question
The labor demand curve:
A. Is made up of how many workers want to work for firms at each given wage.
B. Represents how many workers firms want to hire at each given wage.
C. Shows number of workers who are willing and able to work at higher wages.
D. Shows that the number of people who want to work increases as the wage increases.
A. Is made up of how many workers want to work for firms at each given wage.
B. Represents how many workers firms want to hire at each given wage.
C. Shows number of workers who are willing and able to work at higher wages.
D. Shows that the number of people who want to work increases as the wage increases.
answer
B. Represents how many workers firms want to hire at each given wage.
question
Bob just graduated from college and has just landed his first job with a local accounting firm that will start in three months. Bob plans to use that time to find a place to live and adjust to the new area. Bob would be considered:
A. frictionally unemployed.
B. employed.
C. structurally unemployed.
D. Bob is not in the labor force
A. frictionally unemployed.
B. employed.
C. structurally unemployed.
D. Bob is not in the labor force
answer
D. Bob is not in the labor force
question
In order to be included in U.S. 2018 GDP, a good
A. Must have been SOLD in 2018.
B. Must have been made by U.S. company.
C. Must be a final good.
D. All of the above.
A. Must have been SOLD in 2018.
B. Must have been made by U.S. company.
C. Must be a final good.
D. All of the above.
answer
C. Must be a final good.
question
What variable below is a measure of the price level?
A. Real GDP per capita
B. Nominal GDP - Real GDP
C. The percent change in real GDP over time
D. The GDP deflator
A. Real GDP per capita
B. Nominal GDP - Real GDP
C. The percent change in real GDP over time
D. The GDP deflator
answer
D. The GDP deflator
question
Which of the following is true about the GDP Deflator and the CPI?
A. The CPI excludes import prices, the GDP Deflator does not.
B. The GDP Deflator includes ONLY goods that consumers would likely buy.
C. The CPI market basket changes annually, the GDP Deflator fixes quantities to a base year.
D. None of the above are true.
A. The CPI excludes import prices, the GDP Deflator does not.
B. The GDP Deflator includes ONLY goods that consumers would likely buy.
C. The CPI market basket changes annually, the GDP Deflator fixes quantities to a base year.
D. None of the above are true.
answer
D. None of the above are true.
question
A GDP deflator of 112 means:
A. the overall price level is 12 percent higher than in the base year.
B. the overall output increased by 12 percent since the base year.
C. every price in the economy has gone up by 12 percent.
D. the production of each good in the economy has increased by 12 percent.
A. the overall price level is 12 percent higher than in the base year.
B. the overall output increased by 12 percent since the base year.
C. every price in the economy has gone up by 12 percent.
D. the production of each good in the economy has increased by 12 percent.
answer
A. the overall price level is 12 percent higher than in the base year.
question
The Consumer Price index uses a fixed market basket, measuring the change in its cost over time. This leads to a(n)
A. Substitution bias.
B. Underestimation of inflation.
C. Omitted variables bias.
D. GDP bias.
A. Substitution bias.
B. Underestimation of inflation.
C. Omitted variables bias.
D. GDP bias.
answer
A. Substitution bias.
question
Real GDP falls by 1% in 1990, but nominal GDP actually rises 1% in the same year. We can conclude that
A. The price level has fallen.
B. The price level has risen.
C. Production has risen.
D. Production is unchanged.
A. The price level has fallen.
B. The price level has risen.
C. Production has risen.
D. Production is unchanged.
answer
B. The price level has risen.
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