Unit 3 Test

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Eastern Gateway Community College *

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101

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Economics

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May 17, 2024

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5/15/24, 6:59 PM Unit 3 Test: Macroeconomics - ECO101_4000 https://egcc.instructure.com/courses/41738/quizzes/256608?module_item_id=4043571 1/9 Unit 3 Test Due Apr 14 at 11:59pm Points 30 Questions 30 Available Mar 25 at 12am - Apr 19 at 11:59pm Time Limit None Allowed Attempts 2 This quiz was locked Apr 19 at 11:59pm.  Answers will be shown after your last attempt Score for this attempt: 28 out of 30 Submitted Apr 13 at 12:30am This attempt took 64 minutes.  Question 1 1 / 1 pts It would increase. It would fall. It would not change. It would change, but the effect cannot be predicted.  Question 2 1 / 1 pts COLA plus 1.6% COLA plus 1.9% Suppose that everyone who has looked for a job for more than six months gave up in despair and stopped looking. What would happen to the unemployment rate? Nancy's union has negotiated a three-year wage contract that provides for a 2.4% increase indexed to inflation. The rates of inflation are forecast to be 1.62%, 1.93% and 2.21% respectively. How will Nancy's wage increase be expressed in the new contract?

5/15/24, 6:59 PM Unit 3 Test: Macroeconomics - ECO101_4000 https://egcc.instructure.com/courses/41738/quizzes/256608?module_item_id=4043571 2/9 COLA plus 2.4% COLA plus 2.2%  Question 3 1 / 1 pts to minimize recessions to maximize unemployment payments to maximize unemployment insurance duration to minimize labor unions  Question 4 1 / 1 pts Somalia Germany Bolivia Nigeria  Question 5 1 / 1 pts efficiency wage equilibrium wage sticky wage natural rate of unemployment  Question 6 1 / 1 pts counter inflation deflation hyperinflation Insofar as government public policy is concerned, the best way to battle unemployment would be __________________. Some prominent members of the slow-economic growth country club include a high-income country like _________. The definition of market equilibrium states that at the _______________, the quantity of labor demanded by employers will equal the quantity supplied. Another term used to describe negative inflation is:

5/15/24, 6:59 PM Unit 3 Test: Macroeconomics - ECO101_4000 https://egcc.instructure.com/courses/41738/quizzes/256608?module_item_id=4043571 3/9 GDP deflator  Question 7 1 / 1 pts $430 billion $835 billion $2,063 billion $2,449 billion  Question 8 1 / 1 pts unemployment that is due to the friction of competing ideological systems. unemployment caused by lack of training and education. unemployment caused by automation in the workplace. unemployment that is due to normal turnover in the labor market.  Question 9 1 / 1 pts economic growth GDP per capita living standards consumption and expenditures  Question 10 1 / 1 pts Alex wants to measure the nominal 1998 GDP of $993 billion in 2008 dollars. From the data he gathered, he knows the deflator for 1998 is 30 and for 2008, it is 74, and that real interest in those years was 6.23% and 3.21% respectively. If he avoids making a misleading calculation, what will the value be? Frictional unemployment is: When discussing economic growth, it is often useful to focus on ____________, to avoid studying changes in the size of GDP that represent only having more people in the economy, and focus on those increases in GDP which represent an actual rise in the standard of living on a per person basis.

5/15/24, 6:59 PM Unit 3 Test: Macroeconomics - ECO101_4000 https://egcc.instructure.com/courses/41738/quizzes/256608?module_item_id=4043571 4/9 the agriculture sector completes the cycle of planting, cultivating, and harvesting the nation's food supply. labor unions strike for higher wages. the business cycle enters an expansionary phase. business activity in the macroeconomy declines.  Question 11 1 / 1 pts stabilize understate overstate reduce  Question 12 1 / 1 pts 10% 20% 30% 40%  Question 13 1 / 1 pts 600 6000 60,000 600,000  IncorrectQuestion 14 Cyclical unemployment arises when: The effect of substitution bias is that the rise in the price of a fixed basket of goods over time tends to ___________________ the rise in a consumer’s true cost of living, because it doesn’t take into account that the person can substitute between goods according to changes in their relative prices. During the deep recessions of the early 1980s and of 2007-2009, unemployment reached roughly __________. Each month the Census Bureau carries out the Current Population Survey (CPS) (which has been carried out every month since 1940). A total of __________ households are contacted every month.

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