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Click Clickon onthe thebutton buttontotogo gototothe theQuestion problem © 2013 Pearson Potential GDP and the Natural Unemployment Rate 24 CLICKER QUESTIONS © 2013 Pearson Click Clickon onthe thebutton buttontotogo gototothe theQuestion problem Checkpoint 24.1 Checkpoint 24.2 Question 1 Question 6 Question 2 Question 7 Question 3 Question 8 Question 4 Question 9 Question 5 Question 10 © 2013 Pearson CHECKPOINT 24.1 Question 1 ____ adopts the view that aggregate fluctuations are a natural consequence of an expanding economy. A. B. C. D. E. Classical macroeconomics Keynesian economics Monetarist macroeconomics The Lucas wedge The Okun gap © 2013 Pearson CHECKPOINT 24.1 Question 2 Potential GDP ______. A. is produced when resources are fully employment B. can never be exceeded C. can never be attained D. is another name for real GDP E. is the maximum GDP that the economy can produce © 2013 Pearson CHECKPOINT 24.1 Question 3 The production function shows that when the economy ________, production equals ______ . A. B. C. D. E. is at full employment; nominal GDP has no unemployment; real GDP has no unemployment; potential GDP is at full employment; potential GDP has unemployment; nominal GDP © 2013 Pearson CHECKPOINT 24.1 Question 4 The economy in the figure will produce potential GDP when labor works ____ billions of hours a year. A. B. C. D. E. 150 200 250 300 more than 150 © 2013 Pearson CHECKPOINT 24.1 Question 5 With fixed quantities of capital, land, and entrepreneurship and given technology, the amount of real GDP produced increases when ____ increases. A. B. C. D. E. the quantity of labor supplied the inflation rate the quantity of labor employed the price level the real wage rate © 2013 Pearson CHECKPOINT 24.2 Question 6 The two sources of unemployment at full employment are ______. A. B. C. D. E. seasonal jobs and technological change foreign competition and financial bankruptcies job search and job rationing decreases in labor productivity and retirement benefits demographic change and decreases in the demand for labor © 2013 Pearson CHECKPOINT 24.2 Question 7 Union wages and efficiency wages _____ the real wage rate ____ the equilibrium real wage rate and _____. A. raise; above; create a shortage of labor B. lower; below; create a shortage of labor C. raise; above; lower the natural unemployment rate D. have no impact on; do not influence the amount of unemployment E. raise; above; increase the natural unemployment rate © 2013 Pearson CHECKPOINT 24.2 Question 8 The more generous the unemployment benefits, the _____. A. B. C. D. higher is the opportunity cost of job search lower is the opportunity cost of job search shorter is the time spent searching for a suitable job shorter is the time spent searching for a suitable job and the higher is the opportunity cost of job search E. lower is the natural unemployment rate © 2013 Pearson CHECKPOINT 24.2 Question 9 In the figure, if job rationing occurs, the real wage rate might be ____ per hour with ____ billion hours employed. A. $20; 80 B. $30; 60 C. $20; 50 D. $40; 40 E. $40; 70 © 2013 Pearson CHECKPOINT 24.2 Question 10 If job rationing is introduced, the unemployment created will be greater if the _______. A. real wage rate falls to $10 per hour B. real wage rate rises to $40 per hour C. employment rises to 200 billion hours D. employment falls to 100 billion hours © 2013 Pearson
