Multiple Choice questions. Please circle the right answer. Please circle the rig
ID: 1221989 • Letter: M
Question
Multiple Choice questions. Please circle the right answer. Please circle the right answer (one mark each)
1. Suppose it is announced that industry analysts are predicting that decreased oil supplies from Iraq will cause gasoline prices to rise, beginning next month. In the current week, the announcement would:
a. shift the supply of gasoline right
b. shift the demand for gasoline right
c. shift the demand for gasoline left
d. have no effect on the demand or supply of gasoline
2. The Phillips curve describes the relationship between:
a. the federal budget deficit and the trade deficit
b. savings and investment
c. the unemployment rate and the inflation rate
d. marginal tax rates and tax revenues
3. If the actual unemployment rate is below the natural rate of unemployment, it would be expected that:
a. the rate of inflation would increase
b. wages would fall
c. the Phillips curve would shift to the left
d. the natural rate of unemployment would fall
4. A type of unemployment in which workers are in-between jobs or are searching for new and better jobs is called _______ unemployment:
a. frictional
b. cyclical
c. structural
d. turnover
5. In general, countries with lower rates of growth of labor productivity have
a. Lower level of productivity
b. higher level of productivity
c. lower level of educational attainment
d. higher level of natural resources endowments
6. The wealthy nations of the world would have
a. the largest population
b. more supplies of natural resources
c. more supplies of capital
d. larger labor force
7. Human capital differs from physical capital in that
a. human capital is intangible
b. human capital is tangible
c. physical capital is intangible
d. human capital has no cost to acquire
8. The definition of human capital refers to
a. worker education and workers’ equipment
b. worker education and worker’s physical capital
c. workers’ equipment and workers’ physical capital
d. worker education and worker training
9. In general, as the amount of labor input decreases, the amount of output
a. increases
b. decreases
c. remain constant
d. increase only if the capital stock increases
10, A productivity increase would be illustrated by a shift in the production function
a. downward
b. leftward
c. upward
d. rightward
Explanation / Answer
1) b. shift the demand for gasoline right
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