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The labor force is 100 million and the unemployment rate is 5 percent. One million people quit looking for a job. What is it called when an individual leaves the labor force, and in this case what is the new unemployment rate?
A) Encouraged worker, 5 percent.
B) Discouraged worker, 5.05 percent.
C) Discouraged worker, 3 percent.
D) Discouraged worker, 4.04 percent.
52) The natural rate of unemployment is also called:
A) non-accelerating inflation rate of unemployment.
B) accelerating inflation rate of unemployment.
C) accelerating deflation rate of unemployment.
D) none of the above.
53) The level of aggregate output and income where there is a balance between spending and production decisions and where the economy moves toward is called:
A) disequilibrium level of output and income.
B) equilibrium level of output and income.
C) disequilibrium level of employment.
D) none of the above.
54) The legislation passed in 1946 that requires governmental institutions to promote "maximum employment, production, and purchasing power" is called:
A) Full Employment and Balanced Growth Act.
B) Federal Reserve Act.
C) Employment Act.
D) Unemployment Act.
55) Changes in taxes and spending by the executive and legislative branches of a country's government that can be used to either stimulate or restrain the economy are called:
A) monetary policy.
B) fiscal policy.
C) foreign policy.
D) exchange rate policy.
56) Policies adopted by a country's central bank that influence interest rates and credit conditions, which in turn influence consumer and business spending are called:
A) monetary policy.
B) fiscal policy.
C) foreign policy.
D) exchange rate policy.
57) Balance of payments issues are related to the relative value of different countries' currencies and the flow of goods, services, and financial assets among countries. The rate at which one country's currency can be traded for another is called:
A) the trade balance.
B) capital inflows.
C) capital outflows.
D) the exchange rate.
58) A trade balance where exports exceed imports is called:
A) trade surplus.
B) trade deficit.
C) budget deficit.
D) none of the above.
59) Capital flows deal with:
A) buying and selling of newly produced final goods and services among countries.
B) buying and selling of existing real and financial assets among countries.
C) buying and selling of only domestic final goods and services.
D) none of the above
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