Current Events (none today because of the Test):
American college grads can't buy a job
Official unemployment rates in the United States hover around 10 percent, even though many experts believe the real numbers are much higher. But for young adults in America, the situation is even worse. 54 percent of Americans under the age of 25 are unemployed according to the labor department. It's taking many college graduates over a year to land a steady job, and many are in hundreds of thousands of dollars of debt.
The Chapter 21 Multiple Choice MAKE-UP Test, composed of 50 questions, will be Monday.
The Chapter 22 Multiple Choice Test, composed of 50 questions, is today. Be sure to put your name on both the Scantron and the Test. You may write on the Test. If you finish early you may take out non-Economic material.
After these Tests, more Test sample questions will be posted. I will post sample Test Questions from the remaining Chapters as well.
Finally, a short (20 Question, multiple choice), Diagnostic Test will be administered on Wednesday to determine which macroeconomic topics you need to review most.
In the meantime, re-arrange yourselves into your three small groups and you can review sample Chapter multiple choice questions to answer. Decide within the groups how you want to sub-divide the questions and we can then review the suggested answers.
Review of Chs. 15 - 20 Multiple Choice Sample Questions
Review Questions (Princeton):
49. Classical economists generally believe that
I. wages fluctuate quickly
II. Say's Law does not hold
III. input and output prices will stay in line with each other
IV. the government should not worry about maintaining aggregate demand at an adequate level
a) II and IV only
b) I, III, and IV only
c) I and IV only
d) II and III only
e) I, II, and III only
50. no #50
51. The real interest rate is
a) what one sees when looking at bank literature
b) the nominal interest rate divided by the inflation rate
c) the nominal interest rate plus the anticipated inflation rate
d) the nominal interest rate plus the compound interest rate
e) the nominal interest rate minus anticipated inflation