macro economics

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  • Created by: amit
  • Created on: 21-04-15 21:22

1. People who would like to work full time, but are able to find only part-time work are officially counted as:

  • employed.
  • out of the labour force.
  • discouraged workers
  • chronically unemployed
  • unemployed.
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2. If total output is calculated by adding up the market value of goods and services produced, then more expensive items:

  • are double counted.
  • are excluded from the calculations.
  • receive a higher weighting than cheaper items.
  • receive a smaller weighting than cheaper items.
  • receive the same weighting as cheaper items

3. The two main responsibilities of the European Central Bank are to _____ and to ______.

  • insure bank deposits; print currency
  • conduct monetary policy; oversee financial markets
  • collect taxes; pay the government's expenses
  • enable banks to make affordable mortgages; control the exchange rate of the Euro
  • apprehend counterfeiters; regulate the stock market

4. Cyclical unemployment is:

  • the additional unemployment not captured in official statistics resulting from discouraged workers and the involuntary part-time workers.
  • short-term unemployment that is associated with the process of matching workers with jobs.
  • the extra unemployment that occurs during periods of recession
  • the unemployment that results when people retire or leave the labour force
  • long-term and chronic unemployment that exists even when the economy is producing at a normal rate.

5. All of the following are nominal quantities EXCEPT the:

  • salary offered to a new college graduate.
  • cost of purchasing a new computer.
  • number of new houses built in one month.
  • wages paid to workers in a restaurant.
  • price of a new car.


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