Measuring Economic Performance, Assignment Homework Help

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Seasonal unemployment coincides with certain seasons during the year.TRUEFALSE2 points  QUESTION 2The Quantity Theory states that inflation occurs when production costs rise and this cost increase is passed on to consumers in the form of higher prices.TRUEFALSE2 points  QUESTION 3Growth is a specific goal of U.S. economic policy.TRUEFALSE2 points  QUESTION 4A lifeguard might experience which of the following types of unemployment?frictional unemploymentcyclical unemploymentseasonal unemploymentstructural unemployment2 points  QUESTION 5Higher interest rates do NOT affect the economy.TRUEFALSE2 points  QUESTION 6Interest rates do NOT influence the business cycle.TRUEFALSE2 points  QUESTION 7Inflation increases the purchasing power of consumers.TRUEFALSE2 points  QUESTION 8Cyclical unemployment is due to workers taking time to find another job.TRUEFALSE2 points  QUESTION 9Which of the following statements best explains the term inflation?Inflation is the decrease of taxes over time.Inflation is the increase of taxes over time.Inflation is the increase of prices over time.Inflation is the decrease of interest rates over time.2 points  QUESTION 10The total value of all final goods and services produced within a country in a given year is called the Gross Final Product.TRUEFALSE2 points  QUESTION 11A depression is a prolonged period of recession.TRUEFALSE2 points  QUESTION 12A depression can occur during the peak phase of a business cycle.TRUEFALSE2 points  QUESTION 13Contraction occurs when the economy begins to lag a bit and takes a downhill turn.TRUEFALSE2 points  QUESTION 14Which of the following happens when Stagflation occurs?prices riseprices fallGDP increasesNone of these2 points  QUESTION 15Structural unemployment rises during economic downturns and falls when the economy improves.TRUEFALSE2 points  QUESTION 16The Cost-Push Theory states that inflation occurs when production costs rise and this cost increase is passed on to consumers in the form of higher prices.TRUEFALSE2 points  QUESTION 17Government economists look at GDP measurements to determine the growth of the economy.TRUEFALSE2 points  QUESTION 18A stay-at-home parent is not considered part of the labor force.TRUEFALSE2 points  QUESTION 19Stagflation is when GDP figures decline but prices rise.TRUEFALSE2 points  QUESTION 20The income approach of calculating GDP is the most accurate.TRUEFALSE2 points  QUESTION 21Inflation is used as a measure of economic performance because it can:show increases or decreases in the business cycle.show economists if the prices of goods have changed over time or if the economy has expanded.represent the tax rate of certain products.show economists if the purchasing power of consumers has impacted the economy.2 points  QUESTION 22What do we call the total value of all final goods and services produced within a country in a given year?Gross National ProductGross Final ProductGross Domestic ProductGross Capital Product2 points  QUESTION 23The economic goal of efficiency means that people have the ability to make their own economic choices.TRUEFALSE2 points  QUESTION 24Frictional unemployment is due to workers taking time to find another job.TRUEFALSE2 points  QUESTION 25Goods used in the production of final goods are included in GDP calculations.TRUEFALSE2 points  QUESTION 26Adding up all of the income in an economy in a given year is one approach to calculating Gross National Product.TRUEFALSE2 points  QUESTION 27Recessions can occur in the contraction phase of a business cycle.TRUEFALSE2 points  QUESTION 28The Consumer Price Index is used to calculate how:prices have changed over the years.goods have changed over the years.taxes have changed over the years.wages have changed over the years.2 points  QUESTION 29The Consumer Price Index (CPI) is used to calculate how taxes have changed over the years.TRUEFALSE2 points  QUESTION 30The Cost-Push Theory is one of the theories of the causes of inflation.TRUEFALSE2 points  QUESTION 31Purchasing power is a consumer’s ability to buy goods and services.TRUEFALSE2 points  QUESTION 32Which of the following statements best describes the Quantity Theory of Inflation?Inflation occurs because production costs rise and this cost increase is passed on to consumers in the form of higher prices.Inflation occurs because there is too much money in the economy.Inflation occurs because demand of goods and services exceeds existing supplies.None of these2 points  QUESTION 33Full employment is the level of employment reached when 100% of the labor force is employed.TRUEFALSE2 points  QUESTION 34Which of the following is the final phase of a business cycle?troughexpansionpeakcontraction2 points  QUESTION 35As the population of the US grows, the number of jobs must also grow.TRUEFALSE2 points  QUESTION 36Capital investments do not influence the business cycle.TRUEFALSE2 points  QUESTION 37The GDP can be calculated by estimating the yearly amount of profit in four categories of final goods and services.TRUEFALSE2 points  QUESTION 38The economic goal of freedom means that people have the ability to make their own economic choices.TRUEFALSE2 points  QUESTION 39The Bureau of Labor Statistics polls a sample of the population to calculate how many people are unemployed.TRUEFALSE2 points  QUESTION 40The trough phase is the bottom of the business cycle.TRUEFALSE2 points  QUESTION 41Which of the following is NOT one of the theories of the causes of inflation?Cost-Push TheoryQuality TheoryQuantity TheoryDemand-Pull Theory2 points  QUESTION 42The labor force is only made up of people age sixteen and younger who are looking for work.TRUEFALSE2 points  QUESTION 43Which of the following is a specific goal of U.S. economic policy?EfficiencyProfitStagflationnone of these2 points  QUESTION 44Which of the following types of unemployment occurs when a worker takes time to find a different job?frictional unemploymentcyclical unemploymentseasonal unemploymentstructural unemployment2 points  QUESTION 45Inflation causes consumers to buy less with the same amount of money.TRUEFALSE2 points  QUESTION 46The Demand-Pull Theory of Inflation states that inflation is caused by too much money in the economy.TRUEFALSE2 points  QUESTION 47A recession is when GDP figures decrease for at least six months in a row.TRUEFALSE2 points  QUESTION 48Inflation is used as a measure of economic performance because shows changes in the business cycle.TRUEFALSE2 points  QUESTION 49Which of the following agencies calculates how many people are unemployed?U.S. Census BureauThe Employment CommissionThe Conference BoardBureau of Labor Statistics2 points  QUESTION 50During the peak phase of a business cycle, the economy reaches a steady level.TRUEFALSE