Essay on Econ 102 Quiz

1479 Words Jan 18th, 2015 6 Pages
Econ 102 quiz 1
Question 1 of 10 10.0/ 10.0 Points
Economics is best defined as the study of

A. financial decision-making

B. how consumers make purchasing decisions.

C. choices made by people faced with scarcity.

D. inflation, unemployment, and economic growth

Answer Key: C
Question 2 of 10 10.0/ 10.0 Points
Macroeconomics differs from microeconomics in that

A. macroeconomics is the study of individual markets, while microeconomics deals with the nation's economy as a whole.

B. microeconomics is the study of individual markets, while macroeconomics deals with the nation's economy as a whole.

C. macroeconomics focuses principally on social and
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C. includes measures of the underground economy.

D. includes measures of changes of quality of life associated with producing output.

Answer Key: B

Econ 102 quiz 2
Question 1 of 10 10.0/ 10.0 Points
Business cycles are

A. movements in stock prices.

B. the transfer of executives between firms.

C. used to describe fluctuations in GDP.

D. a description of the time required to bring a new product to market.

Answer Key: C
Question 2 of 10 10.0/ 10.0 Points
Economists define the unemployed as individuals who are

A. not currently working.

B. not currently working but are actively looking for work.

C. working but looking for a different job.

D. working less than their desired amount of time.

Answer Key: B
Question 3 of 10 10.0/ 10.0 Points
Economists define the labor force to include

A. only people who are working full time.

B. people who are working.

C. people who are not working but are actively looking for a job, and people who are working.

D. all individuals of work age, regardless of whether they are working or looking for a job.

Answer Key: C
Question 4 of 10 10.0/ 10.0 Points
People who want to work but have stopped looking for work because they could not find jobs after actively searching are called

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