ECO 105 Week 5 Quiz | Assignment Help | Wilmington University
- Wilmington University / ECO 105
- 03 Sep 2020
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ECO 105 Week 5 Quiz | Assignment Help | Wilmington University
Week 5 Quiz
Question 1
1995 heralded the
beginning of:
o
further declines in productivity.
o
using computers to increase worker
productivity.
o
a stagnant period of productivity.
o
the information age, which caused
productivity slowdowns.
Question 2
A growing economy can
result in:
o
fewer newborn deaths.
o
less access to communications.
o
a higher incidence of malnourishment.
o
less human capital.
Question 3
An increase in living
standards is measured by which of the following?
o
The number of workers employed
o
The number of televisions in a household
o
The GDP
o
The increase in real GDP per capita
Question 4
Economic growth
generally leads to:
o
inflation.
o
deflation.
o
disinflation.
o
higher living standards.
Question 5
Economic growth is
driven by several factors, including:
o
government investment in welfare.
o
a progressive tax on income.
o
education and skill.
o
Social Security.
Question 6
Globalization may
reduce the sting of recession, because:
o
of the lack of exports.
o
of falling domestic production.
o
of government economic policy.
o
a downturn in demand may show up as a
fall in imports, instead of a fall in U.S. production.
Question 7
If GDP is too low
relative to potential GDP, which of the following happens?
o
Inflation
o
Unemployment
o
Deflation
o
Recession
Question 8
If the NAIRU natural
rate was 4.8% in 2002, and the unemployment rate was 5.8%, what percent of the
labor force could be put to work without exerting upward pressure on prices?
o
1%
o
10.6%
o
5%
o
3.2%
Question 9
In a growing economy,
__________ enjoy a rising standard of living.
o
both rich and poor
o
only the poor
o
only the rich
o
neither the rich nor the poor
Question 10
Investment in physical
capital means:
o
hiring more employees.
o
purchasing equipment and buildings.
o
purchasing supplies.
o
taking out loans.
Question 11
Negative demand shifts
can be caused by:
o
an increase in demand without supply.
o
a decrease in supply.
o
a recession.
o
falling aggregate production.
Question 12
One essential force in
the growth of human capital over the past several decades has been:
o
the growth of Social Security.
o
the community college system.
o
the growth of Medicare.
o
the growth of Medicaid.
Question 13
Potential GDP is the
maximum amount of economic output an economy can sustain at any moment without:
o
causing frictional unemployment.
o
raising unemployment levels.
o
decreasing the inflation rate.
o
increasing the inflation rate.
Question 14
Problems in
_____________ are another possible cause of recessions.
o
fast food markets
o
financial markets
o
aggregate input
o
intermediate input
Question 15
Productivity is a key
concept for measuring:
o
aggregate production function.
o
the health and prosperity of an economy.
o
average inflation rates.
o
employment levels.
Question 16
Real GDP and nominal
GDP are ways to measure:
o
inflation.
o
disinflation.
o
economic growth.
o
market equilibrium.
Question 17
Real GDP growth:
o
measures all the items that go into the
GDP, and then adjusts for inflation.
o
measures the CPI, after adjusting for
inflation.
o
measures all the items that go into the
GDP.
o
estimates the GDP based on unadjusted
price levels.
Question 18
Structural unemployment
exists when:
o
the construction industry lays workers
off.
o
there is a mismatch between the skills
of the unemployed worker and the needs of employers of unfilled jobs.
o
the government decides who is
unemployed.
o
there are too few workers for the jobs.
Question 19
The ________ is the
date a recession starts.
o
peak
o
trough
o
expansion
o
valley
Question 20
The date a recession
bottoms out is called the:
o
peak.
o
expansion.
o
trough.
o
start.
Question 21
The era of rapid
productivity growth came to an end in:
o
1986.
o
1990.
o
1980.
o
1973.
Question 22
The inputs used in the
aggregate production function do not include which of the following?
o
Education and skill levels
o
Knowledge
o
Average price levels
o
The number of workers in a country
Question 23
The natural rate of
unemployment is:
o
5%.
o
dependent upon the business cycle.
o
determined by the Bureau of Labor
Statistics.
o
the level where inflation is more or
less stable.
o
See the definition of the natural rate
of unemployment.
Question 24
The underemployed are
those people who are:
o
working at a lower skill level so they
can earn money while looking for another job.
o
frictionally unemployed.
o
structurally unemployed.
o
naturally unemployed.
Question 25
Using the aggregate
production function, when inputs increase:
o
inflation occurs.
o
disinflation occurs.
o
the economy grows.
o
the economy declines.
Question 26
When the economy is
operating at potential GDP, the rate of inflation is:
o
rising.
o
neither rising nor falling.
o
falling.
o
causing aggregate demand to fall, while
supply rises.
Question 27
Which of the following
is an example of a human knowledge input?
o
An increase in the number of college
students
o
An increase in the sale of Microsoft
Windows
o
A machine purchased to cook burgers
automatically
o
The purchase of an airplane
Question 28
Which of the following
is an example of cyclical unemployment?
o
A fast food worker quits his job to find
a better-paying job
o
An auto worker is laid off when auto
sales fall due to a recession
o
A student goes to school instead of
working
o
A worker stays at home to care for a
child
Question 29
Which of the following
is an example of frictional unemployment?
o
A student goes to school instead of
working
o
A worker leaves one job, and has a week
gap before starting a new one
o
A worker trained in running an obsolete
machine
o
A worker who stays at home to tend to
children
Question 30
Who would NOT be
counted in the unemployed?
o
A fast food worker laid off due to lack
of work
o
A factory worker fired due to
incompetence Correct!
o
A student taking classes
o
A stay-at-home mom who re-entered the
workforce and was subsequently laid off
USA 
India