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micro 3

. Recurring upswings and downswings in an economy’s real GDP over time are called:
business cycles
The industries or sectors of the economy in which business cycle fluctuations tend to affect output most are
capitol goods and durable consumers
During a severe recession, we would expect output to fall the most in:
consturction industry
The phase of the business cycle in which real GDP declines is called:
The phase of the business cycle in which real GDP is at a minimum is called:
the trough
The production of durable goods varies more than the production of nondurable goods because:
durables purchases are postponable.
A recession is defined as a period in which:
In which phase of the business cycle will the economy most likely experience rising real output and falling unemployment rates?
Most economists agree that the immediate cause of most business cycle variation is:
an unexpected change in the level of total spending
Refer to the given information. The labor force in Scoob is
Refer to the given information. The labor force in Scoob is
The United States’ economy is considered to be at full employment when:
about 4-5 percent of the labor force is unemployed.
about 4-5 percent of the labor force is unemployed.
afam teens
The labor force includes:
A. employed workers and persons who are officially unemployed.
Alex works in his own home as a homemaker and full-time caretaker of his children. Officially, he is:
not in the labor force
official unemployment stats
B. understate unemployment because discouraged workers are not counted as unemployed.
The presence of discouraged workers:
may cause the official unemployment rate to understate the true amount of unemployment.
The unemployment rate is the:
C. percentage of the labor force that is unemployed.
Suppose there are 5 million unemployed workers seeking jobs. After a period of time, 1 million of them become discouraged over their job prospects and cease to look for work. As a result of this, all else equal, the official unemployment rate would:
structural unemployment
D. may involve a locational mismatch between unemployed workers and job openings.
The type of unemployment associated with recessions is called:
At the economy’s natural rate of unemployment:
A. the economy achieves its potential output.
okun’s law
shows the relationship between the unemployment rate and the size of the negative GDP gap.
For every 1 percentage point that the actual unemployment rate exceeds the natural rate, a 2 percentage point negative GDP gap occurs. This is a statement of:
okun’s law
C. prices on average are rising, although some particular prices may be falling.
If the consumer price index falls from 120 to 116 in a particular year, the economy has experienced:
deflation 3.33
demand pull inflation
occurs when total spending exceeds the economy’s ability to provide output at the existing price level.
Cost-push inflation:
moves the economy inward from its production possibilities curve.
costpush inflation caused by
a negative supply shock.
With a marginal propensity to save of .4, the marginal propensity to consume will be:
1 – .4
The MPC can be defined as that fraction of a:
change in income that is spent.
The consumption schedule shows:
the amounts households plan or intend to consume at various possible levels of aggregate income.
The consumption schedule shows:
a direct relationship between aggregate consumption and aggregate income.
The consumption schedule is drawn on the assumption that as income increases, consumption will:
increase absolutely by decline as a percentage of income.
Which of the following is correct?
The size of the MPC is assumed to be:
greater than 0 but less than 1
If the MPC is .8 and disposable income is $200, then:
consumption and savings cannot be determined from the given information.
Suppose a family’s consumption exceeds its disposable income. This means that its:
APC is greater than 1
not correct
If the marginal propensity to consume is .9, then the marginal propensity to save must be:
Refer to the diagram. At disposable income level D, consumption is equal to:
D – CD

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