When the economy is at full employment, what types of unemployment may exist? a.
ID: 1225952 • Letter: W
Question
When the economy is at full employment, what types of unemployment may exist? a. none b. frictional, cyclical, and structural c. cyclical d. structural and frictional e. seasonal and cyclical People who are not currently employed, but say they want a job, are counted as unemployed only if they a. are actively seeking employment b. are willing to accept any offer of employment c. are willing to accept a reasonable offer d. are between 16 and 65 years of age e. have previously held a job Which of the following would be included in this year's GDP? a. that bucket of Kentucky Pried Chicken you bought this July b. the used car Tracey sold to Justin c. George Garcia's purchase of a fishing rod and reel at a garage sale d. the $20 Sharon Johnson gave Dennis O'Brien as a reward for finding her lost wedding ring e. one hundred shares of IBM stock that Tony Hanks bought this May Your cousin recently graduated from Harvard Law School and has not found a job after looking for one last week. She can be described as a. not part of the labor force b. seasonally unemployed c. frictionally unemployed d. structurally unemployed e. a discouraged worker A period of sustained growth of output in the economy is referred to as a(n) a. recession b. trough c. contraction d. expansion e. peak Which of the following is NOT an example of an independent variable in Economics: a. The price of a consumer good b. The price of a producer good (e.g., a piece of machinery' or software) c. The amount of second-hand goods offered for a charity bazaar after a storm d. A government tax e. A subsidy to farmers Which of the following is NOT an example of a dependent variable: a. The amount of apples bought by consumers in response to a price offered by suppliers b. The price offered by suppliers for apples c. The number of applicants responding to an ad for a new job in a newspaper d. An insurance policy offered by a new company e. An increase in rebates offered by a supermarket for designated goods The Law of Demand states that: a. Consumers will buy more of a given good or service when its price rises b. Consumers will buy less of a given good or service when its price rises c. Consumers will buy the same amount of a given good or service when its price rises d. Consumers will buy more of Good A when the price of Good B rises e. Consumers will want more of a given good or service when the weather is hot The Law of Supply states that: a. Suppliers will offer more of a given good or service when its price rises b. Suppliers will offer less of a given good or service when its price rises c. Suppliers will offer the same amount of a given good or service when its price rises d. Suppliers will offer more of Good A when the price of Good B rises e. Suppliers will offer more of a given good or service when the weather is hot By "Equilibrium", economists mean that: a. The economy or the market for a given good is in a desired state of balance b. All suppliers are in agreement as to how mu Ch to sell on the market at a given price c. All consumers agree on the "right price" for a given good d. Consumers and suppliers have reached agreement on the price and quantity of a good e. The economy is at an optimum level of activity with all resources used to full potential By the Production Possibilities Frontier and Curve, economists mean: a. The sum all the products & services that can be produced by fully using given resources b. The limit to which resources can be used without negatively affecting the environment c. The Curve summarizing all the desires of the consumers of a country d. The total supply of resources in a country over time e. The possible uses to which governments can apply resources for military defense Leading Indicators, such as statistics on inventory movements: a. Tell us what the stock market is going to do in the next three months b. Give us an indication of the trend of the national economy in the next three months c. Tell us which politicians arc going to win national elections d. Are misleading statistics on the trend of the economy e. Tell us which products not to produceExplanation / Answer
Question 21: when a person has left his job and searching for a better job, he is frictionally unemployedOn the other hand, due to growth of the economy some workers may require special training to match it. In that case they will be unemployed for some specific time.
Answer: So option (d) is correct
Question 22: People who are not currently employed, but actively seeking job, is currently considered as frictionally unemployed
Answer: Option (a) is correct.
Question 23: GDP will include only those commodities that are produced in the current year and consumed. Bucket of Kentucky Fried is finished product purchased for consumption. So it is included in GDP.
Answer: Option a is correct.
Question 24: A person has graduated in recent days. She is actively seeking for a job. Here she is said to be frictionally unemployed.
Answer: C is correct answer.
Question 25: A period of sustained growth is stability or trough. So option b is correct.
Question 26: Independent variable is not affected by others. But it has an effect on others. Price of consumer goods and production goods affect demand, supply and price. Government tax and subsidy affect price. So amount of second hand goods offered in a charity bazar after storm, is not an independent variable.
Answer: C is correct.
Question 27: Price offered by suppliers for Apple is an independent variable. It will affect demand. So it is not a dependent variable.
Answer: Option a, is correct.
Question 28:
Law of demand indicates direction of the price demand relation. It states that with the increase in price, demanded quantity will decrease. So the relation is inverse.
Answer: Option b is correct.
Question 29:
Law of supply indicates direction of relation between price and quantity supplied. If price is increased, profit will rise. So more goods will be supplied. So the relation is positive
Answer: Option a, is correct.
Question 30: Market has two opposing forces demand and supply. Both are related with price. Price is directly related with supply and inversely related with demand. At equilibrium, demand and supply are equal.
Answer: Option d is correct.
Question 31: Production possibility curve is a diagram, showing different combinations of two commodities that can be produced by using resources of the economy in full.
Answer: Thus option a, is correct.
Question 32: Statistics on inventory movement will indicate which product to produce or not to produce. If inventory is rising the production is temporarily stopped.
Answer: Option e is correct.
On the other hand, due to growth of the economy some workers may require special training to match it. In that case they will be unemployed for some specific time.
Answer: So option (d) is correct
Question 22: People who are not currently employed, but actively seeking job, is currently considered as frictionally unemployed
Answer: Option (a) is correct.
Question 23: GDP will include only those commodities that are produced in the current year and consumed. Bucket of Kentucky Fried is finished product purchased for consumption. So it is included in GDP.
Answer: Option a is correct.
Question 24: A person has graduated in recent days. She is actively seeking for a job. Here she is said to be frictionally unemployed.
Answer: C is correct answer.
Question 25: A period of sustained growth is stability or trough. So option b is correct.
Question 26: Independent variable is not affected by others. But it has an effect on others. Price of consumer goods and production goods affect demand, supply and price. Government tax and subsidy affect price. So amount of second hand goods offered in a charity bazar after storm, is not an independent variable.
Answer: C is correct.
Question 27: Price offered by suppliers for Apple is an independent variable. It will affect demand. So it is not a dependent variable.
Answer: Option a, is correct.
Question 28:
Law of demand indicates direction of the price demand relation. It states that with the increase in price, demanded quantity will decrease. So the relation is inverse.
Answer: Option b is correct.
Question 29:
Law of supply indicates direction of relation between price and quantity supplied. If price is increased, profit will rise. So more goods will be supplied. So the relation is positive
Answer: Option a, is correct.
Question 30: Market has two opposing forces demand and supply. Both are related with price. Price is directly related with supply and inversely related with demand. At equilibrium, demand and supply are equal.
Answer: Option d is correct.
Question 31: Production possibility curve is a diagram, showing different combinations of two commodities that can be produced by using resources of the economy in full.
Answer: Thus option a, is correct.
Question 32: Statistics on inventory movement will indicate which product to produce or not to produce. If inventory is rising the production is temporarily stopped.
Answer: Option e is correct.
Question 21: when a person has left his job and searching for a better job, he is frictionally unemployed. On the other hand, due to growth of the economy some workers may require special training to match it. In that case they will be unemployed for some specific time.
Answer: So option (d) is correct
Question 22: People who are not currently employed, but actively seeking job, is currently considered as frictionally unemployed
Answer: Option (a) is correct.
Question 23: GDP will include only those commodities that are produced in the current year and consumed. Bucket of Kentucky Fried is finished product purchased for consumption. So it is included in GDP.
Answer: Option a is correct.
Question 24: A person has graduated in recent days. She is actively seeking for a job. Here she is said to be frictionally unemployed.
Answer: C is correct answer.
Question 25: A period of sustained growth is stability or trough. So option b is correct.
Question 26: Independent variable is not affected by others. But it has an effect on others. Price of consumer goods and production goods affect demand, supply and price. Government tax and subsidy affect price. So amount of second hand goods offered in a charity bazar after storm, is not an independent variable.
Answer: C is correct.
Question 27: Price offered by suppliers for Apple is an independent variable. It will affect demand. So it is not a dependent variable.
Answer: Option a, is correct.
Question 28:
Law of demand indicates direction of the price demand relation. It states that with the increase in price, demanded quantity will decrease. So the relation is inverse.
Answer: Option b is correct.
Question 29:
Law of supply indicates direction of relation between price and quantity supplied. If price is increased, profit will rise. So more goods will be supplied. So the relation is positive
Answer: Option a, is correct.
Question 30: Market has two opposing forces demand
and supply. Both are related with price. Price is directly related with supply and inversely related with demand. At equilibrium, demand and supply are equal.
Answer: Option d is correct.
Question 31: Production possibility curve is a diagram, showing different combinations of two commodities that can be produced by using resources of the economy in full.
Answer: Thus option a, is correct.
Question 32: Statistics on inventory movement will indicate which product to produce or not to produce. If inventory is rising the production is temporarily stopped.
Answer: Option e is correct.
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