ECON - Unit 4B Question Preview (ID: 62138)


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A recession occurs when:
a) there are six months of contraction
b) there are two months of contraction
c) there is one year of contraction
d) ####

As the economy enters a phase of expansion:
a) it is also recovering
b) it is at the trough
c) there is a recession occurring
d) ####

A graph that shows how economic activity fluctuates over time is called:
a) the business cycle
b) circular flow
c) supply and demand
d) monetary policy

The U.S. is considered to be fully employed when the unemployment rate is:
a) between 4% and 6%
b) at 0%
c) between 1% and 3%
d) ####

Which type of unemployment occurs when human capital is only needed during specific times of the year?
a) seasonal
b) cyclical
c) structural/technological
d) frictional

Which type of unemployment happens when the human capital does not match the needs of the labor market?
a) structural/technological
b) seasonal
c) frictional
d) cyclical

Which type of unemployment occurs when graduates are looking for jobs and when people leave their current jobs to look for new ones?
a) frictional
b) seasonal
c) cyclical
d) structural/technological

Which type of unemployment is caused by an overall downturn in the economy?
a) cyclical
b) frictional
c) structural/technological
d) seasonal

Which of the following groups would be considered employed?
a) people who work part-time
b) people in prison
c) people under the age of 16
d) people who are not actively seeking employment

The unemployment rate is calculated by:
a) the Bureau of Labor Statistics
b) the FED
c) the Department of the Treasury
d) Congress

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