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1)Suppose inflation is currently running at 15% and, as a result, sales catalogues have to be reprinted every month. This is an example of:
a. noise in the price system
b. an unexpected redistribution in wealth
c. menu costs due to inflation
d. shoe-leather costs of inflation
2)Who of the following would be classified as out of the labour force?
a. A person willing to work, who has looked for a job in the preceding week
b. A person with a part-time job
c. A person with a full-time job
d. A person willing to work who has not looked for a job in two months
3)Which of the following is included in GDP calculations?
a. Goods produced and used at home
b. Volunteering services
c. Illegal activities
d. Goods produced for recreational activities
4)Initially workers in the shoe industry and the computer industry earn the same wage. Reductions in trade barriers give domestic consumers access to cheaper shoes produced abroad, so domestic shoe prices fall. At the same time, foreign consumers purchase more computers, raising the relative price of computers. As a result of these changes, the demand for labour in the shoe industry ____ and the demand for labour in the computer industry ______.
a. decreases; increases
b. increases; increases
c. decreases; remains unchanged
d. increases; decreases
5)Holding other factors constant, an increase in the tax rate on revenue generated by capital will:
a. decrease national saving
b. decrease investment
c. increase investment
d. increase national saving
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