Question : 61) If the cyclical unemployment rate greater than zero, then : 1384347

61) If the cyclical unemployment rate is greater than zero, then the

A) economy is operating beyond full employment.

B) economy is operating at full employment.

C) economy is operating at less than full employment.

D) frictional unemployment rate is greater than the structural unemployment rate.

E) real-wage unemployment rate is negative.

62) As the banking industry becomes more and more automated, tellers find themselves with unneeded skills and some of them become unemployed. At the same time, computer programmers are in high demand. These unemployed tellers would be classified as

A) cyclically unemployed.

B) frictionally unemployed.

C) naturally unemployed.

D) structurally unemployed.

E) underemployed.

63) The three main reasons that Canada’s real GDP has increased steadily for many years are

A) rising employment, increasing levels of education of the labour force and the increase in the participation rate of women in the labour force.

B) an increasing stock of physical capital, increasing exports and rising employment.

C) the increase in life expectancy, the rise in employment and increasing productivity.

D) rising employment, increasing stock of physical capital and increasing productivity.

E) increasing productivity of labour, increasing productivity of land and increasing productivity of the capital stock.

64) In some macroeconomic analyses, it is common to treat the level of productivity as roughly constant. This is a justifiable assumption in

A) the long run.

B) the short run.

C) both the long run and the short run.

D) neither the long run nor the short run.

E) macroeconomics but not microeconomics.

65) In general, productivity is a measure of

A) the economy’s ability to increase real GDP per capita.

B) the amount of output that the economy produces per unit of input.

C) real GDP as a function of total employment.

D) the total amount of output that the economy is capable of producing.

E) potential output.

66) The most common measure of productivity is ________, which can be measured as real GDP divided by ________.

A) indexed productivity; per capita output

B) factor productivity; the total number of factors employed in the economy

C) capital productivity; the number of units of capital employed in the economy

D) potential productivity; the total number of factors that would be employed in the economy at full employment.

E) labour productivity; the number of units of work effort

67) Consider a small economy with real GDP of $1 billion and the total number of hours worked equal to 5 million. Which of the following is the best measure of labour productivity in this economy?

A) real GDP per hour worked = $20

B) real GDP per employed worker = $20

C) real GDP per hour worked = $200

D) real GDP per employed worker = $200

E) Not able to determine from the information provided.

68) Consider a small economy with real GDP of $1 billion and the number of workers employed equal to 2500. Which of the following is the best measure of labour productivity in this economy?

A) real GDP per hour worked = $200

B) real GDP per employed worker = $200 000

C) real GDP per hour worked = $400

D) real GDP per employed worker = $400 000

E) Not able to determine from the information provided

69) Consider a small economy with 2500 employed workers who worked a total of 5 million hours at an average wage of $40 per hour. Which of the following is the best measure of labour productivity in this economy?

A) real GDP per hour worked = $40

B) real GDP per employed worker = $80 000

C) real GDP per hour worked = $80

D) real GDP per employed worker = $125 000

E) Not able to determine from the information provided

70) Most economists believe that the single largest cause of rising material living standards over long periods of time is

A) productivity growth.

B) rising employment.

C) growth in the capital stock.

D) real GDP growth.

E) rising real wages.

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July 1, 2023

9.1 The United States in the International Economy

1) Following the tariff imposed on Chinese tires, some businesspeople correctly argued that the U.S. tariff would result in

A) China retaliating by raising tariffs on some U.S. exports.

B) China halting the sale of all products in the United States.

C) U.S. firms never being able to meet the demand for U.S.-produced tires.

D) the government demanding price cuts from U.S. tire manufacturers.

2) Workers in industries protected by tariffs and quotas are likely to support these trade restrictions because

A) they do not want to offend their employers who want them.

B) politicians lobby to convince workers the restrictions will make them better off.

C) they believe the restrictions will protect their jobs.

D) they don't understand that the restrictions will threaten their jobs.

3) The intention of the U.S. tariff on Chinese tires was to

A) protect jobs in the U. S. tire industry.

B) protect infant industries in tire U.S. tire market.

C) insure that Chinese tires meet U.S. quality and safety standards.

D) save the government money by restricting the sale of more expensive Chinese-made tires.

4) In the 1930s, the United States charged an average tariff rate ________. Today, the rate is ________.

A) of 100 percent; 20 percent

B) above 50 percent; less than 1.5 percent

C) of less than 10 percent; over 40 percent

D) of 17 percent; 33 percent

5) A tariff is a tax imposed by a government on

A) exports.

B) services.

C) imports.

D) luxury items.

6) Goods and services bought domestically but produced in other countries are referred to as

A) exports.

B) imports.

C) transfer payments.

D) foreign consumption.

7) Exports are domestically produced goods and services

A) sold to other countries.

B) sold to the government.

C) sold at home.

D) which are used to produce other goods and services.

8) When Roxanne, a U.S. citizen, purchases a designer dress from Barneys of New York that was made in Milan, the purchase is

A) both a U.S. and an Italian import.

B) a U.S. import and an Italian export.

C) a U.S. export and an Italian import.

D) neither an export nor an import for either country.

9) When BMW, a German company, purchases a welding machine that was made in Toronto, the purchase is

A) both a German and a Canadian import.

B) a German import and a Canadian export.

C) a German export and a Canadian import.

D) neither an export nor an import for either country.

10) Which of the following statements about the importance of trade to the U.S. economy is true?

A) Since 1950, both exports and imports have steadily decreased as a fraction of U.S. gross domestic product.

B) Overall, about 80 percent of U.S. manufacturing jobs depend directly or indirectly on exports.

C) The United States is the second largest exporter in the world.

D) The U.S. economy is highly dependent on international trade for growth in its gross domestic product.