Which of the following equals the market value of all final goods and services produced in an economy, stated in the prices of a specific base year?  

WEEK 4 KNOWLEDGE CHECK

1 . Business cycles occur when
output
A. falls below its potential
B. rises above its potential
C. is fixed at its potential
D. fluctuates around its growth trend

2. Which of these statements best describes a complete
individual business cycle?
A. movement from peak to trough to
peak
B. movement from recession to
expansion
C. movement from peak to recession to
trough
D. movement from trough to expansion then to
peak

3. During the business cycle, the period between the
point at which output reaches a high and the point at which it
reaches a low is called
A. a peak
B. a trough
C. an expansion
D. a recession

4. Which of the following equals the market value of all
final goods and services produced in an economy, stated in the
prices of a specific base year?
A. Nominal GNP
B. Nominal GDP
C. Real GDP
D. Real GNP

5. Imagine a country has a population of 210 million.
Within the country there are 95 million people who are employed
workers, 50 million people incapable of working, and 60 million
people capable of working, but not actively looking. Based on this
information, what is the unemployment rate?
A. 3%
B. 5%
C. 7%
D. 9%

6. The unemployment produced by fluctuations in economic
activity is called
A. frictional unemployment
B. cyclical unemployment
C. natural unemployment
D. structural unemployment

7. New college graduates are most likely to
experience
A. frictional unemployment
B. cyclical unemployment
C. natural unemployment
D. structural unemployment

8. The natural rate of unemployment is defined as
the
A. highest sustainable rate of unemployment
achievable under existing conditions
B. unemployment rate that is consistent with the
economy operating at its potential output
C. unemployment rate at which there is no
cyclical unemployment
D. the rate of unemployment that should exist
according to policy makers

9. The Consumer Price Index (CPI) is based
on:
A. surveys of retail store sales
B. a broad index of all items in GDP
C. surveys of the prices of items in a market
basket
D. Bureau of Labor Statistics estimates of price
changes

10. Unanticipated inflation is a problem for society
because it:
A. rewards lenders at the expense of
borrowers
B. increases real profits in the short
term
C. rewards savers at the expense of
spenders
D. benefits borrowers at the expense of
lenders

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