(Test Bank) Economics Principles, Applications And Tools

O’Sullivan, 8

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Economics Principles, Applications And Tools 8th Edition by Arthur O’Sullivan – Test Bank To purchase this Complete Test Bank with Answers Click the link Below https://exambanks.com/?product=economics-principles-applications-and-tools-8th-edition-by-arthur- osullivan-test-bank If face any problem or Further information contact us At Exambanks123@gmail.com Description INSTANT DOWNLOAD WITH ANSWERS Economics Principles, Applications And Tools 8th Edition by Arthur O’Sullivan – Test Bank Macroeconomics: Prin., Apps, & Tools, 8e (O’Sullivan) TB2 Chapter 6 Unemployment and Inflation 6.1 Examining Unemployment 1) The presence of unemployment in the labor market implies that: 1.A) at the current wage, there are people who want to work but cannot find work. 2.B) people are not willing to work at the current wage. 3.C) there are some people who will not work at the current wage. 4.D) there is excess demand in the labor market. Answer: ADiff: 1 Topic: How is Unemployment Defined and Measured? Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 2) A person who is currently actively looking for a job, but has not found a job is classified by the BLS as: 1.A) unemployed. 2.B) employed. 3.C) not in the labor force. 4.D) under 16. Answer: A Diff: 1 Topic: How is Unemployment Defined and Measured? Skill: Definition AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 3) A person who is currently actively looking for a job, but has a job that pays for 5 hours a week only is classified by the BLS as: 1.A) unemployed. 2.B) employed.3.C) not in the labor force. 4.D) under 16. Answer: B Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Definition AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 4) A worker who currently is not working, but is not looking for a job is considered as: 1.A) employed. 2.B) unemployed. 3.C) not in the labor force. 4.D) in the labor force. Answer: C Diff: 1 Topic: How is Unemployment Defined and Measured? Skill: Definition AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 5) The unemployment rate equals:1.A) labor force/population. 2.B) unemployed/employed. 3.C) (employed – unemployed)/labor force. 4.D) (labor force – employed)/labor force. Answer: D Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Definition AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 6) An increase in the labor force, without a corresponding increase in the number of employed workers will cause the: 1.A) unemployment rate to increase. 2.B) the labor force participation rate to decrease. 3.C) unemployment rate to decrease. 4.D) the population growth rate to increase. Answer: A Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 7) If the number of unemployed increases by the same number as the number of people in the labor force, then: 1.A) the unemployment rate will increase. 2.B) the labor force participation rate will decrease. 3.C) the unemployment rate will decrease. 4.D) the population growth rate will increase. Answer: A Diff: 3 Topic: How is Unemployment Defined and Measured? Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 8) Suppose the unemployment rate is currently at 5 percent. If the number of unemployed increases by the same number as the number of people unemployed, then: 1.A) the unemployment rate will increase. 2.B) the labor force participation rate will decrease. 3.C) the unemployment rate will decrease. 4.D) the population growth rate will increase. Answer: A Diff: 3 Topic: How is Unemployment Defined and Measured? Skill: AnalyticalAACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 9) Bob is unemployed if he: 1.A) is temporarily laid off. 2.B) is not looking for a job. 3.C) looked for a job for two months and then quit looking. 4.D) A and C are correct. Answer: A Diff: 1 Topic: How is Unemployment Defined and Measured? Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 10) Janie graduated from college a month ago and is now without work. She accepted a job that will start next month. Today, Janie is: 1.A) not in the labor force. 2.B) in the labor force. 3.C) employed. 4.D) a discouraged worker. Answer: BDiff: 2 Topic: How is Unemployment Defined and Measured? Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 11) Janie graduated from college a month ago and is now without work. She accepted a job that will start next month. Today, Janie is: 1.A) not in the labor force. 2.B) employed. 3.C) unemployed. 4.D) a discouraged worker. Answer: C Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 12) The number of people unemployed equals: 1.A) the number of people employed minus the labor force. 2.B) the labor force plus the number of people employed. 3.C) the labor force minus the number of people employed. 4.D) the number of people employed divided by the labor force.Answer: C Diff: 1 Topic: How is Unemployment Defined and Measured? Skill: Definition AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 13) Carla lost her job and immediately started looking for another job. As a result the: 1.A) unemployment rate increases. 2.B) labor force increases. 3.C) labor force decreases. 4.D) unemployment rate remains constant. Answer: A Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. Table 6.1 14) Refer to Table 6.1. The labor force equals: 1.A) 14,000. 2.B) 16,000. 3.C) 13,500. 4.D) 16,500. Answer: C Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 15) Refer to Table 6.1. The unemployment rate is: 9.A) 9.09%. 10.B) 18.5%. 11.C) 15.2%. 12.D) 22.7%. Answer: B Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic SkillsLearning Outcome: Identify different types and measures of unemployment and discuss its causes. 16) Refer to Table 6.1. The labor force participation rate is: 1.A) 82 percent. 2.B) 18 percent. 3.C) 63 percent. 4.D) 37.5 percent. Answer: A Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. Table 6.2 17) Refer to Table 6.2. The total number of people unemployed is: 7.A) 7.58 million. 8.B) 10.5 million. 9.C) 6.83 million. 10.D) 73.5 million.Answer: C Diff: 3 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 18) Refer to Table 6.2. The total number of people employed is: 129.A) 129.67 million. 130.B) 128.92 million. 131.C) 73.5 million. 132.D) 199.5 million. Answer: A Diff: 3 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 19) Which of the following is correct? The unemployment rate is: 100.A) (unemployed/population) x 100.101.B) ((employed – unemployed)/labor force) x 100. 102.C) ((labor force – employed)/labor force) x 100. 103.D) ((employed – labor force)/employed) x 100. Answer: C Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Definition AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 20) The number of people classified as employed is 220,000 and the number of people classified as unemployed is 30,000. The size of the labor force: 1.A) equals 200,000. 2.B) equals 250,000. 3.C) equals 300,000. 4.D) cannot be determined from this information. Answer: B Diff: 1 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 21) The number of people classified as employed is 550,000 and the number of people in the labor force is 700,000. The total number of people classified as unemployed is: 1.A) 200,000. 2.B) 110,000. 3.C) 150,000. 4.D) 1.5 million. Answer: C Diff: 1 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 22) If the number of people classified as unemployed is 50,000 and the number of people classified as employed is 250,000, what is the unemployment rate? 1.A) 8% 2.B) 8.7% 3.C) 16.67% 4.D) 20.0% Answer: C Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: AnalyticalAACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 23) If the number of people classified as unemployed is 50,000 and the number of people classified as employed is 620,000, what is the unemployment rate? 15.A) 15.6% 16.B) 9.2% 17.C) 7.5% 18.D) 8.1% Answer: C Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 24) If the number of people employed is 150,000 and the labor force is 160,000, the unemployment rate is: 6.A) 6.25%. 7.B) 10.25%. 8.C) 2.5%. 9.D) 6.67%. Answer: A Diff: 3Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 25) The unemployment rate is defined as the ratio of the: 1.A) labor force to the total population 16 years old or older. 2.B) number of people unemployed to total population. 3.C) number of people unemployed to the total population 16 years old or older. 4.D) none of the above Answer: D Diff: 1 Topic: How is Unemployment Defined and Measured? Skill: Definition AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. Table 6.3 26) Refer to Table 6.3. The number of people not in the labor force equals:5.A) 5.9. 6.B) 68.4. 7.C) 74.3. 8.D) 201.9. Answer: B Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 27) Refer to Table 6.3. The unemployment rate equals: 2.A) 2.8%. 3.B) 4.2%. 4.C) 4.4%. 5.D) 5.0%. Answer: B Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 28) Suppose an individual works 12 hours per week in a family business and is not looking for other work. Also assume that the individual is not paid for the 12 hours of work. According to the Bureau of Labor Statistics, this individual would be classified as: 1.A) employed. 2.B) not in the labor force. 3.C) a discouraged worker. 4.D) none of the above Answer: B Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 29) The labor force participation rate is the ratio of the: 1.A) labor force to the total population 16 years old or older. 2.B) labor force to total population. 3.C) number employed to the total population 16 years old or older. 4.D) number employed to total population. Answer: A Diff: 1 Topic: How is Unemployment Defined and Measured? Skill: DefinitionAACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 30) The labor force participation rate equals: 1.A) (labor force) / (population 16 years or older). 2.B) population /(labor force). 3.C) (labor force)/ population. 4.D) employed / population. Answer: A Diff: 1 Topic: How is Unemployment Defined and Measured? Skill: Definition AACSB: Reflective Thinking Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 31) In 1999, the U.S. population 16 years old or older was 207.8 million, the number employed was 133.5 million, the number unemployed was 5.9 million, and the labor force was 139.4 million. The labor-force participation rate in 1999 was ________ %. 64.A) 64.2 65.B) 67.1 66.C) 4.2 67.D) 95.8 Answer: BDiff: 1 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 32) In 1999, the U.S. population 16 years old or older was 207.8 million, the number employed was 133.5 million, the number unemployed was 5.9 million, and the labor force was 139.4 million. The unemployment rate in 1999 was ________ %. 4.A) 4.2 5.B) 5.9 6.C) 4.5 7.D) 3.2 Answer: A Diff: 1 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 33) In 2012, the U.S. population 16 years old or older was 242.6 million, the number employed was 142.0 million, the number unemployed was 12.7 million, and the labor force was 154.7 million. The labor-force participation rate in 1999 was ________ %. 63.A) 63.864.B) 19.1 65.C) 58.5 66.D) 69.0 Answer: A Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 34) In 2012, the U.S. population 16 years old or older was 242.6 million, the number employed was 142.0 million, the number unemployed was 12.7 million, and the labor force was 154.7 million. The unemployment rate in 1999 was ________ %. 8.A) 8.2 9.B) 8.9 10.C) 5.2 11.D) 9.3 Answer: A Diff: 2 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. Table 6.4 35) Refer to Table 6.4. The labor-force equals: 150.A) 150.6. 151.B) 120.3. 152.C) 125. 153.D) 83.5. Answer: C Diff: 1 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 36) Refer to Table 6.4. The labor-force participation rate equals: 3.A) 3.1%. 4.B) 66.6%. 5.C) 3.7%. 6.D) 83.5%. Answer: D Diff: 1Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 37) Refer to Table 6.4. The unemployment rate rate equals: 3.A) 3.1%. 4.B) 66.6%. 5.C) 3.7%. 6.D) 83.5%. Answer: C Diff: 1 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. Table 6.5 38) Refer to Table 6.5. The labor-force participation rate is: 71.A) 71.43%.72.B) 81.81%. 73.C) 90.91%. 74.D) 136.36% Answer: B Diff: 1 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. Table 6.6 39) Refer to Table 6.6. The labor force: 10.A) equals 10.5 million. 11.B) equals 136.5 million. 12.C) equals 147 million. 13.D) cannot be determined from this information. Answer: B Diff: 3 Topic: How is Unemployment Defined and Measured? Skill: AnalyticalAACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 40) Refer to Table 6.6. The number of people unemployed equals: 6.A) 6.825 million. 7.B) 5 million. 8.C) 10.5 million. 9.D) 8 million. Answer: A Diff: 3 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 41) If the labor force is 250,000 and the total population 16 years of age or older is 300,000, the labor-force participation rate is: 79.A) 79.5%. 80.B) 83.3%. 81.C) 45.4%. 82.D) 80.9%. Answer: B Diff: 2 Topic: How is Unemployment Defined and Measured?Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 42) If the labor-force participation rate is 85% and the total population 16 years of age or older is one million people, the labor force is: 1.A) 280,000 people. 2.B) 80,000 people. 3.C) 850,000 people. 4.D) 180,000 people. Answer: C Diff: 1 Topic: How is Unemployment Defined and Measured? Skill: Analytical AACSB: Analytic Skills Learning Outcome: Identify different types and measures of unemployment and discuss its causes. 43) If the number of unemployed equals 20,000, the number of employed equals 60,000, and the total population 16 years of age and older is 90,000, the labor-force participation rate: 33.A) is 33.33%. 34.B) is 66.2%. 35.C) is 88.9%.