Unit 2 Review #2 Modules 10-15 Question Preview (ID: 33312)
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The simplest circular-flow model shows the interaction between households and firms. In this model:
a) only barter transactions take place.
b) households and firms interact in the market for goods and services, but firms are the only participants in the factor markets
c) firms supply goods and services to households, which, in turn, supply factors of production to firms.
d) attention is focused on “real” flows of goods, services, and factors of production, but money flows between households and fi
Which of the following is false about the circular-flow diagram?
a) Households are the primary demanders of goods and services.
b) Firms are the primary suppliers of goods and services.
c) Money flows from households to firms as households offer factors of production for sale.
d) Money flows in the opposite direction as goods and services and factors of production.
Disposable income equals:
a) income plus taxes plus government transfers.
b) income plus government spending minus taxes.
c) income minus taxes plus government spending.
d) income plus government transfers minus taxes.
Gross domestic product or GDP is:
a) the total dollar value of wages paid to producing workers in a given time period.
b) the total dollar value of household income earned in a given time period.
c) the total dollar value of government production in a given time period.
d) the total dollar value of final goods and services produced in the economy in a given time period.
Purchases of foreign-produced goods and services during a period are classified as:
a) net exports.
b) exports.
c) imports.
d) transfer payments.
If the actual inflation rate is less than the expected inflation rate, then:
a) the borrowers gain and the lenders lose.
b) everyone benefits from the lower actual inflation.
c) everyone is worse off from the lower actual inflation.
d) the lenders gain and the borrowers lose.
Which of the following equations describes the calculation of the natural unemployment rate?
a) Natural unemployment = Frictional unemployment + Structural unemployment
b) Natural unemployment = Cyclical unemployment + Structural unemployment
c) Natural unemployment = Frictional unemployment + Cyclical unemployment
d) Natural unemployment = Frictional unemployment + Structural unemployment + Cyclical unemployment
If a worker becomes unemployed due to an increase in the minimum wage, that worker is:
a) frictionally unemployed.
b) structurally unemployed.
c) cyclically unemployed.
d) engaged in job search.
Last month Brent lost his job at the auto parts factory because his factory, like many others, relocated to Asia. Brent continues to look for similar factory jobs in his town, but has found no openings. Brent is best classified as:
a) structurally unemployed.
b) frictionally unemployed.
c) a discouraged worker.
d) out of the labor force.
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:
a) structurally unemployed.
b) frictionally unemployed.
c) a discouraged worker.
d) out of the labor force.
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