econ question

Name: ___________________________ Class: _________________ Date: __________

Assignment 4 ECON 002

1. Structural, frictional, and cyclical are all

a. job categories.

b. price levels.

c. firm structures.

d. types of unemployment.

e. stages of the business cycle.

2. Explain the relationship between the unemployment rate and the business cycle.

3. How does the focus of macroeconomics differ from that of microeconomics when it comes to income, output, employment, and prices?

4. During healthy economic periods, cyclical unemployment

a. rises.

b. will equal structural unemployment.

c. falls toward zero.

d. will equal frictional unemployment.

e. will equal the natural rate of unemployment.

5. Which of the following is a topic of microeconomics?

a. the level of national income

b. the level of employment in the country

c. the prices of all goods in the country

d. the profit of firms in the banking industry

e. the level of national output