Economics & Personal Finance FINAL Part II

Front

What type of unemployment occurs when there is a decline in business activity resulting in layoffs?

Back

Cyclical

Front

Which of the following best defines unemployment? The state of being able to work and actively seeking work, but unable to find employment, The state of being able to work, but choosing not to, The percentage of the labour force that is able and actively seeking work, but cannot find employment, The total number of people who do not work

Back

The state of being able to work and actively seeking work, but unable to find employment

Front

Most countries try to maintain an inflation rate of ______ per year.

Back

2%

Front

What is the formula for the unemployment rate? Options: (labor force/unemployed)*100% = unemployment rate, (unemployed/labor force)*100% = unemployment rate, (GDP*labor force)/100% = unemployment rate, (unemployed)/( labor force) = unemployment rate

Back

(unemployed/labor force)*100% = unemployment rate

Front

The Business Cycle measures ___ over time.

Back

economic growth

Front

A trend line will show-

Back

an increase in Real GDP over time.

Front

Which of the following is a recession, or contraction? A, B, C, D

Back

B

Front

Which of the following is a peak? A, B, C, D

Back

A

Front

Which of the following is an expansion, or recovery? A, B, C, D

Back

D

Front

If a news headline says, "Finally!!! 2 straight months of increased jobs." Where on the business cycle is the current economy?

Back

Expansion/Growth/Recovery