Economics B Midterm

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1.
1 point
A recent high school graduate has never searched for a job before. He does not know what he is qualified to do. He turns down a job at a factory, hoping for better-paying work. What kind of unemployment is he experiencing?
2.
1 point
When the income in households increases, what is the likely result?
3.
1 point
Gross Domestic Product is a method for calculating how much a country produces by adding which four spending categories?
4.
1 point
The town of Smithville recently closed the blacksmith factory and now all of the blacksmiths are out of work. This type of unemployment is known as
5.
1 point
Which explains why a supply line is upward sloping?
6.
1 point
Why is stagflation problematic to correct?
7.
1 point
When governments break up monopolies and try to address shortages or surpluses, they are serving the role of
8.
1 point
Government agencies inspect restaurants on a regular basis to insure the restaurants are obeying health and food safety regulations. What economic effect does this have on the restaurants?
9.
1 point
Who is hurt MOST by unanticipated inflation?
10.
1 point
In October, Bill is laid off from his job as a Halloween costume maker solely because of a slow Halloween season. Which statement is true?
11.
1 point
Net productivity is measured by
12.
1 point
Bob would like to increase his earnings. The option MOST LIKELY to increase his earnings potential in the long-term is to
13.
1 point
In market capitalism, which of the following concepts creates the incentive to produce?
14.
1 point
When there is inflation in an economy which is ALWAYS true?
15.
1 point
A market basket is generally used to
16.
1 point
Reducing laws and rules businesses have to follow is an example of
17.
1 point
Which person below would be considered frictionally unemployed?
18.
1 point
When two people engage in trade, both sides will benefit if the trade meets which two requirements?
19.
1 point
Which BEST describes an economy that is in a trough of the business cycle?
20.
1 point
Comparing real GDP between two consecutive years is MOST useful in determining which economic measurement?
21.
1 point
The IRS lays off thousands of employees every year after April 15th (the deadline for citizens to file tax returns). This is an example of
22.
1 point
Which BEST describes productivity?
23.
1 point
Which of the following is true about a shareholder in a corporation?
24.
1 point
Which headline would MOST LIKELY be found in a country that will experience future economic growth?
25.
1 point
Which of the following is considered a negative side-effect of a minimum wage?
26.
1 point
The BEST example of structural unemployment in an economy is someone
27.
1 point
Economic growth is often tied to investment in machinery, new technology, and education of the population. This is because
28.
1 point
A good example of the effect of learning on income would be that
29.
1 point
If, in a market, a particular store notices a lot of merchandise piling up on the shelves and in the stock room, how could they encourage existing buyers to buy the goods?
30.
1 point
To calculate the unemployment rate an economist would need the total number of unemployed people and which other number?
31.
1 point
Whenever a company develops a new product, an equilibrium price and quantity will eventually be determined by
32.
1 point
Mila says “as price increases, demand decreases.” Mila is
33.
1 point
An economist is presented with information about the prices of a selection of goods over several years. This information would be MOST useful for which purpose?
34.
1 point
A budget surplus means that
35.
1 point
When buyers and sellers interact in a market, what is the result?
36.
1 point
Which statement is true about the circular flow diagram?
37.
1 point
Finding the amount of Real Gross Domestic Product produced at all possible price levels will determine
38.
1 point
Demand for a product is measured not only by consumer desire for a product, but also by
39.
1 point
Demand for gasoline is said to be fairly inelastic for many people. This is probably because
40.
1 point
If an economy is currently experiencing a contraction or recession, which stage of the business cycle will they experience next?