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1) Government policies that focus on changing interest rates are called ? a. fiscal policies b. monetary policies c. supply-side policies d. incomes policies
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2) Government policies that focus on increasing production rather than demand are called ? a. fiscal policies b. monetary policies c. supply-side policies d. incomes policies
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3) As prices rise. People will want to keep more money as cash and in bank accounts This is called ? a. real balance effect. b. cash ratio. c. money illusion. d. menu costs of inflation.
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4) The demand for ice-cream is lower outside of summer causing lower demand for ice-cream salesman if they cannot find other work, this is called _______ unemployment? a. Regional b. structural c. seasonal d. demand-deficient
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5) Unemployment resulting from imperfect information in the labour market is called ____ unemployment? a. Frictional b. natural c. real-wage d. disequilibrium
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6) Aggregate supply is the total amount ? a. of products produced by a given industry. b. produced by the government c. of labour supplied by all households d. of goods and services produced in an economy.
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7) Cyclical unemployment is the ? a. Portion of unemployment that is due to the normal working of the labour market b. Portion of unemployment that is due to changes in the structure of the economy that results in a significant loss of jobs in certain industries. c. Unemployment that results when people become discouraged about their chances of finding a job so they stop looking for work. d. Unemployment that occurs during recessions and depressions.
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8) An individual who is not working and who has given up looking for work is classfied as ? a. a discouraged worker: b. unemployed. c. hard core unemployed. d. unemployable
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9) The labour force can be defined as ? a. Those who could claim benefit if they were to become unemployed. b. The population between school leaving age and retirement age. c. anyone who is working or actively seeking work d. Those of working age who are seeking work and are available to for work at current wage rates.
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10) Reducing inflation is a more important objective than economic growth is an example of ? a. Normative economics b. Positive economics c. Objective economics d. Reality economics
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