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Lecture Notes for ECON 2006 - Principles of Economics at Virginia Tech (VT)

Notes Information

Material Type:Review Sheet 1
Professor:Staff
Class:ECON 2006 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:Fall 2008
Keywords:
  • Reserve Ratio
  • Open Market Sale
  • Pessimistic
  • Increase in Demand
  • Economic Expansion
  • Required Reserve Ratio
  • Inventory Changes
  • Consumption
  • Financial Market
  • Employment-at-Will
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Sample Document Text

1 Sample Questions, Chapters 9-12 (2/27/08) Chapter 9 [1]The economic expansion that began in 1991 1. lasted approximately five years 2. lasted approximately twelve years 3. is still ongoing 4. was the longest expansion in U.S. history [2]What would a rightward shift of the labor demand curve indicate? 1. Firms want to hire more workers than before at any given wage rate. 2. Households want to supply more hours of work than before at any given wage rate. 3. Firms want to pay a lower wage rate than before at any given level of employment. 4. Households want to supply fewer hours of work than before at any given wage rate. [3]Which of the following could explain a leftward shift of the labor demand curve? 1. Firms are unable to sell all the output they produce. 2. Workers have become less productive. 3. Workers have become more productive. 4. Both (1) and (2) are correct. [4]In the classical model, an increase in the demand for labor (a shift in the de...

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