Econ 102 quiz 1
Question 1 of 10 10.0/ 10.0 Points
Economics is best defined as the study of

A. financial decision-making

B. how consumers make purchasing decisions.

C. choices made by people faced with scarcity.

D. inflation, unemployment, and economic growth

Answer Key: C
Question 2 of 10 10.0/ 10.0 Points
Macroeconomics differs from microeconomics in that

A. macroeconomics is the study of individual markets, while microeconomics deals with the nation's economy as a whole.

B. microeconomics is the study of individual markets, while macroeconomics deals with the nation's economy as a whole.

C. macroeconomics focuses principally on social and
Answer Key: C
Question 5 of 10 10.0/ 10.0 Points
Unemployment that naturally occurs during the normal workings of an economy as people change jobs and move across the country is called

A. natural unemployment.

B. frictional unemployment.

C. structural unemployment.

D. cyclical unemployment.

Answer Key: B
Question 6 of 10 10.0/ 10.0 Points

________ unemployment occurs due to a mismatch between the jobs that are available and the skills of workers seeking jobs.

A. Structural

B. Cyclical

C. Frictional

D. Voluntary

Answer Key: A
Question 7 of 10 10.0/ 10.0 Points
At full employment the unemployment rate equals the

A. cyclical unemployment rate.

B. structural unemployment rate.

C. structural unemployment rate plus the cyclical unemployment rate.

D. structural unemployment rate plus the frictional unemployment rate.

Answer Key: D
Question 8 of 10 10.0/ 10.0 Points
Economists consider an economy to be at "full employment" when

A. the unemployment rate equals the natural rate of unemployment.

B. there is only a small amount of cyclical unemployment.

C. there is no frictional unemployment.

D. there is no structural unemployment.

Answer Key: A
Question 9 of 10 10.0/ 10.0 Points
Economists say that the economy is at "full employment" when the