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Econ Chapter 13

Quiz by Julie

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31 questions
Show answers
  • Q1
    What is the difference between seasonal unemployment and structural unemployment?
    Season unemployment is rare in a modern society, whereas structural is not.
    Seasonal unemployment occurs only in the summer, whereas structural can occur all year round.
    Seasonal unemployment occurs because of schedules, whereas structural occurs because people lack skills.
    Seasonal unemployment is generally among low-paid workers, whereas structural is among the highly paid.
  • Q2
    What does it mean when a person is underemployed?
    the person is not making as much money as needed.
    the person has a job but is overqualified for it.
    the person has been working and is now laid off.
    the person is looking for work in a special field.
  • Q3
    The "market basket" that is used by the BLS to calculate prices is made up of which of the following?
    Foods and necessary services for any family.
    Typical goods and services for an urban household.
    Food items only.
    Nonfood items only.
  • Q4
    How has the distribution of income in the United States changed over the last 20 years?
    It has become less equal.
    It has become more equal.
    It became more equal for about 10 years, but has become less equal.
    It has not changed appreciably.
  • Q5
    How does the BLS determine how the market basket should change over time?
    by calculating the inflation rate.
    by computing the Consumer Price Index.
    by evaluating the census.
    by conducting a Consumer Expenditure Survey.
  • Q6
    Which of the following is a result of unemployment that is very low?
    Companies stop looking for people to fill unfilled jobs.
    The few people who are unemployed stop looking for jobs.
    Wages drop below the level of minimum wage.
    Companies have difficulties recruiting workers.
  • Q7
    According to the demand-pull theory, what is responsible for inflation?
    Demand for goods and services exceeds existing supply.
    Too much money is in circulation.
    The economy is in a wage price spiral.
    Producers raise prices to meet existing demand.
  • Q8
    When the economy is working properly, what is the unemployment rate?
    10 - 12 percent
    0 to 3 percent
    8-10 percent
    4-6 percent
  • Q9
    According to the cost-push theory, what is responsible for inflation?
    Producers raise prices to meet increased costs.
    The economy is operating as though there was a war.
    Demand for goods and services exceeds existing supply.
    Too much money is in circulation.
  • Q10
    What is workfare?
    welfare that is limited to preschool-age children.
    an early poverty program from the 1950s.
    a state-by-state grant program of aid to the elderly.
    a program that requires work in exchange for assistance.
  • Q11
    Income that does not increase even when prices go up is called a
    full employment
    inflation based income
    fixed income
    none of these
  • Q12
    Area where companies can locate free of certain local, state, and federal taxes and restrictions is
    an enterprise zone
    none of these
    is a enterpise area
    zone free area
  • Q13
    Government issued coupons that are exchanged for food are
    none of these
    welfare stamps
    goods stamps
    food stamps
  • Q14
    Unemployment rate is
    none of these.
    the percentage of the nation's labor force that is not employed
    the measure of employed to unemployed people.
    the rate at which unemployment is increasing.
  • Q15
    A general increase in prices is
    creeping inflation

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