1. Frictional unemployment might be_______. good since that meanspeople may be s

Question

1. Frictional unemployment might be_______.
       good since that meanspeople may be seeking jobs that match their job skills
       good because peoplelearn how other folks live
       bad because people arenot getting a paycheck
       bad because people areout of work


2. Deviations from the natural rate ofunemployment are known as ______.
       frictionalunemployment
       structuralunemployment
       randomunemployment
       cyclicalunemployment


3. When the output gap is negative the actualunemployment rate is ______.        above the naturalrate
       below the naturalrate
       equal to the naturalrate
       the actual and naturalunemployment rates are not related to the output gap


4. Wages may be sticky in the short run dueto _______.
       so few workers beingunionized
       firms wanting to make aprofit at the expense of employees
       governmentregulation
       some wages beinggoverned by long-term contracts


5. If workers expect a lower rate ofinflation, the short-run Phillips curve will ______.
       remain constant, butthere will be a movement down the curve
       beunaffected
       shift up
       shift down


6. Which of the following would be the BESTexplanation for an upward-sloping short-run aggregate supplycurve?
       Prices are perfectlyflexible.
       Wages are perfectlyflexible.
       Wages and prices of somegoods are sticky in the short run.
       Wages and prices of somegoods are flexible in the short run but sticky in the longrun.


7. In the long run, any given percentageincrease in the money supply ______.
       decreases realGDP
       leads to an equalpercentage increase in the overall price level
       increases realGDP
       leads to an equalpercentage decrease in the unemployment rate


8. Seigniorage refers to the______.
       problems faced by SocialSecurity as the population ages
       government's right toprint money
       problems senior citizensface in retirement
       problems created whenthe government prints too much money


9. Unexpected inflation _______.
       affects everyone thesame
       affects onlyconsumers
       affects only businessfirms
       helps some people buthurts others


10. If the economy is in a liquidity trap_______.        both monetary andfiscal policies are effective
       neither monetary norfiscal policy is effective
       monetary policy iseffective, but fiscal policy is not
       fiscal policy iseffective, but monetary policy is not
1. Frictional unemployment might be_______.
       good since that meanspeople may be seeking jobs that match their job skills
       good because peoplelearn how other folks live
       bad because people arenot getting a paycheck
       bad because people areout of work


2. Deviations from the natural rate ofunemployment are known as ______.
       frictionalunemployment
       structuralunemployment
       randomunemployment
       cyclicalunemployment


3. When the output gap is negative the actualunemployment rate is ______.        above the naturalrate
       below the naturalrate
       equal to the naturalrate
       the actual and naturalunemployment rates are not related to the output gap


4. Wages may be sticky in the short run dueto _______.
       so few workers beingunionized
       firms wanting to make aprofit at the expense of employees
       governmentregulation
       some wages beinggoverned by long-term contracts


5. If workers expect a lower rate ofinflation, the short-run Phillips curve will ______.
       remain constant, butthere will be a movement down the curve
       beunaffected
       shift up
       shift down


6. Which of the following would be the BESTexplanation for an upward-sloping short-run aggregate supplycurve?
       Prices are perfectlyflexible.
       Wages are perfectlyflexible.
       Wages and prices of somegoods are sticky in the short run.
       Wages and prices of somegoods are flexible in the short run but sticky in the longrun.


7. In the long run, any given percentageincrease in the money supply ______.
       decreases realGDP
       leads to an equalpercentage increase in the overall price level
       increases realGDP
       leads to an equalpercentage decrease in the unemployment rate


8. Seigniorage refers to the______.
       problems faced by SocialSecurity as the population ages
       government's right toprint money
       problems senior citizensface in retirement
       problems created whenthe government prints too much money


9. Unexpected inflation _______.
       affects everyone thesame
       affects onlyconsumers
       affects only businessfirms
       helps some people buthurts others


10. If the economy is in a liquidity trap_______.        both monetary andfiscal policies are effective
       neither monetary norfiscal policy is effective
       monetary policy iseffective, but fiscal policy is not
       fiscal policy iseffective, but monetary policy is not

Explanation / Answer

1. good since that means people may be seekingjobs that match their job skills 2,random unemployment 3. above the natural rate 4.some wages being governed by long-termcontracts 5.be unaffected 6.Wages and prices of some goods aresticky in the short run. 7.leads to an equal percentage decreasein the unemployment rate 8. government's right to print money 9. affects everyone the same 10.fiscal policy is effective, butmonetary policy is not

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