(1.) Economists describe the remaining level of unemployment that occurs even when the economy is healthy as:

Select one:

a.Structural Unemployment

b.Natural Rate of Unemployment

c.Frictional Unemployment

d.Cyclical Unemployment

(2.) This is the point where the supply curve (S) and the demand curve (D) meet.

Select one:

a.Demand Curve

b.Equilibrium

c.Supply Curve

d.PPF

(3.)This term indicates what must be given up to obtain something that is desired.

Select one:

a.economics

b.budget constraints

c.opportunity sets

d.opportunity cost

(4.)This assumes that all other variables that affect demand are held constant.

Select one:

a.The Law of Demand

b.The Law of Diminishing Returns

c.Quantity Supplied

d.Quantity Demanded

(5.)The total number of units purchased at a specific price is called the:

Select one:

a.Demand

b.Supply

c.Quantity Supplied

d.Quantity Demanded

(6.)GDP is:

Select one:

a.Measure of the size of total production in an economy

b.A market in which firms are sellers of what they produce and households are buyers

c.A theory

d.The study of how humans make decisions in the face of scarcity

(7.) This produces the outward bending shape of the Production Possibilities Frontier.

Select one:

a.Law of Diminishing Returns

b.Allocative Efficiency

c.Productive Efficiency

d.Comparative Advantage

(9.)Identify which type of unemployment is described in the following scenario:

Nate has been a coal miner since he graduated high school, however, many mines in his area have shut down. Most of the jobs in the area are technology related and Nate has had difficulty finding a new job.

Select one:

a.Frictional Unemployment

b.Structural Unemployment

c.Natural Unemployment

d.Cyclical Unemployment