3. The phase of the business cycle in which real GDP is at a minimum is called: A. the peak. B. a recession. C. the trough. D. the underside.
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1 1. Most economists agree that the immediate determinant of the volume of output and employment is the: A. composition of consumer spending. B. ratio of public goods to private goods production. C. level of total spending. D. size of the labor force. 2. The industries or sectors of the economy in which business cycle fluctuations tend to affect output most are: A. military goods and capital goods. B. services and nondurable consumer goods. C. clothing and education. D. capital goods and durable consumer goods. 3. The phase of the business cycle in which real GDP is at a minimum is called: A. the peak. B. a recession. C. the trough. D. the underside. 4. The production of durable goods varies more than the production of nondurable goods because: A. durables purchases are nonpostponable. B. durables purchases are postponable. C. the producers of nondurables have monopoly power. D. producers of durables are highly competitive. 5. Which of the following statements is true about causes of business cycle fluctuations? A. Economists all agree that supply shocks are the cause of most business cycle fluctuations. B. Economists all agree that productivity shocks are the cause of most business cycle changes. C. Economists all agree that monetary changes are primarily responsible for business cycle fluctuations. D. There are a wide range of theories as to the underlying causes of business cycle movements. 6. According to the Bureau of Labor Statistics, to be officially unemployed a person must: A. be in the labor force. B. be 21 years of age or older. C. have lost a job. D. be waiting to be called back from a layoff.
2 7. The natural rate of unemployment is: A. higher than the full-employment rate of unemployment. B. lower than the full-employment rate of unemployment. C. that rate of unemployment occurring when the economy is at its potential output. D. found by dividing total unemployment by the size of the labor force. 8. The unemployment rate of: A. women greatly exceeds that of men. B. whites is roughly equal to that of African-Americans. C. managerial and professional workers exceeds that of construction and extraction workers. D. teenagers is much higher than that of adults. 9. If the unemployment rate is 9 percent and the natural rate of unemployment is 5 percent, then the: A. frictional unemployment rate is 5 percent. B. cyclical unemployment rate and the frictional unemployment rate together are 5 percent. C. cyclical unemployment rate is 4 percent. D. natural rate of unemployment will eventually increase. 10. The presence of discouraged workers: A. increases the size of the labor force, but does not affect the unemployment rate. B. reduces the size of the labor force, but does not affect the unemployment rate. C. may cause the official unemployment rate to understate the true amount of unemployment. D. may cause the official unemployment rate to overstate the true amount of unemployment. 11. The natural rate of unemployment is the: A. unemployment rate experienced at the depth of a depression. B. full-employment unemployment rate. C. unemployment rate experienced by the least-skilled workers in the economy. D. unemployment rate experienced by the most-skilled workers in the economy. 12. Assume that Kyle is temporarily unemployed because he has voluntarily quit his job with company A and will begin a better job next week with company B. Kyle will be considered as: A. cyclically unemployed. B. frictionally unemployed. C. structurally unemployed. D. employed.
3 13. The unemployment rate is the: A. ratio of unemployed to employed workers. B. number of employed workers minus the number of workers who are not in the labor force. C. percentage of the labor force that is unemployed. D. percentage of the total population that is unemployed. 14. Cyclical unemployment results from: A. a deficiency of spending on goods and services. B. the decreasing relative importance of goods and the increasing relative importance of services in the U.S. economy. C. the everyday dynamics of a free labor market, with workers voluntarily changing jobs. D. technological change. 15. A college graduate using the summer following graduation to search for a job would best be classified as: A. not officially a member of the labor force. B. a part of structural unemployment. C. a part of cyclical unemployment. D. a part of frictional unemployment. 16. Unemployment involving a mismatch of the skills of unemployed workers and the skills required for available jobs is called: A. frictional unemployment. B. structural unemployment. C. cyclical unemployment. D. compositional unemployment. 17. Which of the following constitute the types of unemployment occurring at the natural rate of unemployment? A. Frictional and cyclical unemployment. B. Structural and frictional unemployment. C. Cyclical and structural unemployment. D. Frictional, structural, and cyclical unemployment. 18. The type of unemployment associated with recessions is called: A. frictional unemployment. B. structural unemployment. C. cyclical unemployment. D. seasonal unemployment.
4 Answer the next question(s) on the basis of the following information about a hypothetical economy: 19. Refer to the above information. If the members of the underground economy are presently counted as part of the unemployed when in fact they are employed, the official unemployment rate is overstated by about: A. 0 percentage points. B. 2 percentage points. C. 4 percentage points. D. 6 percentage points. 20. If potential GDP is $330 billion and there is a positive GDP gap of $30 billion, real GDP is: A. $300 billion. B. $30 billion. C. $360 billion. D. $630 billion. 21. The relationship between the size of the negative GDP gap and the unemployment rate is: A. direct. B. inverse. C. undefined. D. direct during recession, but inverse during expansion. 22. If actual GDP is less than potential GDP: A. potential GDP will fall. B. the price level will rise. C. investment spending will fall. D. the actual unemployment rate will be higher than the natural unemployment rate. 23. A large negative GDP gap implies: A. an excess of imports over exports. B. a low rate of unemployment. C. a high rate of unemployment. D. a sharply rising price level.
5 24. If actual GDP is $500 billion and there is a negative GDP gap of $10 billion, potential GDP is: A. $510 billion. B. $490 billion. C. $10 billion. D. $990 billion. 25. Okun's law: A. measures the tradeoff between the rate of inflation and the rate of unemployment. B. indicates the number of years it will take for a constant rate of inflation to double the price level. C. quantifies the relationship between nominal and real incomes. D. shows the relationship between the unemployment rate and the size of the negative GDP gap. 26. For every 1 percentage point that the actual unemployment rate exceeds the natural rate, a 2 percentage point negative GDP gap occurs. This is a statement of: A. Taylor's rule. B. Okun's law. C. Say's law. D. the Coase theorem. 27. The consumer price index was in 2001 and in Therefore, the rate of inflation in 2002 was about: A. 2.8 percent. B. 3.4 percent. C. 1.6 percent. D. 4.1 percent. 28. The annual rate of inflation can be found by subtracting: A. the real income from the nominal income. B. last year's price index from this year's price index. C. this year's price index from last year's price index and dividing the difference by this year's price index. D. last year's price index from this year's price index and dividing the difference by last year's price index. 29. If the Consumer Price Index rises from 300 to 333 in a particular year, the rate of inflation in that year is: A. 11 percent. B. 33 percent. C. 91 percent. D. 10 percent.
6 30. Between 1980 and 2000 the price level approximately doubled. The average annual rate of inflation over this 20-year period was about: A. 5.5 percent. B. 4.7 percent. C. 3.5 percent. D. 2.8 percent. 31. If the rate of inflation is 12 percent per year, the price level will double in about: A. 4 years. B. 6 years. C. 10 years. D. 12 years. 32. The phrase "too much money chasing too few goods" best describes: A. the GDP gap. B. demand-pull inflation. C. the inflation premium. D. cost-push inflation. 33. Rising per-unit production costs are most directly associated with: A. frictional unemployment. B. structural unemployment. C. demand-pull inflation. D. cost-push inflation. 34. Suppose that a person's nominal income rises by 5 percent and the price level rises from 125 to 130. The person's real income will: A. fall by about 1 percent. B. remain constant. C. rise by about 4 percent. D. rise by about 1 percent. 35. In 2005, Tatum's nominal income rose by 4.6 percent and the price level rose by 1.6 percent. We can conclude that Tatum's real income: A. may have either increased or decreased. B. rose by approximately 6.2 percent. C. rose by approximately 3 percent. D. fell by approximately 13 percent.
7 Answer Key 1. C 2. D 3. C 4. B 5. D 6. A 7. C 8. D 9. C 10. C 11. B 12. B 13. C 14. A 15. D 16. B 17. B 18. C 19. C 20. C 21. A 22. D 23. C 24. A 25. D 26. B 27. C 28. D 29. A 30. C 31. B 32. B 33. D 34. D 35. C
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