?????? Lesson 3 ??? Question 1 5 ??/ 5 points The fraction of th

??????
Lesson 3
???
Question 1

5 ??/ 5 points
The fraction of the working-age population that is in the labor force is called the __________.
Question options:
??

employment rate
?

unemployment rate
?

labor force participation rate
?

nonresponse rate
?
Question 2

5 ??/ 5 points
???????
Economists say that the economy is at "fullemployment" when the __________.
Question options:
??

structural unemployment rate is ??zero
?

total unemployment rate is zero
?

frictional unemployment rate is ??zero
?

cyclical unemployment rate is zero
?
Question 3

5 ??/ 5 points
???????
The value of a dollar __________.
Question options:
??

is its purchasing power
?

remains constant over time
?

is its face value
?

is set by the government
?
Question 4

5 ??/ 5 points
???????
What does the Consumer Price Index (CPI. measure?
Question options:
??

prices of durable goods
?

prices of non-durable goods
?

the cost of living over time
?

the cost of replacing lost items
?
Question 5

5 ??/ 5 points
???????
What are the two critical measures of a nation’s economic health?
Question options:
??

income and spending
?

sales and taxes
?

wages and raises
?

production and income
?
Question 6

5 ??/ 5 points
???????
The value of all final goods and services produced during a given time period measures a nation’s __________.
Question options:
??

gross domestic product
?

net national product
?

consumer price index
?

net exports
?
Question 7

5 ??/ 5 points
???????
Economists define the unemployed as individuals who are __________.
Question options:
??

not currently working
?

not currently working but are ??actively looking for work
?

working but looking for a ??different job
?

working less than their desired ??amount of time
?
Question 8

5 ??/ 5 points
???????
Which of the following would be a macroeconomic question?
Question options:
??

How have the retirement benefits ??in the auto industry changed over time?
?

How has inflation increased over ??time?
?

How has the price of gold ??increased over time?
?

How has the number of commercial ??airline flights decreased over time?
?
Question 9

5 ??/ 5 points
???????
If Sam does not have a job and is not looking for work, he is considered __________.
Question options:
??

unemployed and in the labor force
?

unemployed and not in the labor ??force
?

not in the labor force
?

unemployed
?
Question 10

5 ??/ 5 points
???????
If you negotiated a salary based on an anticipated inflation rate of 4 percent, and the actual inflation rate turned out to be 6 percent, __________.
Question options:
??

the purchasing power of your real ??wages would be more than you anticipated
?

your employer would have gained at ??your expense
?

your real wage will increase, but ??your nominal wage will decrease
?

the purchasing power of your wages ??will not change, since purchasing power is based on your nominal wage
?
Question 11

5 ??/ 5 points
???????
The labor supply and demand most directly affect the level of __________ in an economy.
Question options:
??

people attending colleges
?

people requiring retraining
?

employment
?

welfare benefits
?
Question 12

5 ??/ 5 points
???????
Macroeconomics __________.
Question options:
??

studies the behavior of individual ??consumers, firms, and markets
?

studies the behavior of the ??economy as a whole
?

involves the interaction between ??different countries in specific markets
?

studies how computer automation ??has changed economics
?
Question 13

5 ??/ 5 points
???????
The Consumer Price Index (CPI. differs from a chain-weighted price index in that the CPI __________.
Question options:
??

requires calculation of GDP, while ??the chain-weighted index does not
?

measures the costs of a typical ??fixed basket of goods over time, while the chain-weighted index does not
?

allows for the goods consumed in ??an economy to change over time, while the chain-weighted index does not
?

compares the prices of all goods ??in one year to the prices of all goods in other years
?
Question 14

5 ??/ 5 points
???????
The index most widely used by the government and the private sector to measure changes in the cost of living is the __________.
Question options:
??

Producer Price Index
?

Consumer Price Index
?

the GDP deflator
?

the chain-weighted price index
?
Question 15

5 ??/ 5 points
???????
Suppose the stock of capital remains constant. By adding more labor, perhaps a second work shift, output __________.
Question options:
??

decreases
?

increases
?

remains the same
?

becomes more costly
?
Question 16

5 ??/ 5 points
???????
Suppose that nominal GDP in year 1 is 200 and nominal GDP in year 2 is 242. Assume that inflation is 10 percent per year. How fast did the economy grow between these two years?
Question options:
??

10 percent
?

12 percent
?

21 percent
?

42 percent
?
Question 17

5 ??/ 5 points
???????
The circular flow is used to make the point that __________.
Question options:
??

rising prices never occur during ??times of unemployment
?

unemployment only occurs during a ??recession
?

production generates income
?

households purchase factors of ??production from firms
?
Question 18

5 ??/ 5 points
???????
The unemployment rate is the number of unemployed people __________.
Question options:
??

divided by the number of people ??who are working
?

divided by the total working-age population
?

divided by the sum of the number ??of people who are working and the number of people who are looking for work
?

and the number of people working ??fewer than their desired number of hours, divided by the number of people who ??are working or looking for work
?
Question 19

5 ??/ 5 points
???????
The largest component of GDP is __________.
Question options:
??

government spending
?

consumption expenditures
?

private investment expenditures
?

net exports
?
Question 20

5 ??/ 5 points
???????
We measure gross domestic product by multiplying the quantities of goods by their prices because it allows us to __________.
Question options:
??

express the values of products in ??a common unit of measurement
?

correct for inflation
?

directly compare the output of one ??economy to that of another
?

calculate the total number of ??units of goods produced in an economy

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