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| 1 | |
Answer the next question(s) on the basis of the following information about a hypothetical economy:
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Refer to the above information. The official unemployment rate is approximately: |
| | A) | 10% |
| | B) | 30% |
| | C) | 5% |
| | D) | 7% |
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| 2 | |
Inflation always: |
| | A) | reduces both the purchasing power of the dollar and one's real income |
| | B) | reduces the purchasing power of the dollar and increases one's real income |
| | C) | reduces the purchasing power of the dollar but may have no impact on one's real income |
| | D) | increases the purchasing power of the dollar and reduces one's real income |
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| 3 | |
The war in Iraq sent oil prices spiraling upwards, resulting in an increase in the overall price level. This is an example of which type of inflation? |
| | A) | Cost-pull |
| | B) | Cost-push |
| | C) | Demand-pull |
| | D) | Demand-push |
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| 4 | |
Refer to the following table:
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Real per capita GDP: |
| | A) | grew faster in Alta between years 1 and 2 than it did between years 2 and 3 |
| | B) | grew faster in Zorn than in Alta between years 1 and 2 |
| | C) | grew by 5% in Alta between years 1 and 2 |
| | D) | grew by 3% in Zorn between years 1 and 2 |
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| 5 | |
If a nation's real GDP is growing at 2% per year, its real output will double in approximately: |
| | A) | 50 years |
| | B) | 40 years |
| | C) | 35 years |
| | D) | 33 years |
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| 6 | |
Which of the following is correct? |
| | A) | The teenage unemployment rate is substantially higher than the adult rate |
| | B) | The female unemployment rate is substantially higher than the male rate |
| | C) | The unemployment rates for those with a college degree and those with only a high school education are roughly the same |
| | D) | The unemployment rates for blue-collar workers and white-collar workers are roughly the same |
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| 7 | |
Orlando has just finished school and is searching for his first job. Orlando is considered to be: |
| | A) | structurally unemployed |
| | B) | frictionally unemployed |
| | C) | cyclically unemployed |
| | D) | employed |
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| 8 | |
Last year the price index rose from 150 to 156 and Joni's nominal income rose by 2%. Joni's real income: |
| | A) | fell by about 4% |
| | B) | fell by about 2% |
| | C) | increased by about 2% |
| | D) | increased by about 4% |
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| 9 | |
Individual business cycles vary substantially in duration and intensity. |
| | A) | True |
| | B) | False |
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| 10 | |
At the deepest point of the Great Depression, most unemployment consisted of: |
| | A) | structural unemployment |
| | B) | cyclical unemployment |
| | C) | frictional unemployment |
| | D) | search unemployment |
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