Economics

The services produced by spouses who cook, clean, and otherwise maintain homes are not counted in th

The services produced by spouses who cook, clean, and otherwise maintain homes are not counted in th

The services produced by spouses who cook, clean, and otherwise maintain homes are not counted in the gross domestic product because
A) services are not tangible goods.
B) there is no accepted and reliable way to measure their value.
C

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Jack swapped his basketball for Jim's glove. Even if national income accountants were aware of this

Jack swapped his basketball for Jim's glove. Even if national income accountants were aware of this

Jack swapped his basketball for Jim's glove. Even if national income accountants were aware of this trade, they wouldn't include it in their GDP measure because
A) it was an unproductive exchange.
B) the basketball and glove were

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Which of the following economic activities is ignored in GDP accounts?

Which of the following economic activities is ignored in GDP accounts?

Which of the following economic activities is ignored in GDP accounts?
A) The market value of medical services
B) The market value of educational services
C) The market value of illegal drugs
D) The market value of prescription dr

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GDP accounts systematically ignore (Multiple Choice Question)

GDP accounts systematically ignore (Multiple Choice Question)

GDP accounts systematically ignore
A) non-market production.
B) illegal and underground production.
C) barter trades.
D) the market value of services provided by illegal aliens.
E) all of the above.

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Unemployment rates were much higher in the 1980s than they were in the 1950s basically because

Unemployment rates were much higher in the 1980s than they were in the 1950s basically because

Unemployment rates were much higher in the 1980s than they were in the 1950s basically because
A) a higher percentage of the population was in the labor force in the 1980s, but the cost to many of them of being unemployed was much lower than it

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Suppose the Utopian economy has the following characteristics: 100,000 people in the noninstitutiona

Suppose the Utopian economy has the following characteristics: 100,000 people in the noninstitutiona

Suppose the Utopian economy has the following characteristics: 100,000 people in the noninstitutional population; 80,000 people employed; 20,000 people not in the labor force. What's the unemployment rate?
A) -20 percent
B) 0 percent

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Suppose an economy has the following characteristics: 100 people in the noninstitutional population;

Suppose an economy has the following characteristics: 100 people in the noninstitutional population;

Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 40 people employed; 50 people not in the labor force. What's the unemployment rate?
A) 10 percent
B) 15 percent
C) 20 percent

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Suppose an economy has the following characteristics: 100 people in the noninstitutional population;

Suppose an economy has the following characteristics: 100 people in the noninstitutional population;

Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 40 people employed; 50 people not in the labor force. How many people are in the economy's labor force?
A) 40
B) 50
C) 90
D)

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Suppose an economy has the following characteristics: 100 people in the noninstitutional population;

Suppose an economy has the following characteristics: 100 people in the noninstitutional population;

Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 60 people employed; 20 people not in the labor force. What's the unemployment rate?
A) 20 percent
B) 25 percent
C) 33 percent

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Suppose an economy has the following characteristics: 100 people in the noninstitutional population;

Suppose an economy has the following characteristics: 100 people in the noninstitutional population;

Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 60 people employed; 20 people not in the labor force. How many people are unemployed?
A) 20
B) 40
C) 60
D) 80
E) 100

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The Illyrian economy has 1000 people in the labor force. 100 people don't have jobs but are searchin

The Illyrian economy has 1000 people in the labor force. 100 people don't have jobs but are searchin

The Illyrian economy has 1000 people in the labor force. 100 people don't have jobs but are searching for work, another 100 people would like to have jobs but quit searching because of poor job prospects, and another 100 people don't work a

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In the economy of Iota, 9 people have jobs, 1 person is not working but is searching for work, and 1

In the economy of Iota, 9 people have jobs, 1 person is not working but is searching for work, and 1

In the economy of Iota, 9 people have jobs, 1 person is not working but is searching for work, and 10 people don't work and don't seek work. The unemployment rate is
A) 10 percent.
B) 25 percent.
C) 33 percent.
D) 50 per

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Dividing the number of people unemployed by the civilian labor force gives us

Dividing the number of people unemployed by the civilian labor force gives us

Dividing the number of people unemployed by the civilian labor force gives us
A) the employment rate.
B) the unemployment rate.
C) the labor force participation rate.
D) none of the above.

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When the Bureau of labor Statistics makes seasonal adjustments in the labor force data, what is it l

When the Bureau of labor Statistics makes seasonal adjustments in the labor force data, what is it l

When the Bureau of labor Statistics makes seasonal adjustments in the labor force data, what is it likely to do with the number of people in the labor force during the month of June?
A) Lower the number each year.
B) Raise the number each y

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People who are not employed and are not actively looking for work, because they are fairly certain t

People who are not employed and are not actively looking for work, because they are fairly certain t

People who are not employed and are not actively looking for work, because they are fairly certain they could not find a satisfactory job, are counted by the BLS as
A) involuntarily employed.
B) neither employed nor unemployed.
C) unem

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People who are not currently employed, but say they want a job, are counted as unemployed only if th

People who are not currently employed, but say they want a job, are counted as unemployed only if th

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 between 16 and 65 years of age.
C) are willing to accept a reasonable offer.
D) have

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A person who refuses an offer of employment in order to keep looking for a better job is counted by

A person who refuses an offer of employment in order to keep looking for a better job is counted by

A person who refuses an offer of employment in order to keep looking for a better job is counted by the BLS as
A) a discouraged worker.
B) a shirker.
C) eligible for unemployment compensation.
D) not in the labor force.
E) un

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The amount of unemployment that policymakers should not worry about because it constitutes no social

The amount of unemployment that policymakers should not worry about because it constitutes no social

The amount of unemployment that policymakers should not worry about because it constitutes no social problem is
A) 2 percent of the labor force.
B) 4 percent of the labor force.
C) not any single amount that can be clearly measured.

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Martha quits a minimum-wage part-time job for a salaried full-time job. The BLS will count Martha as

Martha quits a minimum-wage part-time job for a salaried full-time job. The BLS will count Martha as

Martha quits a minimum-wage part-time job for a salaried full-time job. The BLS will count Martha as
A) originally unemployed but now employed.
B) originally employed and continuing to be employed.
C) originally a discouraged worker bu

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George loses his job. The BLS will consider him unemployed

George loses his job. The BLS will consider him unemployed

George loses his job. The BLS will consider him unemployed
A) immediately.
B) only after his severance pay runs out.
C) only after he begins to actively seek another job.
D) even if he accepts a cheaper part-time job.

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Who would the BLS count as unemployed?

Who would the BLS count as unemployed?

Who would the BLS count as unemployed?
A) Anybody over 16 who doesn't have a full-time job
B) Anybody over 16 who doesn't even work odd jobs
C) Anybody under 65 who doesn't have a full time job
D) Anybody, regardles

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Who would the BLS count as unemployed? The person who

Who would the BLS count as unemployed? The person who

Who would the BLS count as unemployed? The person who
A) searches for a job after retiring from the military.
B) quits work and intends to stay at home raising his kids.
C) was fired from work and decides to attend college full time ra

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Which of the following individuals will the Bureau of Labor Statistics not count as unemployed?

Which of the following individuals will the Bureau of Labor Statistics not count as unemployed?

Which of the following individuals will the Bureau of Labor Statistics not count as unemployed?
A) Those who are not eligible for unemployment compensation because they have not worked in covered employment.
B) Those who have turned down jo

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Little Richie Lemons, a thirteen-year-old former lemonade stand owner, quit the business and now sea

Little Richie Lemons, a thirteen-year-old former lemonade stand owner, quit the business and now sea

Little Richie Lemons, a thirteen-year-old former lemonade stand owner, quit the business and now searches for an after-school job. Is he officially unemployed?
A) No, because he was never employed in the first place.
B) No, because he is un

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Professor I.M. Dismal retired from his economics faculty position at the age of 66. Is he now unempl

Professor I.M. Dismal retired from his economics faculty position at the age of 66. Is he now unempl

Professor I.M. Dismal retired from his economics faculty position at the age of 66. Is he now unemployed?
A) No, because he is retired.
B) No, because he is over the age of 65.
C) Yes, because he is not employed.
D) Yes, if he is

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Guiseppe Vibrato was so sick of his job that he quit, and now spends his days at the tavern, saying

Guiseppe Vibrato was so sick of his job that he quit, and now spends his days at the tavern, saying

Guiseppe Vibrato was so sick of his job that he quit, and now spends his days at the tavern, saying he never wants to work again. Guiseppe is
A) a discouraged worker.
B) a discouraged drinker.
C) unemployed.
D) neither employed no

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Ed Sike is tired of working as a special events manager at the college. He quits his price-searcher

Ed Sike is tired of working as a special events manager at the college. He quits his price-searcher

Ed Sike is tired of working as a special events manager at the college. He quits his price-searcher job to devote himself to studying full time. Ed Sike is now
A) a price taker.
B) a price giver.
C) unemployed.
D) no longer employ

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Amber Crombie is a stay-at-home mom while her husband Fitch works two jobs. What can we clearly conc

Amber Crombie is a stay-at-home mom while her husband Fitch works two jobs. What can we clearly conc

Amber Crombie is a stay-at-home mom while her husband Fitch works two jobs. What can we clearly conclude?
A) Amber Crombie is unemployed.
B) Fitch is employed.
C) Amber Crombie is exploited.
D) Fitch is exploited.
E) All of t

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What is a necessary condition for being categorized as unemployed?

What is a necessary condition for being categorized as unemployed?

What is a necessary condition for being categorized as unemployed?
A) Being homeless
B) Actively searching for a job
C) Having no source of income
D) Having no hope of finding a job in the foreseeable future

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To be unemployed is to be

To be unemployed is to be

To be unemployed is to be
A) without a job, but actively looking for a job.
B) without any source of income.
C) without an identity.
D) all of the above.

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Official data on unemployment are based on

Official data on unemployment are based on

Official data on unemployment are based on
A) a survey of households by the Bureau of the Census.
B) employer data on hiring rates.
C) the number of actual payments for unemployment compensation.
D) the number of claims for unempl

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Recessions in the U.S. economy show up in economic data as periods of

Recessions in the U.S. economy show up in economic data as periods of

Recessions in the U.S. economy show up in economic data as periods of
A) declining prices.
B) rising interest rates.
C) slower growth or actual decline in nominal GDP.
D) slower growth or actual decline in real GDP.

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Is it possible for inflation and recession to occur simultaneously in an economy?

Is it possible for inflation and recession to occur simultaneously in an economy?

Is it possible for inflation and recession to occur simultaneously in an economy?
A) No, because prices cannot rise during a recession.
B) No, because recession is caused by too little demand and inflation by too much demand.
C) Yes, a

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The costs of a recession are largely

The costs of a recession are largely

The costs of a recession are largely
A) losses to some people but gains to others.
B) made up in the subsequent recovery.
C) the consequences of falling prices.
D) the costs of disappointed expectations.
E) welcomed by advoca

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Recession is the opposite of

Recession is the opposite of

Recession is the opposite of
A) economic growth.
B) economic decay.
C) stagflation.
D) inflation.
E) deflation.

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Fill in the blank: ________ is another term for a decline in real GDP is

Fill in the blank: ________ is another term for a decline in real GDP is

Fill in the blank: ________ is another term for a decline in real GDP is
A) Deflation.
B) Inflation
C) Economic growth
D) Recession
E) Unemployment

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Which aggregate measure is used to determine whether or not a country is experiencing a recession?

Which aggregate measure is used to determine whether or not a country is experiencing a recession?

Which aggregate measure is used to determine whether or not a country is experiencing a recession?
A) Nominal GDP
B) Nominal interest rate
C) Real GDP
D) Real interest rate
E) Gross business inventory investment

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Fill in the blanks: Recessions are generally measured as a ________ in ________.

Fill in the blanks: Recessions are generally measured as a ________ in ________.

Fill in the blanks: Recessions are generally measured as a ________ in ________.
A) rise; real GDP
B) fall; real GDP
C) rise; nominal GDP
D) fall, nominal GDP

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The official decision in the U.S. as to whether and when a slowdown in the rate of economic growth h

The official decision in the U.S. as to whether and when a slowdown in the rate of economic growth h

The official decision in the U.S. as to whether and when a slowdown in the rate of economic growth has become a recession is made by the
A) Bureau of Economic Analysis in the Department of Commerce.
B) Bureau of Labor Statistics.
C) Fe

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Suppose a credit union strives for a 3% real return on its loans to members, and expects a 2% inflat

Suppose a credit union strives for a 3% real return on its loans to members, and expects a 2% inflat

Suppose a credit union strives for a 3% real return on its loans to members, and expects a 2% inflation rate. What nominal rate of interest should it charge its members?
A) 0%
B) 1%
C) 3%
D) 6%

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