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Project Description:

Which of the following is an example of real capital?

  1. money
  2. factory
  3. machinery

 (1 point)

  • I only
  • II only
  • III only
  • II and III only
  • I, II, and III only

3.  


Alexis and Danny both rent beach equipment to tourists. The graph above shows the number of chairs and bikes they rent each day. Using this information, which of the following is true?

 (1 point)

  • Alexis has the absolute advantage in beach bikes and Danny has the absolute advantage in beach chairs.
  • Alexis has the absolute advantage in beach chairs and Danny has the absolute advantage in beach bikes.
  • Danny has the absolute advantage in both products.
  • Alexis has the absolute advantage in both products.
  • Alexis should specialize in bikes because she has the absolute advantage in both products.

4.  

Given a normal market demand curve for airline travel, if airline pilots get a raise in pay, then there is a/an

 (1 point)

  • increase in supply of airline tickets.
  • decrease in supply of airline tickets.
  • increase in quantity supplied of airline tickets.
  • decrease in quantity supplied of airline tickets.
  • decrease in demand for airline tickets.

5.  

In the circular flow diagram

 (1 point)

  • households provide consumer spending to the financial markets.
  • firms provide savings to the financial markets.
  • firms provide investment spending in the financial markets.
  • governments borrow money from financial markets.
  • governments spend money in the financial markets.

6.  

In the circular flow diagram

 (1 point)

  • households pay taxes to government through the factor market.
  • businesses pay taxes to government through the factor market.
  • households pay taxes to government through the product market.
  • businesses pay taxes to government through the product market.
  • households pay taxes to government directly to the government.

7.  

In the circular flow diagram

 (1 point)

  • goods and services flow from businesses to households through the product market.
  • goods and services flow from businesses to households through the factor market.
  • resources flow from households to businesses through the product market.
  • businesses earn profit on goods and services sold in the product market.
  • households earn profit on goods and services sold in the product market.

8.  

Which of the following will be included in the current year’s calculation of GDP?

 (1 point)

  • $25 cash earned but not reported by your neighbor for pet sitting
  • income earned by working at the mall
  • the purchase of your neighbor’s jet ski
  • the purchase of a canoe from the Salvation Army resale store
  • the purchase of CD players by General Motors for their automobiles

9.  

If purchasing a new home was counted as consumer spending rather than investment spending, GDP would

 (1 point)

  • increase because consumer spending is a larger part of GDP.
  • decrease because investment spending is a smaller part of GDP.
  • remain the same because there is no change in total spending.
  • increase because investment spending is worth less than consumer spending.
  • decrease because investment spending is worth more than consumer spending.

10.  

Goods that are produced but not sold during a given time period

 (1 point)

  • are included in the following year's GDP when the goods are sold.
  • are not counted in GDP for the period.
  • increase government inventories but leave GDP unchanged.
  • increase business inventories but leave GDP unchanged.
  • are counted as business inventories, a part of the GDP calculations.

11.  

Which of the following is true regarding nominal and real GDP?

  1. Real GDP is stated in current prices.
  2. Nominal GDP is stated in current prices.
  3. Real GDP is adjusted for inflation.

 (1 point)

  • I only
  • II only
  • I and III only
  • II and III only
  • I, II, and III

12.  

All of the following are examples of final goods and services that would be included in GDP except the

 (1 point)

  • computer you use to do your macro homework.
  • car you drive to your after-school job.
  • sandwich you pack in your lunch.
  • sugar used to bake the donuts you eat for breakfast.
  • notebook you take notes in for math class.

13.  

Assume that consumer spending increased by $4 billion while business production aimed at consumers increased by $6 billion last year. As a result of these changes, GDP would

 (1 point)

  • increase by $2 billion.
  • increase by $4 billion.
  • increase by $10 billion.
  • increase by $6 billion.
  • decrease by $2 billion.

14.  

U.S. GDP would increase under which of the following conditions?

 (1 point)

  • You receive a $2,500 scholarship from the U.S. Department of Education.
  • You buy used books for your macroeconomics class online.
  • You purchase a set of rare books from a bookstore in Canada.
  • You pay for service from a help desk in India.
  • You buy a backpack from a store online.

15.  

All of the following are examples of how GDP underestimates a nation’s production of goods and services except

 (1 point)

  • pollution costs.
  • vacation travel.
  • household production.
  • stock purchases.
  • student aid payments.

16.  

If nominal GDP was $2,700 billion in 2005 and real GDP was $1,800 billion, then the GDP deflator was approximately

 (1 point)

  • 1.5.
  • 10.5.
  • 15.0.
  • 100.5.
  • 150.0.

17.  

If the CPI equals 110 in 2009 and 105 in 2010, then

 (1 point)

  • the rate of inflation is exactly 5%.
  • the average quality of goods and services has increased.
  • the average quality of goods and services has decreased.
  • the average price of goods and services has increased.
  • the average price of goods and services has decreased.

18.  

Assume the CPI increases from 105 to 120 between 2008 and 2009. If a flash drive was $20.00 in 2008 and the real value did not change, how much would it cost in 2009?

 (1 point)

  • $13.33
  • $16.67
  • $19.04
  • $22.85
  • $35.00

19.  

If the market basket of goods cost the average consumer $1,200 in 2000 and it cost them $1,560 in 2005, then the price index increased by approximately

 (1 point)

  • 10%.
  • 23%.
  • 30%.
  • 40%.
  • 77%.

20.  

Assume the CPI increases from 200 to 240 and a person's nominal income increases from $20,000 to $30,000 over the same period. This person's real income has

 (1 point)

  • increased by 50%.
  • increased by 33%.
  • increased by 25%.
  • decreased by 6.7%
  • decreased by 20%.

21.  

If the Producer’s Price Index changes from 100 to 90, economists will know that

 (1 point)

  • inflation is decreasing in the economy.
  • inflation is increasing in the economy.
  • unemployment is increasing in the economy.
  • unemployment is decreasing in the economy.
  • the PPI has no relation to unemployment or inflation.

22.  

Which of the following is true regarding unanticipated inflation?

  1. Workers are hurt by unanticipated inflation (if wage rates are fixed).
  2. Employers are hurt by unanticipated inflation (if wage rates are fixed).
  3. Lenders are hurt by unanticipated inflation.
  4. Borrowers are hurt by unanticipated inflation.

 (1 point)

  • III only
  • I and III only
  • I and IV only
  • II and III only
  • II and IV only

23.  

Which of the following is true regarding unanticipated inflation?

  1. Banks are helped by unanticipated inflation.
  2. Borrowers are helped by unanticipated inflation.
  3. Savers are helped by unanticipated inflation.

 (1 point)

  • I only
  • II only
  • III only
  • I and III only
  • II and III only

24.  

If the working age population was 279 million of the 320 million people living in the United States and 122 million were employed while 14 million were unemployed, the size of the labor force would be

 (1 point)

  • 293 million.
  • 279 million.
  • 157 million.
  • 136 million.
  • 122 million.

25.  

The type of unemployment most often associated with a recession is

 (1 point)

  • the natural rate of unemployment.
  • frictional unemployment.
  • structural unemployment.
  • cyclical unemployment.
  • none of the above; inflation is associated with a recession.

26.  

Which of the following is an example of cyclical unemployment?

 (1 point)

  • Patricia was laid off from her job as a customer service representative because her job moved overseas.
  • Rhonda left her job in the cardiac care unit so she can find a job closer to home.
  • Cathy was laid off from her job at Movie World because customers are renting their movies from a subscription service.
  • Darlene was laid off from her job at the factory because she was replaced by a robot.
  • Jerry lost his job as an insurance representative because sales are down all over the city.

27.  

Wendy graduated from high school and decided not to go to college. She has no skills and is having trouble finding a job. This is an example of

 (1 point)

  • a discouraged worker.
  • frictional unemployment.
  • structural unemployment.
  • cyclical unemployment.
  • an employed individual.

28.  

Which of the following may cause a decline in structural unemployment?

  1. Unemployment payments decrease.
  2. The government provides new job training programs.
  3. Job relocation services are provided.

 (1 point)

  • I only
  • II only
  • III only
  • II and III only
  • I, II, and III only

29.  

Chris quit his job at Furniture Country because he felt he could find a better paying job at Wood World. This is an example of

 (1 point)

  • frictional unemployment.
  • structural unemployment.
  • cyclical unemployment.
  • a discouraged worker.
  • an employed individual.

30.  

When unemployment in the economy is increasing, which phase of the business cycle is active?

 (1 point)

  • trough
  • expansion
  • peak
  • contraction
  • recovery

31.  

Rick, a teacher at Rydel High, is not working because his school is not open during the summer. This is an example of

 (1 point)

 

  • frictional unemployment.
  • structural unemployment.
  • cyclical unemployment.
  • an individual who is not employed.
  • an employed individual.

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