Eco 405 Chap 13 quiz “� � � Question 1 4 out of 4 points � � � � � � Which of the following best describes when the economy is experiencing inflation? When Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 2 4 out of 4 points � � � � � � Technological change in an industry that historically required specific labor skills will lead to Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 3 4 out of 4 points � � � � � � A useful measure of the size of the workforce, that is, the number of individuals who are willing and able to work, is Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 4 4 out of 4 points � � � � � � If inflation causes the demand for houses to increase more rapidly than the demand for other goods, the economy has experienced which effect of inflation? Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 5 4 out of 4 points � � � � � � In an economy like that of the US, due to a variety of institutional and social factors, wages tend to be Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 6 4 out of 4 points � � � � � � Which price index is also known as the cost-of-living index? Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 7 4 out of 4 points � � � � � � The psychological law of consumption tells us the marginal propensity to consume will be Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 8 4 out of 4 points � � � � � � The effects of inflation on the distribution of income are called Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 9 4 out of 4 points � � � � � � In the circular flow diagram, economic units are classified as Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 10 4 out of 4 points � � � � � � Aggregate demand Answer � � � � � � � � � � � Question 11 � � � � � � � � � � 4 out of 4 points � � � � � � The Phillips curve depicts the relationship between Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 12 4 out of 4 points � � � � � � The determinants of aggregate supply are Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 13 4 out of 4 points � � � � � � Which of the following is most likely be hurt by inflation? Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 14 4 out of 4 points � � � � � � People who are unemployed due to a downturn in economic activity are classified in the category of Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 15 4 out of 4 points
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