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Past Exam for ECON 2006 - Principles of Economics with McLeod at Virginia Tech (VT)

Exam Information

Material Type:Exam 1
Professor:McLeod
Class:ECON 2006 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:--
Keywords:
  • Supply-Side Policy
  • Decrease Increase
  • Structural Unemployment
  • Income Approach
  • Unemployment
  • Ceteris Paribus
  • Complements
  • Underground Economy
  • Expenditure Approach
  • Excess Supply
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Sample Document Text

Econ 2006-11663 FORMB Exam 1 McLeod 1. Counting discouraged workers as unemployed would \ f\ C re"'5e~ the unemployment rate and counting people who work in the underground economy as employed would /(1 U<"["'<. the unemployment rate. A) increase; increase ~) increase: decrease C) decrease; increase D) decrease; decrease 2. The natural rate of unemployment is A) the ratio offrictional to structural unemployment. B) cyclical unemployment minus frictional unemployment. C) cyclical unemployment minus structural unemployment. D) frictional unemployment plus structural unemployment ~ E) frictional unemployment plus cyclical unemployment F) structural illlemployment plus cyclical unemployment 3. When email was invented, fewer people wrote letters and this resulted in large numbers of people getting laid off from work by the post office. ~This is an example of A) Frictional Unemployment B) Technological unemployment C) Structural Unemployment D) Natural Unemployment E) Unn...

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