Test Your Knowledge!

Business fluctuations are increases and decreases in economic activity as measured by changes in:

According to our text, which group(s) contributed to the 2008/2009 recession?

According to our text, the Great Depression and the 2008/2009 recession were precipitated by the same harmful behavior, namely:

Some economists claim that the stock market crash of 1929 would have turned into a normal recession had it not been for government actions that made things worse and eventually lead to a “Great Depression”. Which of the following economically harmful actions did the United States government take after the stock market crashed in 1929?

According to the official government definition, when is someone considered unemployed?

The United States government measures the unemployment rate by:

Some economists are critical of the way the official unemployment rate is measured. They point out that in some cases the official unemployment rate may be low but many people do not have the job that they want. For example, in which of the following situations is the official unemployment rate the lowest (i.e. the number of people working the highest) but the total number of hours worked in the economy the lowest?

People that have dropped out of the labor force because they have given up looking for a job (discouraged workers) are:

Person 1 quit his job because his spouse moved to another state. He is looking for a new job in the other state.
Person 2 lost her job because of a decline in the overall economic activity of the country (for example, the person is a construction worker and there is less demand for houses)
Person 3 lost his job because his company decided to automate (for example, self check-out machines in the grocery store). He is looking for a new job in a different field.
Which of the following is correct?

According to the table about unemployment and demographic groups in the United States (section 5 of our text) which of the following is correct?