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MACRO EXO EXAM #2 QUESTIONS WITH CORRECT ANSWERS
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MACRO EXO EXAM #2 QUESTIONS WITH CORRECT ANSWERS
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MACRO EXO EXAM #2 QUESTIONSWITH CORRECT ANSWERS
A recent accounting graduate from a major business school is searching for a place to
begin his career as an accountant. This individual is best considered as
a)frictionally unemployed.
b)structurally unemployed.
c)seasonally unemployed.
d)cyclically unemployed. - Answer-A recent accounting graduate from a major business
school is searching for a place to begin his career as an accountant. This individual is
best considered as
frictionally unemployed.
The aggregate production function shows how ________ varies with ________.
labor; leisure time
real GDP; labor
leisure time; labor
labor; capital - Answer-The aggregate production function shows how ________ varies
with ________.
real GDP; labor
Technological change
lowers the real wage rate.
increases potential GDP.
decreases labor productivity.
has no effect on employment. - Answer-Technological change
increases potential GDP.
If the CPI is 120, this means that
a)prices are 120 percent higher than in the reference base period.
b)prices are 0.12 times higher than in the reference base period.
c)prices are 20 percent higher than in the reference base period.
d)the inflation rate must be positive. - Answer-If the CPI is 120, this means that
prices are 20 percent higher than in the reference base period.
Potential GDP per labor hour can increase due to
a)increases in the quantity of money.
b)increases in labor productivity.
c)decreases in the quantity of capital.
d)increases in population. - Answer-Potential GDP per labor hour can increase due to
b)increases in labor productivity.
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