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10 Questions

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Unemployment's Economic Impact

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Questions and Answers

Unemployed labor is considered 'idle resources' because they

are not willing to work

are not qualified for any job

are not capable of contributing to economic output

are not actively seeking employment (correct)

Unemployment benefits are supported by government tax revenue and

have no impact on the budget deficit

depend on the level of unemployment

increase the budget deficit (correct)

decrease the budget deficit

Why can there never be 0% unemployment?

There will always be people who don't want to work

The required skill set is constantly changing

The economy cannot sustain full employment

There will always be people 'in-between' jobs (correct)

Certainty about the 'real' (purchasing power) of future returns is essential for lending to take place because

Lenders need to account for inflation in the interest rate Signup and view all the answers

A stable and predictable price level allows lenders to

include inflation rate in interest rates Signup and view all the answers

Which one of the following is NOT a factor of production?

Technology Signup and view all the answers

Which movement on the production possibility curve (PPC) represents a change in resource allocation towards the production of health services?

Movement from point T to point C Signup and view all the answers

What is the opportunity cost of using the land only for farming?

$15 billion Signup and view all the answers

What would be the macroeconomic impact of a long strike by railway workers?

Decrease in transportation Signup and view all the answers

What necessarily describes the market system?

Private ownership of resources Signup and view all the answers