Exam 24: Economic Growth, Business Cycles, and Unemployment

Workers at a car-manufacturing plant in Flint, Michigan are laid off because the economy is weak and GM cars aren't selling well. GM isn't sure when the plant will reopen. What type of unemployment best describes the workers' situation?

Distinguish between Keynesian and Classical economists.

Frictional unemployment:

Keynesian economists tend to focus their analysis on:

Refer to the graph shown. A movement from points B to C represents a(n):

If a country of 300 million people has a total output of $12 trillion, its per capita output is:

Which of the following countries, or groups of countries, has grown at the fastest rate in the last ten years?

The sum of the number of employed persons and the number of unemployed persons equals the civilian noninstitutional population.

Keynesians:

Classical economists are generally associated with:

In the standard unemployment rate, discouraged workers are counted as:

The laissez-faire policy prescription to eliminate unemployment was to:

A period of protracted slow growth and high unemployment is called:

A structural stagnation is a:

In contrast to a recession in industrialized nations, a recession in pre-industrial nations:

"Classical economist" is often used interchangeably with which term?

Refer to the graph shown. A trough will be arrived at when the economy moves from point:

The longest business-cycle expansion in U.S. history occurred during the ten years from:

Classicals:

If the economy were producing at its potential output, then the unemployment rate would be less than the target rate of unemployment.