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Macroeconomics 12Th Edition Michael Parkin Test Bank Full Chapter PDF
Macroeconomics 12Th Edition Michael Parkin Test Bank Full Chapter PDF
Macroeconomics 12Th Edition Michael Parkin Test Bank Full Chapter PDF
Macroeconomics 12th
Edition Parkin
0133872645
9780133872644
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edition-parkin-0133872645-9780133872644/
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Macroeconomics, 12e (Parkin)
Chapter 5 Monitoring Jobs and Inflation
3) The total number of people aged 16 years and over who are not institutionalized ________.
A) equals the number of employed plus unemployed
B) is the working-age population
C) does not include students
D) is the labor force
Answer: B
Topic: Working Age Population
Skill: Recognition
AACSB: Reflective thinking
7) Suppose the working age population in Tiny Town is 100 people. If 25 of these people are
NOT in the labor force, the ________ equals ________.
A) unemployment rate; 25/100 × 100
B) unemployment rate; 25/75 × 100
C) labor force; 75
D) labor force; 25/100 × 100
Answer: C
Topic: Working Age Population
Skill: Conceptual
AACSB: Analytical thinking
69
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9) The labor force is defined as
A) people with full time jobs.
B) workers with jobs and unemployed workers.
C) all people capable of work.
D) All of the above answers are correct.
Answer: B
Topic: Labor Force
Skill: Recognition
AACSB: Reflective thinking
12) Which population category equals the sum of employed and unemployed people?
A) working-age population
B) labor force
C) young and institutionalized
D) not in the labor force
Answer: B
Topic: Labor Force
Skill: Recognition
AACSB: Reflective thinking
70
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13) The ________ is the total number of people aged 16 years and older (and not in jail, hospital
or institutional care) while the ________ is the number of people employed and the unemployed.
A) labor force; working-age population
B) labor force participation rate; labor force
C) working-age population; labor force
D) working-age population; labor force participation rate
Answer: C
Topic: Labor Force
Skill: Recognition
AACSB: Reflective thinking
71
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17) The labor force includes
A) only the number of people employed.
B) discouraged workers.
C) only the number of people unemployed.
D) both employed and unemployed workers.
Answer: D
Topic: Labor Force
Skill: Recognition
AACSB: Reflective thinking
72
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21) In an economy, 42 million people are in the labor force, 38 million are employed, and 47
million are of working age. How many people are not in the labor force?
A) 19 percent
B) 9 million
C) 5 million
D) 4 million
Answer: C
Topic: Labor Force
Skill: Analytical
AACSB: Analytical thinking
22) If the number of people unemployed is 100, the number of people employed is 1000, and the
working-age population is 1400, then the labor force is
A) 1000.
B) 1100.
C) 1400.
D) 1500.
Answer: B
Topic: Labor Force
Skill: Analytical
AACSB: Analytical thinking
24) The official U-3 unemployment rate includes the total number of people who
A) have jobs or are currently looking for jobs.
B) are available and looking for work but unable to find employment.
C) would like to have a job but have stopped seeking work.
D) would like to have a full-time job but are working part-time.
Answer: B
Topic: Unemployment
Skill: Analytical
AACSB: Reflective thinking
73
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25) Which of the following people would be counted as is employed in the Current Population
Survey?
A) Rich, who is working 20 hours a week but wants a full-time job
B) Misty, who just quit her job to return full-time to school
C) April, who just graduated from college and is looking for work
D) Jason, who was laid off from work less than 6 months ago but who has stopped looking for
work
Answer: A
Topic: Unemployment
Skill: Conceptual
AACSB: Reflective thinking
27) Using the definition of unemployment, which of the following individuals would be
unemployed?
A) A full-time student quits school, enters the labor market for the first time, and searches for
employment.
B) Because of the increased level of automobile imports, an employee of General Motors is laid
off but expects to be called back to work soon.
C) Because of a reduction in the military budget, your next door neighbor loses her job in a plant
where nuclear warheads are made and must look for a new job.
D) All of these individuals are unemployed.
Answer: D
Topic: Population Survey
Skill: Conceptual
AACSB: Reflective thinking
74
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28) Which of the following people would be considered unemployed by the Bureau of Labor
Statistics?
I. Mrs. X retires from her job at the age of 55 and does not look for another job.
II. Mr. Y was laid off from his job as a welder, but expects to be rehired in 8 months.
A) I only
B) II only
C) both I and II
D) neither I nor II
Answer: B
Topic: Unemployment
Skill: Conceptual
AACSB: Reflective thinking
29) Using the official measure of unemployment, which of the following people is considered
unemployed?
A) a part-time worker who wishes to work full time
B) a person who gave up looking for jobs because he or she was discouraged about his or her job
prospects
C) a person who has been searching for work, but turns down a job paying a lower wage rate
than desired
D) a person who is working but expects to be laid off at the end of the month
Answer: C
Topic: Unemployment
Skill: Conceptual
AACSB: Reflective thinking
30) Using the official measure of unemployment, which of the following would NOT be counted
as unemployed?
A) a person who is not working but who has tried to find a job in the past week
B) a person who is waiting to be called back to a job after having been laid off
C) a person who performs traditional housework and does not work outside the home for pay
D) a person who is waiting to start a new job in the next 30 days
Answer: C
Topic: Unemployment
Skill: Conceptual
AACSB: Reflective thinking
75
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32) The unemployment rate is calculated as
A) [(labor force) ÷ (population)] × 100.
B) [(unemployment) ÷ (population)] × 100.
C) [(unemployment) ÷ (labor force)] × 100.
D) [(labor force) ÷ (unemployment)] × 100.
Answer: C
Topic: Unemployment Rate
Skill: Recognition
AACSB: Analytical thinking
76
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36) The unemployment rate equals
A) the total number of people without jobs in a given period.
B) the percentage of the population not currently employed.
C) the rate of change in unemployment figures from one period to another.
D) the percentage of the labor force currently unemployed.
Answer: D
Topic: Unemployment Rate
Skill: Recognition
AACSB: Reflective thinking
37) The unemployment rate is found by dividing the number of unemployed people by the
A) number of working individuals, and multiplying by 100.
B) number of the working-age population, and multiplying by 100.
C) sum of working individuals plus unemployed workers, and multiplying by 100.
D) number in the labor force, and dividing by 100.
Answer: C
Topic: Unemployment Rate
Skill: Recognition
AACSB: Analytical thinking
38) The ________ is calculated as the number of people ________ divided by the labor force
multiplied by 100.
A) unemployment rate; unemployed
B) employment-to-population ratio; unemployed
C) employment rate; employed
D) employment-to-population ratio; in the working age population
Answer: A
Topic: Unemployment Rate
Skill: Recognition
AACSB: Analytical thinking
77
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40) The unemployment rate is measured as
A) the number of people that want to work but cannot find jobs out of the entire population.
B) the percentage of people in the labor force who are unemployed.
C) an indicator to determine long-term economic growth.
D) an indicator for potential inflation.
Answer: B
Topic: Unemployment
Skill: Recognition
AACSB: Reflective thinking
41) To calculate the unemployment rate, which of the following are necessary pieces of
information?
I. the number of unemployed persons
II. the population
III. the number of people in the labor force
IV. the working age population
A) I, II III and IV
B) I and II
C) I and III
D) I and IV
Answer: C
Topic: Unemployment Rate
Skill: Recognition
AACSB: Reflective thinking
43) Which labor market statistic tends rise during recessions and fall during expansions?
A) the unemployment rate
B) the labor-force participation rate
C) the employment-to-population ratio
D) aggregate hours
Answer: A
Topic: Unemployment Rate
Skill: Conceptual
AACSB: Reflective thinking
78
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44) Suppose the population of Tiny Town is 100 people and the working age population is 70. If
10 of these people are unemployed, the unemployment rate in Tiny Town is
A) 10 percent.
B) 10/70 × 100.
C) 10/80 × 100.
D) There is not enough information provided to calculate the unemployment rate.
Answer: D
Topic: Unemployment Rate
Skill: Analytical
AACSB: Analytical thinking
45) The population of Tiny Town is 100 people and the labor force is made up of 75 people. If 5
of these people are unemployed, the unemployment rate is
A) 5/100 × 100.
B) 5/80 × 100.
C) 5/75 × 100.
D) There is not enough information provided to calculate the unemployment rate.
Answer: C
Topic: Unemployment Rate
Skill: Analytical
AACSB: Analytical thinking
46) Based on the following data for the country of Tiny Town, the unemployment rate equals
Population = 100
Labor force = 80
Number of employed persons = 70
Number of discouraged workers = 5
A) 10/100 × 100.
B) 10/80 × 100.
C) 15/80 × 100.
D) 5/70 × 100.
Answer: B
Topic: Unemployment Rate
Skill: Analytical
AACSB: Analytical thinking
47) In an economy, 23 million people are employed and 2 million are unemployed, but 5 million
part-time workers would prefer full-time work. What is the unemployment rate?
A) 23.2 percent
B) 6.7 percent
C) 8 percent
D) 25 percent
Answer: C
Topic: Unemployment Rate
Skill: Analytical
AACSB: Analytical thinking
79
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48) Suppose that the total labor force is 100 individuals with 10 unemployed. The unemployment
rate is ________. Now assume that 10 people drop out of the labor force and that 10 remain
unemployed. The new unemployment rate is ________.
A) 9 percent; 10 percent
B) 10 percent; 9 percent
C) 10 percent; 11 percent
D) 11 percent; 10 percent
Answer: C
Topic: Unemployment
Skill: Analytical
AACSB: Analytical thinking
49) Which of the following decreases the official U-3 unemployment rate?
A) Workers leave the labor force.
B) More women enter the labor force and seek jobs.
C) Young people graduate from college and start to look for their first full-time job.
D) None of the above because they all increase or do not change the unemployment rate.
Answer: A
Topic: Unemployment Rate
Skill: Analytical
AACSB: Reflective thinking
50) During a recession, people drop out of the labor force because they are unable to find a job.
All else the same, this
A) increases the official U-3 unemployment rate.
B) decreases the official U-3 unemployment rate.
C) does not change the official U-3 unemployment rate.
D) increases the official U-3 unemployment rate and the labor force participation rate.
Answer: B
Topic: Unemployment Rate
Skill: Conceptual
AACSB: Reflective thinking
51) In September 2014, the official U-3 unemployment rate dropped from 6.1 percent to 5.9
percent. This change could have been caused by
A) unemployed workers giving up looking for a job.
B) part-time workers getting a full-time job.
C) full-time workers becoming part-time workers.
D) workers who had previously given up looking for a job starting to look again.
Answer: A
Topic: Unemployment Rate
Skill: Analytical
AACSB: Analytical thinking
80
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Bernard then draws a minute parallel, more curious than admirable, between the cross
and the trials of life,――likening the four difficulties in the way of holiness, to the four ends
of the cross; bodily fear being the foot-piece; open assaults and temptations, the right arm-
piece; secret sins and trials, the left hand-piece; and spiritual pride, the head-piece. Or, as
he briefly recapitulates, the four virtues attached to the four horns of the cross, are
these:――continence, patience, prudence, and humility. A truly forcible figure, and one not
without its effect, doubtless, on the hearers. This arrangement of the cross, moreover,
seems to prove, that in the time of Bernard, the idle story about Andrew’s cross being
shaped like the letter X, was entirely unknown; for it is evident that the whole point of the
allusion here consists in the hearers supposing that Andrew was crucified on a cross of the
common shape,――upright, with a transverse bar and head-piece.
In conclusion of all this fabulous detail, may be appropriately quoted the closing passage
of the second discourse of Bernard, the spirit of which, though coming from a Papist, is not
discordant with the noblest essential principles of truly catholic Christianity, seldom indeed,
found so pure in the Romish church, as in this “Last of the Fathers,” as he has been justly
styled. This, with all the passages above quoted, may be found by those who can enjoy the
original, in his works. (Divi Bernardi Opera Omnia Joh. Picard. Antwerp, 1609, folio;
columns 322‒333.)
So accordant are these words with the spirit which it becomes this work to inculcate, that
I may well adopt them into the text, glad to hang a moral to the end of so much falsehood,
though drawn from such a theme, that it seems like “gathering grapes of thorns, or figs of
thistles.”
Bernard has in this part of his discourse been completing all the details of his parallel
between the cross and the Christian’s life, and in this conclusion, thus crowns the simile, by
exhorting his saintly hearers to cling, each to his own cross, in spite of all temptation to
renounce it; that is, to persevere in daily crucifying their sins, by a pure deportment through
life.
Happy the soul that glories and triumphs on this cross, if it only
persevere, and do not let itself be cast down in its trials. Let every
one then, who is on this cross, like the blessed Andrew, pray his
Lord and Master, not to let him be taken down from it. For what is
there which the malign adversary will not dare? what will he not
impiously presume to try? For what he thought to do to the disciple
by the hands of Aegeas, the same he once thought to do to the
Master by the scornful tongues of the Jews. In each instance alike,
however, driven by too late experience of his folly, he departed,
vanquished and confounded. O may he in like manner depart from
us, conquered by Him who triumphed over him by Himself, and by
His disciple. May He cause, that we also may attain the same happy
end, on the crosses which we have borne, each one in his own
peculiar trials, for the glory of His name, “who is God over all,
blessed forever.”
JAMES BOANERGES;
THE SON OF ZEBEDEE.
Boanerges.――This word is one, whose composition and derivation, (as is the case
with many other New Testament proper names,) have caused great discussion and
difference of opinion among the learned. It occurs only in Mark iii. 17, where it is incidentally
mentioned in the list of the apostles, as a new name given to the sons of Zebedee by Jesus.
Those who are curious, can find all the discussion in any critical commentator on the
passage. Poole’s Synopsis, in one heavy folio column and half of another, gives a complete
view of all the facts and speculations concerning this matter, up to his time; the amount of
all which, seems to be, that, as the word now stands, it very nearly sets all etymologies at
defiance,――whether Hebrew, Syriac, Chaldee or Arabic,――since it is impossible to say
how the word should be resolved into two parts, one of which should mean “sons,” and the
other “thunder;” so that it is well for us we have Mark’s explanation of the name, since
without it, the critics would probably have never found either “son” or “thunder” in the word.
As to the reason of the name’s being appropriated to James and John, conjectures equally
numerous and various may be found in the same learned work; but all equally
unsatisfactory. Lampe also is very full on this point. (Prolegomena to a Johannine Theology
cap. I. lib. ii. §§ 9‒15.
Salome.――The reason for the supposition that this was really the name of the mother
of James, consists in the comparison of two corresponding passages of Matthew and Mark.
In Matthew xxvii. 56, it is said that among the women present at the crucifixion, were “Mary
Magdalene, Mary, the mother of Joses, and the mother of Zebedee’s children.” In the
parallel passage, Mark xv. 40, they are mentioned as “Mary Magdalene, Mary, the mother of
James and Joses, and Salome.” In Mark xvi. 1, Salome is also mentioned among those who
went to the sepulcher. This is not proof positive, but it is reasonable ground for the
supposition, more especially as Matthew never mentions Salome by name, but repeatedly
speaks of “the mother of Zebedee’s children.”
If, as is probable then, Salome and the mother of Zebedee’s children were identical, it is
also reasonable to suppose, as Lampe does, that Zebedee himself may have died soon
after the time when the call of his sons took place. For Salome could hardly have left her
husband and family, to go, as she did, with Jesus on his journeys, ministering to his
necessities,――but if her husband was really dead, she would have but few ties to confine
her at home, and would therefore very naturally be led, by her maternal affection, and
anxiety for her sons, to accompany them in their wandering life. The supposition of
Zebedee’s death is also justified by the circumstance, that John is spoken of in his own
gospel, (John xix. 27,) as possessing a house of “his own,” which seems to imply the death
of his father; since so young a man would hardly have acquired property, except by
inheritance.
Thus he laid out before them all the indispensable qualities of the
man who aspired to the dangerous, painful and unenviable primacy
among them,――humility, meekness and laborious industry. But vain
were all the earnest teachings of his divine spirit. Schemes and
hopes of worldly eminence and imperial dominion, were too deeply
rooted in their hearts, to be displaced by this oft-repeated view of the
labors and trials of his service. Already, on a former occasion too,
had he tried to impress them with the true spirit of the apostleship.
When on the way to Capernaum, at the close of this journey through
Galilee, they had disputed among themselves on the question, which
of them should be the prime minister of their Messiah-king, when he
had established his heavenly reign in all the dominions of his father
David. On their meeting with him in the house at Capernaum, he
brought up this point of difference. Setting a little child before them,
(probably one of Peter’s children, as it was in his house,) and taking
the little innocent into his arms, he assured them that unless they
should become utterly changed in disposition and in hope, and
become like that little child in simplicity of character, they should
have no share whatever, in the glories of that kingdom, which was to
them an object of so many ambitious aspirations. But neither this
charge nor the repetition of it, could yet avail to work that necessary
change in their feelings. Still they all lived on in vain and selfish
hope, scheming for personal aggrandizement, till the progress of
events bringing calamity and trial upon them, had purified their
hearts, and fully fitted them for the duties of the great office to which
they had so unthinkingly devoted themselves. Then indeed, did the
aspiring James receive, in a deeper sense than he had ever
dreamed of, the reward for which he now longed and
begged;――drinking first of the cup of agony, and baptized first in
blood, he ascended first to the place on the right hand of the
Messiah in his eternal kingdom. But years of toil and sorrow, seen
and felt, were his preparation for this glorious crown.
James has also been made the subject of a long series of fables, though the early
termination of his apostolic career would seem to leave no room whatever, for the insertion
of any very great journeys and labors upon the authentic history. But the Spaniards, in the
general rage for claiming some apostle as a national patron saint, long ago got up the most
absurd fiction, that James, the son of Zebedee, during the period intervening between
Christ’s ascension and his own execution at Jerusalem, actually performed a voyage over
the whole length of the Mediterranean, into Spain, where he remained several years,
preaching, founding churches, and performing miracles, and returned to Jerusalem in time
for the occurrence of the concluding event, as recorded in the twelfth chapter of Acts. This
story probably originated in the same manner as that suggested to account for the fables
about Andrew; that is,――that some preacher of Christianity, of this name, in a later age,
actually did travel into Spain, there preaching the gospel, and founding churches; and that
his name being deservedly remembered, was, in the progress of the corruptions of the truth,
confounded with that of the apostle James, son of Zebedee,――this James being selected
rather than the son of Alpheus, because the latter had already been established by tradition,
as the hero of a story quite inconsistent with any Spanish journey, and being also less
dignified by the Savior’s notice. Be that as it may, Saint James (Santo Jago) is to this day
esteemed the patron saint of Spain, and his tomb is shown in Compostella, in that kingdom;
for they will have it, that, after his decapitation by Herod Agrippa, his body was brought all
the way over the sea, to Spain, and there buried in the scene of his toils and miracles. A
Spanish order of knighthood, that of St. Jago de Compostella, takes its name from this
notion.
The old romancer, Abdias Babylonius, who is so rich in stories about Andrew, has much
to tell about James, and enters at great length into the details of his crucifixion; crowning the
whole with the idle story, that when he was led to death, his accuser, Josiah, a Pharisee,
suddenly repenting, begged his forgiveness and professed his faith in Christ,――for which
he also was beheaded along with him, after being baptized by James in some water that
was handed to him by the executioner, in a calabash. (Abdias Babylonius, History of the
Apostolical Contest, IV. § 9.)
his character.
The youngest of the disciples.――All that can be said on this opinion is, that it is
possible, and if the testimony of the Fathers were worth the slightest consideration on any
historical question concerning the apostles, it might be called even probable; but no early
writer alludes to his age at all, till Jerome, who very decidedly calls John, “the youngest of
all the apostles.” Several later Fathers make the same assertion, but the voice of antiquity
has already been shown to be worth very little, when it is not heard within three centuries of
the events on which it offers its testimony. But at any rate the assertion of John’s juniority is
not improbable.
A great deal of violent discussion has been lavished on the almost equally important
question, whether John was ever married. The earliest established testimony on this point is
that of Tertullian, who numbers John among those who had restrained themselves from
matrimony for the sake of the kingdom of heaven. Testimony as late as the third century,
however, on an opinion which favored monastic views, is worth nothing. But on the strength
of this, many Fathers have made great use of John, as an instance of celibacy, accordant
with monastic principles. Epiphanius, Jerome and Augustin allude frequently to the
circumstance, the latter Father in particular insisting that John was engaged to be married
when he was called, but gave up the lady, to follow Jesus. Some ingenious modern
theologians have even improved upon this so far as to maintain that the marriage of Cana in
Galilee was that of John, but that he immediately left his wife after the miracle. (See Lampe,
Prolegomena, I. i. 13, notes.)
his education.
his name.