Multiple Choice Answers

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1. Which of the following types of unemployment is considered to be the most controllable through macroeconomic policy? Frictional unemployment
Natural unemployment
Cyclical unemployment
Structural unemployment2. Stacey lost her job as a waitress because, due to the economic slowdown, her restaurant saw fewer customers and consequently needed less wait staff. What type of unemployment describes Stacey’s situation?
Cyclical unemployment
Full unemployment
Structural unemployment
Frictional unemployment

3. If the price level doubles and real output doesn’t change, then nominal output also doubles.
True
False

4. When people stop looking for work because they can’t find a job, but still want a job, they’re called:
unemployed.
structural unemployment.
underemployed.
discouraged workers.

5. The U.S. government reported in March 2009 that there were 81.0 million people not in the labor force; 154.0 million in the civilian labor force, and 140.9 million employed. Based on these numbers, how many people were counted as unemployed?
81.0 million
73.0 million
59.9 million
13.1 million

6. Which of the following is an example of an intermediate product?
A brand new Toyota Prius
A used Ford focus
The rubber used in the tires of a brand new Toyota Prius
The gas pumped into the Ford Focus by its owner

7. Issues of growth are generally considered in:
the short-run framework.
the long-run framework.
both the short-run and the long-run frameworks.
neither the short-run nor the long-run frameworks.

8. If nominal output is $5.28 trillion and the GDP deflator is 20 percent higher than in the base year, then real output is:
$4.84 trillion.
$4.4 trillion.
$4 trillion.
$3.84 trillion.

9. In November 2001 a recession ended. In business cycle terminology, what does November 2001 mark?
The trough of the cycle
The peak of the cycle
The depression of the cycle
The duration of the recession

10. Calculate GDP using the information provided.
Consumption 5100 billion
Investment 1100
Transfer Payments 1050
Govt Purchases 1400
Exports 850
Imports 950
Net Foreign Factor Income 20
A) 6400
B) 7500
C) 9400
D) 10470

Shaun Mongomeys Restaurant

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Shaun, a woman of Hispanic origin, waits tables at Mongomey’s Restaurant. Phil, an African-American local businessman who frequently brings clients to Mongomey’s for lunch, dislikes Hispanics. As a result, he lies to the owner of the restaurant and tells the owner that Shaun referred to him by an ugly racial epithet. Once this complaint is brought to Shaun’s attention, she is demoted from waitress to dishwasher. Shaun filed a Title VII claim against Phil, even though Shaun works for Mongomey’s, not for Phil. Analyze the basis for the cause of action, the company exposure, steps that could have been taken by the company to reduce exposure, the outcome, and support for the outcome. Utilize applicable law in your analysis.

Expert Solutions

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1. What is Six Sigma? What are the advantages and disadvantages for implementing Six Sigma in your organization?2. How do service providers with which you are familiar manage queues? How effective have they been at managing queues? Is the appropriate method for managing queues currently being utilized?

TRUE FALSE

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Question 1 UCC Section 2-205 provides that all firm offers are irrevocable for three months.
TRUE
FALSEQuestion 2 Sam’s price quote written on his company’s letterhead satisfies the UCC Section 2-205 requirement that a firm offer must be made in a signed writing.
TRUE
FALSE

Question 3 By submitting a bid to Fred for the construction project, Bill accepted Sam’s offer.
TRUE
FALSE

Question 4 Revocation of a Firm Offer must be communicated in writing to the buyer.
TRUE
FALSE

Question 5 Bill is entitled to receive cover damages from Sam in the amount of $1,000.00.
TRUE
FALSE

Question 6 Bill is entitled to receive punitive damages from Sam since Sam revoked his offer.
TRUE
FALSE

Question 7 According to the UCC Section 2-201, the Statute of Frauds requires that a contract for tiles in the amount of $8,000.00 must be in writing with the quantity stated and signed by both parties in order to be enforceable
TRUE
FALSE

Question 8 Steve and Bill entered into a valid shipment contract for the purchase of doors.
TRUE
FALSE

Question 9 In a destination contract the risk of loss passes from the seller to the buyer when the seller tenders the goods to the buyer at the destination point.
TRUE
FALSE

Question 10 Steve was discharged by impossibility when the doors were destroyed by lightning during transportation to Bill.
TRUE
FALSE

Question 11 The term “Free on Board (FOB)” can denote a shipment or destination contract depending on the stated location in the term.
TRUE
FALSE

Question 12 UCC Section 5-509 states that when the goods are neither shipped by a carrier nor held by a bailee, the risk of loss passes to the buyer on his receipt of the goods if the seller is a merchant.
TRUE
FALSE

Question 13 Bill is entitled to receive the full contract price of $6,000.00 from Steve.
TRUE
FALSE

Question 14 According to UCC Section 2-508, a seller who delivers non-conforming goods to a buyer has a reasonable opportunity to cure the non-conformity as long as he notifies the buyer and it is still within the stated contract time of delivery.
TRUE
FALSE

Question 15 Susan delivered defective windows to Bill on October 15, 2007.
TRUE
FALSE

Question 16 Susan is a lost volume seller since she had thousands of windows in stock and could supply anyone with as many windows as they need, at any time.
TRUE
FALSE

Question 17 Susan is entitled to recover the full contract price of $12,000.00 from Bill.
TRUE
FALSE

Question 18 Bill is entitled to receive $500.00 in compensatory damages from Tina
TRUE
FALSE

Question 19 An injured party may also receive incidental damages for the costs of transportation, storage or commission
TRUE
FALSE

Question 20 According to UCC Section 2-206, unless otherwise stated in the offer, an acceptance may be made in any manner and by any medium reasonable under the circumstances.
TRUE
FALSE

Multiple Choice Answers

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1. Expansionary fiscal policy is so named because it
involves an expansion of the nation’s money supply.
necessarily expands the size of government.
is aimed at achieving greater price stability.
is designed to expand real GDP.2. Suppose that the economy is in the midst of a recession. Which of the following policies would most likely end the recession and stimulate output growth?
A Congressional proposal to incur a Federal surplus to be used for the retirement of public debt.
Reductions in agricultural subsidies and veterans’ benefits.
Postponement of a highway construction program.
Reductions in Federal tax rates on personal and corporate income.

3. The financing of a government deficit increases interest rates and, as a result, reduces investment spending. This statement describes
the supply-side effects of fiscal policy.
built-in stability.
the crowding-out effect.
the net export effect.

4. An economy’s aggregate demand curve shifts leftward or rightward by more than changes in initial spending because of the
net export effect.
wealth effect.
real-balances effect.
multiplier effect.

5. Menu costs
increase during recession.
decrease during recession.
are the costs to firms of changing prices and communicating them to customers.
are sunk costs and therefore should be disregarded.

6. With an MPS of .4, the MPC will be
1.0 minus .4.
.4 minus 1.0.
the reciprocal of the MPS.
.4.

7. The size of the MPC is assumed to be
less than zero.
greater than one.
greater than zero, but less than one.
two or more.

8. Which of the following factors will shift AD1 to AD3?
An increase in expected returns on investment
An increase in productivity
A decrease in real interest rates
A decrease in consumer wealth

9. The practical significance of the multiplier is that it
equates the real interest rate and the expected rate of return on investment.
magnifies initial changes in spending into larger changes in GDP.
keeps inflation within tolerable limits.
helps to stabilize the economy.

10. The American Recovery and Reinvestment Act of 2009 was implemented primarily to
reduce inflationary pressure caused by oil price increases.
curb the overspending by households that contributed to the Great Recession.
bring the Federal budget back into balance.
stimulate aggregate demand and employment.

11. What effect would each of the following have on aggregate demand or aggregate supply? Explain.

12. Explain how fiscal policy (making changes to government spending and taxes) would affect aggregate demand (AD).