one:
The general level of prices over time A
The standard of living over time
Industrial production over time
Real GDP over time
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In calculating the unemployment rate, part-time workers are: Select one:
Counted as unemployed because they are not working full-time
Counted as employed because they are receiving payment for work
Used to determine the size of the labor force, but not the unemployment rate
Treated the same as "discouraged" workers who are not actively seeking employment
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What are the primary effects of cost-push inflation? Select one:
It raises real output, and redistributes an increased level of real income
It reduces real output and redistributes a decreased level of real income
It raises real output, but redistributes a decreased level of real income
It reduces real output, but redistributes an increased level of real income
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In calculating the unemployment rate, "discouraged" workers who are not actively seeking employment are: Select one:
Excluded from the labor force
Included as part of the unemployed
Treated the same as part-time workers
Used to determine the size of the labor force
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Official unemployment rate statistics may: Select one:
Overstate the amount of unemployment by including part-time workers in the calculations
Understate the amount of unemployment by excluding part-time workers in the calculations
Overstate the amount of unemployment because of the presence of "discouraged" workers who are not actively seeking employment
Understate the amount of unemployment because of the presence of "discouraged" workers who are not actively seeking employment
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Kevin has lost his job in an automobile plant because of the use of robots for welding on the assembly line. Kevin plans to go to technical school to ...
Cyclical
Frictional
Structural
Natural
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A mismatch between the geographic location of workers and the location of job openings would result in what type of unemployment? Select one:
Wait
Cyclical
Frictional
Structural
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Which of the following measures the changes in the prices of a "market basket" of some 300 goods and services purchased by typical urban consumers? ...
The GDP price index
The Consumer Price Index
The Retail Trade survey
The Survey of Manufactures
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Most economists agree that the immediate cause of the majority of cyclical changes in the level of real output is unexpected changes in the: Select...
Level of total spending
Rate of unemployment
Rate of inflation
Stock market price indexes
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Inflation that occurs when total spending is greater than the economy’s ability to produce output at the existing price level is: Select one:
Anticipated inflation
Demand-pull inflation
Cost-push inflation
Unanticipated inflation
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Unemployment rates for skilled workers compared to unemployment rates for unskilled workers are: Select one:
Lower, because skilled workers tend to be employed in less cyclically vulnerable industries, such as the services and nondurable goods industries
Higher, because skilled workers tend to be employed in more cyclically vulnerable industries, such as the durable goods industry
Higher, because businesses are less likely to retain the more costly skilled workers no matter what type of industry
Lower, because skilled workers tend to be primarily employed by government at the local, state, and Federal levels
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In which industry or sector of the economy is output least likely to be affected by the business cycle? Select one:
Housing construction
Automobile production
Agricultural commodities
Capital goods production
?
Which phase of the business cycle would be most closely associated with an economic contraction? Select one:
Peak
Recession
Trough
Recovery
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Core inflation refers to the inflation picture after stripping away the: Select one:
Capital goods prices
Food and energy prices
Government-regulated prices
Service-sector prices
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The rate of unemployment when the economy is at its potential output is called the: Select one:
Full-employment rate of unemployment
Natural rate of unemployment
Structural rate of unemployment
Frictional rate of unemployment
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The amount by which actual GDP falls short of potential GDP is one measure of the: Select one:
Natural rate of unemployment
Macroeconomic cost of unemployment
Difference between real and nominal GDP
Potential to produce outside the nation’s PPC
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In what circumstances would lenders most benefit? Select one:
When there is an unanticipated decrease in inflation
When there is an anticipated increase in inflation
When there is an unanticipated increase in inflation
When there is an anticipated decrease in inflation
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Unanticipated inflation tends to penalize: Select one:
People who save money in financial institutions
Individuals who borrow money from financial institutions
Businesses which borrow money from financial institutions
Governments which have a progressive personal income tax
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Unemployment that is the result of deregulation, corporate downsizing, and the closure of military bases is best categorized as frictional unemploymen...
True
False
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A trough in the business cycle occurs when: Select one:
Cyclical unemployment is at a minimum point
Employment and output reach their lowest levels
The natural rate of unemployment is at a minimum point
The inflation rate is at its lowest level
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When inflation occurs: Select one:
All prices are rising
Each dollar of income will buy more output than before
The purchasing power of money increases
The purchasing power of money decreases
?
Which of the following is the correct way to calculate the unemployment rate? Select one:
[(unemployed)/(population)] x 100
[(unemployed)/(labor force)] x 100
[(labor force)/(population)] x 100
[(labor force)/(unemployed)] x 100
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The best example of a "frictionally unemployed" worker is one who: Select one:
Reduces productivity by causing frictions in a business
Is laid off during a recessionary period in the economy
Is in the process of voluntarily switching jobs
Is discouraged and not actively seeking work
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Deflation is when the inflation rate turns negative. Select one:
True
False
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Inflation caused by a rise in the prices of inputs is referred to as: Select one:
Cost-push inflation
Demand-pull inflation
Unanticipated inflation
Hyperinflation
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Anyone who is not employed is classified as unemployed in the Bureau of Labor Statistics data on the labor force. Select one:
True
False
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Cost-push inflation tends to be characterized by all of the following, except: Select one:
Rising general price level
Falling real output
Automatically self-limiting
Falling unemployment
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For a person to keep his real income steady at a certain level from one year to the next, his nominal income must: Select one:
Rise if the price index falls
Stay the same as the price index rises
Fall if the price index rises
Rise as fast as the price index
?
Okun’s law indicates that for: Select one:
Every 1 percent that the actual unemployment rate exceeds the natural unemployment rate, a 2 percent GDP gap is generated
Every 1 percent that the actual unemployment rate exceeds the natural unemployment rate, a 5 percent GDP gap is generated
A 5 percent GDP gap, a 1 percent increase in the natural unemployment rate is generated
A 2 percent GDP gap, a 2 percent increase in the actual unemployment rate is generated
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When oil and energy prices rise, the economy tends to experience: Select one:
Natural inflation
Demand-pull inflation
Cost-push inflation
Unanticipated inflation
?
The distinction between variable cost and fixed cost is relevant only in
long period
short period
medium term
mixed period