Understanding Unemployment: Help and Review Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of the following statements is true regarding changes to the unemployment rate?

Question 2 2. How does the theory of rational expectations relate future economic outcomes to the behavior of those making market decisions?

Question 3 3. According to the chart, a government imposed minimum wage of $7 will result in which of the following?

Question 4 4. Derek was working in construction when the housing bubble burst following the 2008 financial crisis. The demand for new construction declined, and Derek lost his job. This scenario is an example of which type of unemployment?

Question 5 5. Which of the following is NOT one of the three types of unemployment discussed in this lesson?

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Question 6 6. Which term describes unemployment that is due to the business cycle and growth and contraction of the economy?

Question 7 7. Why do governments impose minimum wages?

Question 8 8. In December 2016, 155,000 of Mainfield's adult residents were employed while 27,000 were unemployed. What was Mainfield's unemployment rate in December?

Question 9 9. Which of the following methods best describes how data is gathered for the monthly unemployment rate?

Question 10 10. Which of the following individuals is structurally unemployed?

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Question 11 11. When the labor market is in equilibrium, how does labor affect other economic drivers?

Question 12 12. Mary Beth ran a local newspaper business. She found that fewer people were purchasing the local paper since they were able to conveniently access the news online via their computers and smart phones. Mary Beth's business was no longer making a profit, and she was forced to close its doors. This led to people losing their jobs, such as journalists, printers, and newspaper delivery boys. This is an example of _____.

Question 13 13. Governments often impose minimum wages in order to help unskilled workers. Which of the following statements is true?

Question 14 14. Why do most economists not subscribe to the classical theory of unemployment?

Question 15 15. If discouraged workers were actually counted in the unemployment rate:

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Question 16 16. Which of the following groups includes the sum of employed and unemployed workers?

Question 17 17. Which of the following individuals would be counted as unemployed?

Question 18 18. If Anytown, USA has a high unemployment rate but also has a large number of unfilled computer programming jobs, what type of unemployment are they suffering from?

Question 19 19. Jim owns a custom printing business. According to the theory of rational expectations, how would he reach a decision about whether to expand his business in the next year?

Question 20 20. Why is seasonal unemployment considered to be a type of structural unemployment?

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Question 21 21. Why does frictional unemployment occur in the workforce?

Question 22 22. How would the philosophy of new classical economists be described?

Question 23 23. When actual unemployment falls below the natural rate, that LIKELY results in _____.

Question 24 24. How can the rational expectations theory be applied to the labor market and the government's role in employment levels?

Question 25 25. What does the theory of Rational Expectations attempt to explain?

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Question 26 26. If the unemployment rate rose from 5% to 7%, but more people were employed, what LIKELY occurred?

Question 27 27. Which of the following statements about the natural rate of unemployment is FALSE?

Question 28 28. The Bureau of Labor Statistics categorizes an individual as unemployed if they are:

Question 29 29. Which of the following is NOT an example of seasonal unemployment?

Question 30 30. Which of the following statements is true regarding a minimum wage?

Understanding Unemployment: Help and Review Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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