Question ECON125-HK2. ECONOMICS FOR MANAGERS (ECON125-HK2) > TAKE ASSESSMENT: EXAM 4

04 Jun Question ECON125-HK2. ECONOMICS FOR MANAGERS (ECON125-HK2) > TAKE ASSESSMENT: EXAM 4

Question
ECON125-HK2. ECONOMICS FOR MANAGERS (ECON125-HK2) > TAKE ASSESSMENT: EXAM 4

Question 1 2 points Save

U.S. workers have

neither substantial geographic nor occupational mobility

both substantial geographic and occupational mobility

substantial geographic mobility but not occupational mobility

substantial occupational mobility but not geographic mobility

Question 2 2 points Save

Many economists believe that increases in the minimum wage tend to create a labor surplus.

True

False

Question 3 2 points Save

The rate of unemployment that can be expected from normal frictional unemployment in an otherwise fully employed labor force is known as the

natural rate of unemployment

full-employment unemployment rate

structural unemployment rate

Humphrey-Hawkins unemployment rate

Question 4 2 points Save

If workers are changing jobs voluntarily and it takes a while for them to find new jobs, they are an example of

structural unemployment

frictional unemployment

technological unemployment

none of the above

Question 5 2 points Save

Underemployment includes employed workers not performing at full capacity.

True

False

Question 6 2 points Save

The Humphrey-Hawkins Act’s target rates for unemployment and inflation were reached by their target date of 1983.

True

False

Question 7 2 points Save

Which type of unemployment is the most difficult to cure?

functional

seasonal

cyclical

structural

Question 8 2 points Save

The idea of the natural rate of unemployment is that

frictional and structural causes prevent employment in the economy from ever becoming 100 percent of the labor force

each industry has its average turnover rate, and this rate determines its natural rate of unemployment

the market system requires that a pool of unemployed people be available to limit the power of workers

none of the above

Question 9 2 points Save

The total U.S. labor force excludes members of the armed services stationed outside the United States.

True

False

Question 10 2 points Save

The Full Employment and Balanced Growth Act set a 1983 U.S. inflation rate target of

1 percent

2 percent

3 percent

4 percent

Question 11 2 points Save

The total labor force includes all persons in the noninstitutional population who are either working or seeking work.

True

False

Question 12 2 points Save

The natural rate of unemployment is usually

equal to the full-employment rate of unemployment

higher than the full-employment rate of unemployment

lower than the full-employment rate of unemployment

double the full-employment rate of unemployment

Question 13 2 points Save

If the percentage of the population that is below the poverty line has decreased, then the number of

poor must have increased

poor must have decreased

poor may have increased

people above the poverty line must have increased

Question 14 2 points Save

If a Lorenz curve were constructed for the distribution of wealth, the curve would

indicate greater inequality for wealth than income

indicate less inequality for wealth than income

be identical to the Lorenz curve for income

be a straight line from the origin

Question 15 2 points Save

The total number of people in poverty has changed little since the late 1960s.

True

False

Question 16 2 points Save

The poverty rate for blacks is almost three times that for whites.

True

False

Question 17 2 points Save

If everyone had the same income, the Lorenz curve would become the line of income equality.

True

False

Question 18 2 points Save

The official poverty threshold line is adjusted annually for

income taxes

inflation

average household size

average family size

Question 19 2 points Save

In 2004, households with incomes less than $22,629 received

3.4 percent of aggregate income

5.7 percent of aggregate income

8.2 percent of aggregate income

10 percent of aggregate income

Question 20 2 points Save

Nonfamily households earn less than 50 percent of the income earned by family households.

True

False

Question 21 2 points Save

The Lorenz curve shows the

percent of families on the vertical axis and percent of income on the horizo