question
The current unemployment rate in the United States is (approximately)
answer
5.0%
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The "Labor Force" is defined as
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All those who are employed plus all of the unemployed
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If the economy is at "full employment" what kind of unemployment still exists?
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Structural + frictional unemployment
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Inflation is defined as
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A rise in the average level of prices
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The three main measures of macroeconomic performance are
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The unemployment rate, the GDP growth rate and the inflation rate
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The three sections of the labor supply curve are
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The Keynesian, the short run and long run
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If there is an increase in aggregate demand when the economy is already on the long run aggregate supply curve, which of the following will occur?
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An increase in the price level and no change in GDP
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Which of the following is not a tool of macroeconomics fiscal policy?
answer
Change in interest rate
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If there is a decrease in the interest rate through an increase in the money supply, this is called:
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Expansionary monetary policy
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Market power is defined as
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The ability of an individual or firm to influence the market price of a good
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Barriers to entry are defined as
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Markets in which many small producers sell a standardized product
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Which of the following is likely to behave like a monopoly?
answer
Diamonds in the 1980s when DeBeers owned 90% of the world's rough diamonds
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Price discrimination is defined as
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Charging consumer different prices that are not justified by cost differences
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The four types of market structures are
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Monopoly, Oligopoly, Monopolistic competition and Competitive markets
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The Components of Aggregate expenditure (demand) are:
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C, I, G, T
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The Federal Reserve is
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The Bank to the Federal government
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Labor force participation rate is measured as (each is multiplied by 100%)
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employed + unemployed / working age population
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The difference between real and nominal GDP is that
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Nominal measures all goods produced by US citizens, while real counts what is produced in the US
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The unemployment rate is calculated as
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The percent of the labor force that is unemployed
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The labor force participation rate is calculated as:
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The percent of the population age 16 or older that is in the labor force
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The unemployment rate understates the true problem of unemployment because of:
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The plight of discouraged workers
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Unemployment rates are above the national average for:
answer
African-Americans
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