Question 21(1 point)

*BONUS* What do you think is the next frontier or invention that will take us to the next level of living standard and why?

Question 22(2 points)

Some people believe economic growth should be a goal (because of cultural, social, political impacts, etc.) while other are against economic growth (because they feel it isn't sustainable, environmental impacts, etc.) Are you for or against economic growth? A mixture of both? Using the reasons we have discussed, please explain and support your argument.

:

Question 23(1 point)

What are the phases of the business cycle?

Question 23 options:

A.Depression, expansion, growth, decline

B.Real GDP, inflation, unemployment rate

C.Supply, demand, equilibrium

D.Peak, recession, trough, and expansion

Question 24(1 point)

This stage of the business cycle sees output, employment and income at the lowest point of the business cycle.

Question 24 options:

A.Expansion

B.Recession

C.Peak

D.Trough

Question 25(1 point)

Classify the followingexample.

Ash retires and decides to spend the rest of her life sailing in the Baltic Sea.

Question 25 options:

A.In the labor force

BStructurally unemployed

C.Not in the labor force

D.Cyclically unemployed

Question 26(1 point)

Classify the followingexample.

Brock has a newborn baby and has paternity leave under his company.

Question 26 options:

A.Not in the labor force

B.Cyclically unemployed

C.In the labor force

D.Frictionally unemployed

Question 27(1 point)

Classify the followingexample.

Misty gets laid off from her job as an operator because the company now uses an automated system.

Question 27 options:

A.Not in the labor force.

B.Structurally unemployed

C.Frictionally unemployed

D.Cyclically unemployed

Question 28(1 point)

Classify the followingexample.

Goku leaves his job as a bartender because he is applying for an accounting position.

Question 28 options:

A.Not in the labor force.

B.Frictionally unemployed

C.Structurally unemployed

D.Cyclically unemployed

Question 29(1 point)

Which type of unemployment is associated with recessions?

Question 29 options:

A.Natural

B.Structural

C.Frictional

D.Cyclical

Question 30(1 point)

Our natural rate of unemployment should always be at 0%.

Question 30 options:

A.True

B.False

Question 31(1 point)

What is the economic cost of unemployment?

Question 31 options:

A.Idleness

B.Forgone output

C.Social tension

D.Increase in crime and povery

Question 32(1 point)

This type of inflation occurs when the demand for goods and services exceeds the capacity to produce so to counter the demand, the price level increases. This can also occur if the government is injecting money into the economy to boost consumption.

Question 32 options:

Demand pull

Negative demand shock

Cost push

Core

Question 33(1 point)

The CPI accounts for inflation levels of the GDP such as consumption, investment, government purchases, and net exports.

Question 33 options:

True

False

Question 34(1 point)

Inflation is complex for economists to diagnose because

Question 34 options:

the CPI needs to be calculated first

because the nominal GDP does not really get affected

economists don't know anything

it's difficult to tell what type of inflation is occuring

Question 35(1 point)

Who gets hurt by unanticipated inflation?

Question 35 options:

Those living on flexible income, borrowers

Everyone

Those living on fixed incomes, savers (particularly cash), creditors

No one

Question 36(1 point)

Inflation can be okay if it occurs at a moderate and predictable pace. If it grows to the point where wages aren't catching up, then it becomes an issue.

Question 36 options:

True

False