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Multiple Choice Quiz
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1
The short-run aggregate supply curve is:
A)upward-sloping.
B)vertical.
C)horizontal.
D)fixed at the origin.
2
The long-run aggregate supply curve is:
A)upward-sloping.
B)vertical.
C)horizontal.
D)fixed at the origin.
3
The output that would be produced at the nonaccelerating inflation rate of unemployment (NAIRU) is called:
A)aggregate supply.
B)potential GDP.
C)nonaccelerating GDP.
D)none of the above.
4
Economists that believe that changes in aggregate demand have a significant and lasting effect on output are:
A)classical economists.
B)neoclassical economists.
C)in the Keynesian school of economics.
D)none of the above.
5
People who perform any paid work, as well as those who have jobs but are absent from work because of illness, strikes, or vacations are called:
A)not in the labor force.
B)unemployed.
C)employed.
D)the labor force.
6
People who are not employed but are actively looking for work or waiting to return to work are called:
A)not in the labor force.
B)unemployed.
C)employed.
D)the labor force.
7
People who are keeping house, retired, too ill to work, or simply not looking for work are:
A)not in the labor force.
B)unemployed.
C)employed.
D)the labor force.
8
All those who are employed or unemployed are called:
A)not in the labor force.
B)unemployed.
C)employed.
D)the labor force.
9
The number of unemployed divided by the total labor force is called:
A)the employment rate.
B)the unemployment rate.
C)the labor force.
D)none of the above.
10
Okun's Law states that:
A)for every 3 percent that GDP falls relative to potential GDP, the unemployment rate rises about 1 percentage point.
B)for every 1 percent that GDP falls relative to potential GDP, the unemployment rate rises about 1 percentage point.
C)for every 2 percent that GDP rises relative to potential GDP, the unemployment rate rises about 1 percentage point.
D)for every 2 percent that GDP falls relative to potential GDP, the unemployment rate rises about 1 percentage point.







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