EPF.4 & EPF.5 QUIZ
EPF Business and Economics Quiz
Test your knowledge on key concepts related to economic cycles, unemployment, and the labor force with this engaging quiz. Designed for learners seeking to enhance their understanding of economics.
- 10 thought-provoking questions
- Focus on real-world economic principles
- Ideal for students and anyone interested in economics
BUSINESS CYCLES > 1. During a business cycle, an economic expansion occurs:
At the peak of the business cycle
At the trough of the business cycle
In between the peak and the trough
In between the trough and the peak
UNEMPLOYMENT > 2. Which of the following would be included as a person seeking employment?
A full-time college student
A recent high school graduate looking for their first job
A homemaker contributing 15 hours per week as a volunteer worker at a hospital
A retired school teacher collecting Social Security benefits
WORK FORCE > 3. Suppose that more men decided to become "stay at home" dads to raise their school-aged children, we would then expect:
The labor force participation rate for males to increase
The labor force participation rate for males to decrease
The labor force participation rate for males to remain the same
The impact on the labor force participation rate for males to be unpredictable
UNEMPLOYMENT> 4. Unemployment caused by a recession is called:
Frictional unemployment
Cyclical unemployment
Natural unemployment
Structural unemployment
BUSINESS CYCLE > 5. Performance indicators are:
Used to gauge current economic growth conditions
Used to roughly approximate future economic conditions
Used to predict future economic growth conditions
Good at predicting expansion and contractions
UNEMPLOYMENT > 6. Which of the following would NOT be considered unemployed?
An auto worker vacationing in Florida during a company layoff period
A graduated college student actively seeking a job
A constructin worker who has been actively looking for work after 18 months without a job
A retiree actively looking for part-time work to supplement Social Security income
UNEMPLOYMENT > 7. Which of the following types of unemployment is considered to be under the control of the worker
Frictional unemployment
Natural unemployment
Cyclical unemployment
Structural unemployment
WORK FORCE > 8. The total population (adult working age) of Nowhereland is 48 million. Of this total, 4 million are unemployed and 36 million currently are employed. What are the rates of unemployment and the labor force participation rate of Nowhereland adults?
The rate of unemloyment is 11%, and the labor force participation rate is 83%
The rate of unemloyment is 10%, and the labor force participation rate is 75%
The rate of unemloyment is 10%, and the labor force participation rate is 83%
The rate of unemloyment is 11%, and the labor force participation rate is 90%
INFLATION > 9. The definition of inflation:
A general decrease in prices across the economy
An economy experiencing rising prices in technology only
A general increase in prices across an economy
A period of rapid increases in prices in food prices
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