ECON 102 Midterm: Econ 102 Sample Midterm 1
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ECON 102 Full Course Notes
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This exam has 15 multiple choice questions in part a and 5 short questions in part b. If the cyclical unemployment rate is greater than zero, then the. ___a___ economy is operating at less than full employment. frictional unemployment rate is greater than the structural unemployment rate. real-wage unemployment rate is negative. economy is operating beyond full employment. economy is operating at full employment. Consider a small economy with real gdp of billion and the total number of hours worked equal to 5 million. ___c___ real gdp per employed worker = real gdp per hour worked = real gdp per hour worked = real gdp per employed worker = indeterminable from the information provided. Suppose an employer and its employees enter into a wage contract specifying a wage increase of 2 percent. But suppose that the price level rises by 3 percent over the course of the contract.
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