Question 1

Which type of unemployment occurs when individuals are temporarily out of work while transitioning from one job to another?

Accepted Answer

Frictional unemployment

Question 2

When an economy experiences a recession, which type of unemployment is most likely to increase?

Accepted Answer

Cyclical unemployment

Question 3

Given the following data for an economy that produces only one good:
Year 1: 8 units at $$2/unit
Year 2: 10 units at 3/$$unit
Year 3: 15 units at $$4/unit
Year 4: 18 units at 5/$$unit (base year)
Year 5: 20 units at $$6/unit
What is the Consumer Price Index (CPI) for year 3, using year 4 as the base year?

$$	ext{CPI}_{3} = \frac{$$P_3$$}{$$P_4$$} 	imes 100$

Accepted Answer

60

Question 4

Which of the following is a measure used to track inflation in the United States?

Accepted Answer

CPI (Consumer Price Index)

Question 5

The Phillips curve is consistent with a model of _______ nominal wages in which aggregate supply is _______.

Accepted Answer

sticky, upward sloping in the short run and vertical in the long run.

Question 6

Suppose the economy's production function is $$Y = AK$$^{\alpha}$$N^{1-\alpha}$$, and when $$K = 9$$ and $$N = 9$$, $$Y = 15. $$What is $$Y if$$ $$K = 3$$ and $$N = 22$?

Accepted Answer

Y is less than 5.

Question 7

In the short run, an increase in aggregate demand while aggregate supply remains constant is likely to result in:

Accepted Answer

Inflation

Question 8

What is the likely consequence of a decrease in aggregate supply while aggregate demand remains constant in the short run?

Accepted Answer

Increased unemployment

Question 9

The government launches a new infrastructure program, spending $$100$$ billion. This leads to an increase in overall GDP by $$300$$ billion. What is the Keynesian expenditure multiplier in this scenario?

$$	ext{Multiplier} = \frac{	ext{Increase in GDP}}{	ext{Increase in autonomous spending}} = \frac{300}{100}$$

Accepted Answer

3.0

Question 10

If the marginal propensity to consume (MPC) is $$0.75$$, what is the value of the Keynesian expenditure multiplier?

$$	ext{Multiplier} = \frac{1}{1 - MPC}$$

Accepted Answer

4.0

Question 11

Which economist is known for his theory that population growth tends to outstrip the growth of resources, leading to recurring cycles of economic hardship and poverty?

Accepted Answer

Thomas Malthus

Question 12

Which of the following combinations of factors would unambiguously result in an increase in real GDP per capita growth, assuming all other factors remain constant?

$$	ext{Real per capita GDP growth rate} = 	ext{Nominal GDP growth rate} - 	ext{Inflation rate} - 	ext{Population growth rate}$$

Accepted Answer

A decrease in inflation and an increase in nominal GDP growth.

Question 13

In 1914, Henry Ford paid workers $$5 per day for an 8-hour day. If the CPI in 1914 was 10.0$ and the current CPI is 300$, what is the inflation-adjusted equivalent hourly wage today?

$$	ext{Equivalent wage} = \frac{5}{10} 	imes 300 = 150$$ (for 8 hours)
$$	ext{Hourly wage} = \frac{150}{8}$

Accepted Answer

An hourly wage of $$18.75$$ would be approximately equivalent.

Question 14

Suppose the government gave everyone one million dollars. In the AS-AD model, this would cause:

Accepted Answer

A rightward shift of the AD curve, temporarily boosting production along the SAS curve, and opening a large inflationary gap.

Question 15

If the government increases spending by $$50$$ billion and the marginal propensity to consume (MPC) is $$0.8$$, what is the total increase in GDP according to the Keynesian multiplier?

$$	ext{Multiplier} = \frac{1}{1 - 0.8} = 5$$
$$	ext{Increase in GDP} = 5 	imes 50$$

Accepted Answer

$$250$$ billion

Question 16

If the CPI last year was $$120$$ and this year is $$132$$, what is the annual inflation rate?

$$	ext{Inflation rate} = \frac{CPI_{this\ year} - CPI_{last\ year}}{CPI_{last\ year}} 	imes 100$$

Accepted Answer

10%

Question 17

A country has a nominal GDP growth rate of $$6\%$$, an inflation rate of $$2\%$$, and a population growth rate of $$1\%. $$What is its real per capita GDP growth rate?

$$	ext{Real per capita GDP growth rate} = 6\% - 2\% - 1\%$$

Accepted Answer

3%

Question 18

If the aggregate demand curve shifts right while the short-run aggregate supply curve remains unchanged, what is the most likely short-run effect on unemployment and inflation?

Accepted Answer

Unemployment falls and inflation rises.

Question 19

Which of the following best describes stagflation?

Accepted Answer

A period of high inflation and high unemployment.

Macroeconomics: Unemployment, Inflation, Economic Growth, and Aggregate Models

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