(6) The average number of times per year the money supply changes hands is known
ID: 1218586 • Letter: #
Question
(6) The average number of times per year the money supply changes hands is known as _________________.
(7) Who believed that fluctuations in the business cycle were the result of class conflicts between labor and capital? Schumpeter Marx Rousseau Keynes
(8) High cyclical unemployment is associated with economic downturns. new tariffs or trade agreements. transitional periods in which employees find better jobs. times of prosperity and growth in real GDP.
(9) Which of the following cases is an example of structural unemployment? An accountant quits her job to become an investment banker. An auto worker is fired for poor job performance. A wheat farmer, whose income has plummeted because of a new trade agreement, quits farming and starts looking for a new job. A consultant is laid off because poor economic conditions have depressed the market for consultants.
(10) The government is most likely to intervene when _____________ unemployment rises sharply. structural frictional seasonal cyclical
(11) In 1998, ______________________ were over 8 times more likely to be unemployed as white adult males. black females black teenagers white teenagers female Hispanics
(12) Many economists theorize that the non-accelerating inflation rate of unemployment has declined over time. Which of the following factors could economists use to help explain why the NAIRU fell? Decreased immigration The transition away from a service economy toward an agricultural economy The lingering effects of the spikes in oil prices The decreased percentage of teenagers in the labor force
(13) Negotiations between labor union representatives and the management of a firm are called strikes. collective bargaining. legally binding arbitration. rent-seeking behavior.
(14) Right-to-work laws shift power away from firms by permitting the formation of unions. permit unions to bargain for “no-loss” negotiations, i.e., contracts in which the firms agree not to fire any union members without cause. give employers the right to disband labor unions. make it illegal for an employer to require union membership as a condition of employment.
(15) Which of the following is an accurate explanation of the wage-price spiral? When labor costs rise, it causes a self-perpetuating form of cost-push inflation. Higher prices cause workers to demand higher wages. The higher wages raise production costs, which must be passed along to the consumer in the form of further price increases. When one firm pays the efficiency wage, it raises the opportunity cost for all other workers in the industry, necessitating raises for workers in competitive firms. Workers in periods of hyperinflation demand to be paid in the form of goods, rather than cash, which further devalues the currency.
(16) Which of the following pairs of economic concepts are usually associated with each other? Stagflation and cost-push inflation Stagflation and demand-pull inflation Economic expansion and cost-push inflation Stagflation and the wage-price spiral
Explanation / Answer
6)velocity of money
7)Marx
8)economic downturns
9)consultant laid off due to poor economic conditions
10)cyclical
11)white teenagers
12)The decreased percentage of teenagers in the labor force
13)collective bargaining
14)make it illegal for an employer to require union membership as a condition of employment.
15)Higher prices cause workers to demand higher wages. The higher wages raise production costs, which must be passed along to the consumer in the form of further price increases.
16)stagflation and cost push inflation
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