The long-run trend in business activity is
D) such that it cannot be described as a trend.
2) A period of time in which the overall business activity is falling is known as
C) an expansion.
D) a contraction.
3) An extremely severe recession is known as a
4) Which of the following statements is TRUE?
A) Expansions and contractions of the Canadian economy usually last the same length of time.
B) Expansions vary greatly in length, but contractions last the same amount of time.
C) The Canadian economy has neither expanded nor contracted since the end of World War II.
D) Expansions and contractions of the Canadian economy vary greatly in length.
5) Historically, Canada has experienced
A) continuous decreases in the unemployment rate since WW II.
B) periods of both increases and decreases in the unemployment rate since WW II.
C) continuous increases in the unemployment rate since WW II.
D) no changes in the unemployment rate since WW II.
6) Suppose there are 100 million in the labour force, and 6 million unemployed people. During the next month, 200,000 people lose their jobs and 300,000 find jobs. The new total of employed is ________ and the new unemployment rate is ________.
A) 100.1 million; 5.8 percent
B) 100 million; 6.1 percent
C) 94.1 million; 5.9 percent
D) 93.9 million; 6.1 percent
7) The total labour force is comprised of
A) the unemployed and the employed.
B) only the employed.
C) all individuals over 16 years of age, whether or not they work or are seeking work.
D) only full-time employed individuals between the ages of 18 and 55.
8) The unemployed and the employed combined represent
A) the total labour force.
B) the discouraged worker.
C) the duration effect.
D) all individuals between the ages of 18 and 55 available for work.
9) Which of the following best fits the definition of unemployed?
A) retired and not working
B) working less than a full work week
C) not working but looking for a job
D) not working at a gainful pursuit, either in or out of the home
10) When unemployment exists in the economy, then the economy
A) will also have inflation.
B) will be operating inside the production possibilities boundary.
C) will have excess demand for products.
D) will be at perfect equilibrium.
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