1. People who would like to work full time, but are able to find only part-time work are officially counted as:
- out of the labour force.
- discouraged workers
- chronically 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.