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Which of the following equations describes the calculation of the natural unemployment rate?
Money flows from households to firms as households offer factors of production for sale.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
Natural unemployment = Frictional unemployment + Structural unemployment
structurally unemployed.
the lenders gain and the borrowers lose.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
imports.
Purchases of foreign-produced goods and services during a period are classified as:
Money flows from households to firms as households offer factors of production for sale.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
Natural unemployment = Frictional unemployment + Structural unemployment
structurally unemployed.
the lenders gain and the borrowers lose.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
imports.
Gross domestic product or GDP is:
Money flows from households to firms as households offer factors of production for sale.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
Natural unemployment = Frictional unemployment + Structural unemployment
structurally unemployed.
the lenders gain and the borrowers lose.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
imports.
Last week Stephanie quit her job as a copy-writer at an advertising agency. She has spent the past few days browsing the help-wanted ads, but hasn't found anything that matches her skills. Stephanie is best classified as:
Money flows from households to firms as households offer factors of production for sale.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
Natural unemployment = Frictional unemployment + Structural unemployment
structurally unemployed.
the lenders gain and the borrowers lose.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
imports.
Which of the following is false about the circular-flow diagram?
Money flows from households to firms as households offer factors of production for sale.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
Natural unemployment = Frictional unemployment + Structural unemployment
structurally unemployed.
the lenders gain and the borrowers lose.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
imports.
The simplest circular-flow model shows the interaction between households and firms. In this model:
Money flows from households to firms as households offer factors of production for sale.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
Natural unemployment = Frictional unemployment + Structural unemployment
structurally unemployed.
the lenders gain and the borrowers lose.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
imports.
If a worker becomes unemployed due to an increase in the minimum wage, that worker is:
Money flows from households to firms as households offer factors of production for sale.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
Natural unemployment = Frictional unemployment + Structural unemployment
structurally unemployed.
the lenders gain and the borrowers lose.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
imports.
If the actual inflation rate is less than the expected inflation rate, then:
Money flows from households to firms as households offer factors of production for sale.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
Natural unemployment = Frictional unemployment + Structural unemployment
structurally unemployed.
the lenders gain and the borrowers lose.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
imports.
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