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ECON 201 – Homework 2

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Category: Econ 201.

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_____________________ is a term which refers to the widespread use of power-driven machinery and the economic and social changes that resulted in the first half of the 1800s.

Question options:

a)	Investment and inventions

b)	The Industrial Revolution

c)	GDP per capita

d)	The living standard

Question 2

1 / 1 point

____________ is a term which refers to the widespread use of power-driven machinery and the economic and social changes that resulted in the first half of the 1800s.

Question options:

a)	Industrial Revolution

b)	Capital deepening

c)	Technology

d)	Living standard

Question 3

1 / 1 point

Over the long run, ____________ per hour is the most important determinant of the average wage level in any economy.

Question options:

demand

dollars

c)	productivity

supply

Question 4

0 / 1 point

An economy’s rate of productivity growth is closely linked to the growth rate of its ______________, although the two aren’t identical.

Question options:

a)	GDP per capita

output

c)	technology

GNP

Question 5

1 / 1 point

In the long run, the most important source of increase in a nation’s standard of living is a:

Question options:

a)	high rate of economic growth.

b)	zero rate of population growth.

c)	high rate of labor force growth.

d)	high rate of consumption.

Question 6

1 / 1 point

When discussing economic growth, it is often useful to focus on ____________, to avoid studying changes in the size of GDP that represent only having more people in the economy, and focus on those increases in GDP which represent an actual rise in the standard of living on a per person basis.

Question options:

a)	living standards

b)	consumption and expenditures

c)	GDP per capita

d)	economic growth

Question 7

1 / 1 point

Economists typically measure economic growth by tracking:

Question options:

a)	the employment rate.

b)	real GDP per capita.

c)	averaged GDP growth

d)	the unemployment rate.

Question 8

1 / 1 point

The value of what is produced per worker, or per hour worked, is called ____________.

Question options:

a)	productivity

b)	GDP per capita

c)	human capital

d)	economic growth

Question 9

0 / 1 point

Which of the following is correct?

Question options:

a)	An increase in the quantity of labor always leads to economic growth.

b)	A decrease in the productivity of labour leads to economic growth.

c)	Increased education adds to the stock of human capital, not unlike building factories adds to the stock of physical capital.

d)	Third World countries are rich in human capital.

Question 10

0 / 1 point

In the early 2000s, the illiteracy rate for girls between the ages of 15 and 24 was __________ and the illiteracy rate for males in this age group was ______________.

Question options:

67%; 70%

72%; 69%

78%; 75%

80%; 83%

Chapter 7 Mandatory

Question 11

1 / 1 point

Assuming a country’s economy maintains an 8% rate of growth, young adults starting at age 20 would see the average standard of living in their country more than double by the time they had reached age __________.

Question options:

Question 12

1 / 1 point

Country Alpha and Country Beta initially have the same real GDP per capita. Country Alpha experiences no economic growth, while Country Beta grows at a sustained rate of 5 percent. In 14 years, Country Alpha’s GDP will be approximately _________ that of Country Beta.

Question options:

a)	one-fourth

one-half

triple

double

Chapter 8 Random

Question 13

1 / 1 point

The type of unemployment that occurs because of a recession is called:

Question options:

a)	seasonal unemployment.

b)	cyclical unemployment.

c)	the natural rate of unemployment.

d)	frictional unemployment.

Question 14

1 / 1 point

Cyclical unemployment arises when:

Question options:

a)	business activity in the macroeconomy declines.

b)	the agriculture sector completes the cycle of planting, cultivating, and harvesting the nation’s food supply.

c)	labor unions strike for higher wages.

d)	the business cycle enters an expansionary phase.

Question 15

1 / 1 point

______________________ argues that the productivity of workers will increase if they are paid more, and so employers will often find it worthwhile to pay their employees somewhat more than market conditions might dictate.

Question options:

a)	Equilibrium wage theory

b)	Employer wage theory

c)	Employee wage theory

d)	Efficiency wage theory

Question 16

1 / 1 point

The U.S. unemployment rate moves up and down as the economy moves in and out of recessions. But over time, the unemployment rate seems to return to a range of ____________.

Question options:

6%-8%

2%-4%

4%-6%

8%-10%

Question 17

1 / 1 point

Women composed __________ of the paid workforce in 1900 and 50% of the paid workforce in 2010.

Question options:

33%

60%

18%

Question 18

1 / 1 point

The rise in unemployment that occurs because of a recession is known as cyclical unemployment, because it is closely tied to the ______________.

Question options:

a)	natural rate of unemployment

b)	labor supply

c)	supply curve

d)	business cycle

Question 19

1 / 1 point

The labor force consists of:

Question options:

a)	all adults who are working, plus those not working.

b)	all adults who are working or actively seeking work.

c)	all adults who are able to work.

d)	discouraged workers, employed workers, plus those actively seeking work.

Question 20

1 / 1 point

During the deep recessions of the early 1980s and of 2007-2009, unemployment reached roughly __________.

Question options:

20%

40%

10%

30%

Question 21

1 / 1 point

Frictional unemployment is:

Question options:

a)	unemployment caused by lack of training and education.

b)	unemployment that is due to the friction of competing ideological systems.

c)	unemployment caused by automation in the workplace.

d)	unemployment that is due to normal turnover in the labor market.

Question 22

1 / 1 point

The unemployment rate measures:

Question options:

a)	the number of people unemployed divided by the number of people employed.

b)	unemployed workers as a percentage of the labor force.

c)	unemployed workers as a percentage of the population age over-sixteen.

d)	unemployed workers as a percentage of the population.

Chapter 8 mandatory

Question 23

1 / 1 point

Reginald looked for work for six months but could not find a job to his liking. He now spends his time at the beach. For purposes of employment he is considered:

Question options:

a)	employed in the underground economy.

b)	unemployed.

c)	underemployed.

d)	out of the labor force.

Question 24

1 / 1 point

If the number of employed persons in a country equals 24 million, the number of unemployed persons equals 8 million, and the number of persons over age 16 in the population equals 40 million, the unemployment rate equals:

Question options:

25%.

8%.

20%.

32%.

Question 25

1 / 1 point

Craigburg has a working age population of 20 million. Of those, 11 million are employed and 1 million are unemployed. The unemployment rate is ________ and the participation rate is __________.

Question options:

5%; 60%.

b)	8.3%; 60%.

5%; 55%.

d)	8.3%; 55%.

Question 26

1 / 1 point

In November 2010 the labor force in Siouxtown, was 14,800. There were 14,483 persons employed. The local unemployment rate:

Question options:

was 7.1%.

was 2.1%.

was 5.6%.

was 1.2%.

Chapter 9 random

Question 27

1 / 1 point

A payment is said to be ________________ if it is automatically adjusted for inflation.

Question options:

indexed

b)	maintained

matched

d)	cross referenced

Question 28

1 / 1 point

The ____________________ is based on the prices of merchandise that are exported or imported.

Question options:

a)	International Price Index

b)	Producer Price Index

c)	Foreign Price Index

d)	International Product Index

Question 29

1 / 1 point

What name is given to the index based on the prices of exported or imported merchandise?

Question options:

a)	International Trade Index

b)	International Price Index

c)	U.S. Producer Trade Index

d)	U.S. Producer Price Index

Question 30

1 / 1 point

The Producer Price Index is based on prices paid for supplies and inputs by:

Question options:

a)	government

b)	producers of goods and services

c)	the small business sector

consumers

Question 31

1 / 1 point

Another term used to describe negative inflation is:

Question options:

a)	GDP deflator

deflation

c)	hyperinflation

d)	counter inflation

Question 32

1 / 1 point

Inflation implies that the level of all prices _____________________.

Question options:

increase

b)	none of the above

c)	stay the same

decrease

Question 33

1 / 1 point

What distinguishes the real value of a statistic from the nominal value of a statistic?

Question options:

a)	real interest rate

b)	adjusting for inflation

c)	timing of announcement

d)	adjusting for GDP deflator

Question 34

1 / 1 point

The basket of goods in the Consumer Price Index consists of about _________ products; that is, several hundred specific products in over __________ broad-item categories.

Question options:

200; 800

b)	80,000; 200

800; 200

d)	80,000; 400

Question 35

1 / 1 point

The GDP deflator is a price index that includes the following components of GDP:

Question options:

a)	Consumption, Investment plus Exports minus Imports

b)	Consumption plus Investment but not Exports

c)	Consumption, Investment, Government plus Exports minus Imports

d)	Consumption

Question 36

1 / 1 point

Which of the following is the name used to describe the price index that consists of intermediate goods and finished goods?

Question options:

a)	Producer Price Index

b)	Processing Price Index

c)	Employment Cost Index

d)	Consumer Price Index

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