Economics

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Chapter 7 random

Question 1 1 / 1 point

Which of the following factors contribute to economic growth?

a) an increase in the standard of living

b) a decrease in the productivity of labor

c) an increase in the average wage rate paid to workers

d) an increase in the proportion of the population that is college educated

Question 2 1 / 1 point

In the long run, the most important source of increase in a nation’s standard of living is a:

a) zero rate of population growth.

b) high rate of economic growth.

c) high rate of consumption.

d) high rate of labor force growth.

Question 3 1 / 1 point

Some prominent members of the slow-economic growth country club include a high-income country like _________.

a) Bolivia

b) Somalia

c) Nigeria

d) Germany

Question 4 1 / 1 point

Which of the following is most likely to contribute to economic growth as measured by GDP per capita?

a) the imposition of tariffs and quotas on imported goods

b) rapid population growth

c) increased capital formation

d) an increase in marginal tax rates

Question 5 1 / 1 point

To achieve a high standard of living, a nation should:

a) promote economic growth.

b) increase the tax deduction for child dependents.

c) increase welfare payments to the poor.

d) use less capital and more labor in the production process.

Question 6 1 / 1 point

_____________________ is a term which refers to the widespread use of power-driven machinery and the economic and social changes that resulted in the first half of the 1800s.

a) Investment and inventions

b) GDP per capita

c) The Industrial Revolution

d) The living standard

Question 7 1 / 1 point

____________ is a term which refers to the widespread use of power-driven machinery and the economic and social changes that resulted in the first half of the 1800s.

a) Industrial Revolution

b) Capital deepening

c) Technology

d) Living standard

Chapter 7 Problems

Question 8 1 / 1 point

Country Alpha and Country Beta initially have the same real GDP per capita. Country Alpha experiences no economic growth, while Country Beta grows at a sustained rate of 5 percent. In 14 years, Country Alpha’s GDP will be approximately _________ that of Country Beta.

a) triple

b) double

c) one-half

d) one-fourth

Chapter 8 Random

Question 9 0 / 1 point

Frictional unemployment is:

a) unemployment caused by automation in the workplace.

b) unemployment that is due to the friction of competing ideological systems.

c) unemployment that is due to normal turnover in the labor market.

d) unemployment caused by lack of training and education.

Question 10 1 / 1 point

The definition of market equilibrium states that at the _______________, the quantity of labor demanded by employers will equal the quantity supplied.

a) equilibrium wage

b) natural rate of unemployment

c) sticky wage

d) efficiency wage

Question 11 1 / 1 point

The extent of _______________________ will depend on how easy it is for workers to learn about alternative jobs, which may reflect the ease of communications about job prospects in the economy.

A. frictional unemployment

B. cyclical unemployment

C. seasonal unemployment

D. cyclical employment

Question 12 1 / 1 point

The most significant real economic cost of high unemployment is:

a) the money cost of unemployment insurance payments to the unemployed.

b) the lost tax revenue that might have been paid by persons if they had worked.

c) the money cost of retraining persons to obtain new jobs.

d) the potential goods and services that might have been produced but weren’t.

Question 13 1 / 1 point

The unemployment rate measures:

a) unemployed workers as a percentage of the labor force.

b) unemployed workers as a percentage of the population.

c) unemployed workers as a percentage of the population age over-sixteen.

d) the number of people unemployed divided by the number of people employed.

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