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Unit 6 : Reading Quiz # 15 : 14 points

1.  The phase of the business cycle in which real GDP declines for 6 months or more is called:  A. the peak. B. an expansion. C. a recession. D. the trough. Unit 6 : Reading Quiz # 15 : 14 points .

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Unit 6 : Reading Quiz # 15 : 14 points

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  1. 1. The phase of the business cycle in which real GDP declines for 6 months or more is called: A. the peak.B. an expansion.C. a recession.D. the trough. Unit 6 : Reading Quiz # 15: 14 points • 2. The United States' economy is considered to be at full employment when: A. 90 percent of the total population is employed.B. 90 percent of the labor force is employed.C.  about 4-5 percent of the labor force is unemployed.D. 100 percent of the labor force is employed.

  2. 3. Ty voluntarily quit his job as an insurance agent to return to school full-time to earn an MBA degree. With a degree in hand he is now searching for a position in management. Ty presently is: A. cyclically unemployed.B. structurally unemployed.C. frictionally unemployed.D. not a member of the labor force. 4. Kara has lost her job in a Virginia textile plant because of import competition. She intends to take a short course in electronics and move to Oregon where she anticipates that a new job will be available. We can say that Kara is faced with: A. secular unemployment.B. cyclical unemployment.C. structural unemployment.D. frictional unemployment.

  3. 5. A college graduate using the summer following graduation to search for a job would best be classified as:A. not officially a member of the labor force.B. a part of structural unemployment.C. a part of cyclical unemployment.D. a part of frictional unemployment. 6. 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: A. Taylor's rule.B. Okun's law.C. Say's law.D. the Coase theorem.

  4. 7. The relationship between the size of the negative GDP gap and the unemployment rate is: A. direct.B. inverse.C. undefined.D. direct during recession, but inverse during expansion.

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