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- 1. Multiple Choice
Inflation can best be defined as...
A general increase in prices.
An increase in prices of key items purchased by consumers.
The increase in the value of fiat money
The printing of too much paper money.
- 2. Multiple Choice
Inflation is most likely to occur during which phase of the business cycle
Expansion
Contraction
- 3. Multiple Choice
This type of inflation occurs when an increase in the in production costs are passed on to the consumer.
Supply Inflation
Cost Push Inflation
Imported Inflation
Demand Pull Inflation
- 4. Multiple Choice
This type of inflation occurs when the demand for products is greater that the supply of products.
Cost push inflation
Demand pull inflation
Divisional inflation
Structural inflation
- 5. Multiple ChoiceWhat causes cost push inflationAn increase in demand for goods and servicesAn increase in supplyA rise in production costs passed on to consumersA fall in the price of imports
- 6. Multiple ChoiceWhen inflation is high the _______________of the dollar decreasescost valuepurchasing powerimportancevalidity
- 7. Multiple Choice
Who does Inflation hurt?
People with a fixed income
Savers
Money Lenders at fixed interest rates
All of the above
- 8. Multiple Choice
Who among the following would be considered as unemployed?
A college student of legal age to work but who is still in school full time.
An entrepreneur in the process of starting a new business.
A secretary who was laid-off from work & is looking at job ads
A housewife taking care of three children.
- 9. Multiple Choice
Unemployment is most likely to occur during an economic expansion
True
False
12
Mr. Bush
- 10. Multiple Choice
The phase of a business cycle in which unemployment at the lowest level is a ________________.
expansion
contraction / recession.
- 11. Multiple Choice
_______ occurs when people are in between jobs, entering and reentering the labour force.
Cyclical unemployment
Technological unemployment
Frictional unemployment
Seasonal unemployment
- 12. Multiple Choice
Farm helpers are unemployed when the cropping season is over.
frictional
cyclical
structural
seasonal
- 13. Multiple Choice
When individuals lose jobs due to a decline in the economy during an economic recession.
Structural Unemployment
Cyclical Unemployment
Frictional Unemployment
Seasonal Unemployment
- 14. Multiple Choice
Individuals are unemployed due to a lack in skills that modern industries need.
Cyclical Unemployment
Frictional Unemployment
Structural Unemployment
Seasonal Unemployment
- 15. Multiple Choice
Which of the following statements would be classified as “full employment’?
Everyone who wants to work has a job
Approximately 95% of people have a job
People who have been hunting for a job for a long time
Everyone who wants to work have full time jobs
- 16. Multiple Choice
_______ occurs when people are in between jobs, entering and reentering the labour force.
Cyclical unemployment
Technological unemployment
Frictional unemployment
Seasonal unemployment
- 17. Multiple Choice
In which type of unemployment workers find it hard to obtain new jobs without retraining, gaining additional education, or relocating??
cyclical
frictional
structural
all of them
- 18. Multiple ChoiceWhen the economy is experiencing an unemployment rate between 3-5%, an economist would say the economy isat full employmenton the cusp of a recessionentering into inflationat an unnatural rate
- 19. Multiple Choice
Changes in technology often eliminate one type of job. This represent what type of unemployment?
Seasonal
Cyclical
Frictional
Structural
- 20. Multiple ChoiceUnemployment caused when a man resigns from his job to start looking for a higher paying job.StructuralSeasonalFrictionalCyclical
- 21. Multiple ChoiceJeff was replaced by a computer. He is experiencing what type of unemployment?CyclicalStructuralSeasonalFrictional
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