Download Exam 1 Questions on Macroeconomic Principles with Answers Key | ECON 104 and more Exams Introduction to Macroeconomics in PDF only on Docsity!
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16 .A:^ frr cQ:^ trDr
17 cA:^ F ccr^ trDr
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19 trAtr cgr^ g^ cp:
20 trAr^ cB= cf,r^ cp:
trDr trEr a[p cf: EDr EEr rfr cl: trDr trEr trDr trEl rf* cf: cD. cE j trDr trEr trDr trEl
31 S cB:^ cCr^ trDr rEr
32 c{:^ ,e'g.r^ cQr q}^ cf :
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34 .A.^ CB- cC:^ cDr^ trEr
35 trAr^ trBr^ cQ: cflr^ trEr
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37 trAr^ cB:^ {= cpr trEr
38.At trBr^ trCr cOtr^ cEr
39.A. trBr^ cCr^ trDr^ trEr
40 .Ar^ cBr^ trCr trDr^ trEr
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41 trAr^ trBr^ trCr
42 trAr^ trBr^ trCr
43 .A:^ trBr^ ECI
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46 cA:^ trBr^ trCr
47 cA= trBr^ trCr
48 trAr^ trBr^ trCr
49 trAr^ trBr trCl
I 50 cAr^ trBr trCr
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92 .A: 93 .A' 94 cA: 95 .Ar 96 .A= 97 .A- 98 .A' 99.A: 10b .A'
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65 trAr^ tr8tr
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67 trAr^ trBl
68 cAr^ trBr
69 .Ar^ trBl
70 cA=^ trBr
71 trAr^ trBr
72 cAr^ trBr
73 trAr^ cBl
74 cAt^ trBtr
75 trA:^ trBl
76 cAr^ cBr
77 cAt^ trBr
78 cAr^ cBr
79 cA=^ trBtr
80 trAr^ trBr
81 trAr^ trBr
82 cAr^ trBr
83 rA,^ trBr
84 rAr^ cBr
85 trAr^ trBr
86 cA.^ cBr
87 cA=^ trBl
88 sAr^ trBr
89 .A,^ trBr
90 .A.^ tr$tr
trCr trDr cEr ECr EDtr trEr trCr trDr cEr trCr trDtr trEl trCtr trDtr trEl cCtr EDr rEr trCr trDr trEr trCr trDr cEr trCr trDtr cEl ECtr EDtr EEtr cCr cDr cEr cCr trDtr (^) EEr cCr cDr trEtr trCr trDr trEl trCr trDr trEr trCtr trDr trEf, trCr trDr trEl trCr cOr trEr cC: cDr cEr trCr cDr trEr trCr trDr trEr trCr trDr trEr trCr trDr cEr trCr trDr trEr trCr trDr trEl cC: EDr trEtr trCr trDr trEr trCr trDf, trEr .C: trDr trEr trCr trDr rEr cAr trBr^ cQr^ trDtr^ trEr trB: trCr tr8tr trCr cBr trCr trBr trCr EBr trCl tr8tr trCtr trBr cCl trBr trCr trBr trCr
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c. d. e. ,/, {TheUnited States^ produces^ _ of what^ it^ consumes,^ and^ consumes'^ of.what^ it^ firoduces.
. (^) a. little,liftle . b.^ little,^ most^ '^ ,
- g^{nost,little' ,/dJ Jnost. mbst ' (^) ,-$'Y ' '
ffil*nof the^ following^ is^ thebest definiticin^ of^ openness? ll (^) a. The average of imports expressed as a share of GDP.
Per cafita GDP can be defined as
a. GDP per working^ person. )- \ GDP^ per^ uhit^ of^ capital. (rct (^) ) GDP per person. W GDP per^ unit of^ unemployment.
L--^ )',1'.^ Arecession^ can best be^ defined^ as^ a^ pbriod of time in,which,
'/. (^) fta;Dtotal output of the economy falls. (^) - \Y (^) totul output ofthe economyrises very slowly.' c. total unemployment falls.
. d.^ total international^ trade^ fails^ to^ rise.^ * r e. Both a and c
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l21 Most American workers
I a. are employed in the goods-producing^ sectof. ,\are employed^ by^ government. f - c/are^ employed^ in^ the^ service-pioducing^ sector. q (^) are emfloyed in the agricultural sector. i
The average of goods traded^ ih markets^ expresied^ as^ a share^ of^ GDP.
[Ihb average of imports^ and^ exports expressed^ as^ a share^ of^ GDP.^ , The average hade balance expressed as a^ share^ of^ GDP.^ "" 6p fne^ average^ ofexports^
expressed as a share ofGDP.
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-rl // !/.Vnl" their^ respective subject matters^ differ'greatly,^ both microeconomists^ and^ rnacroeconomists I rely^ on the^ same^ basic tools; that is,^ both^ rely^ on . -a--government
contraits to promote research^ and^ pgblications. ( (^) U. (^) iEmand-and-supply analysis. qf (^) the ec<inomic theory cif John Maynard Keynes. d. consumer protectiori laws and^ antitrust legislation; q
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151 Nominal GDP is
(^1) a. also called real GDP. b. a more accurat'e m6usute than real^ GDP. c. redl GDP adjusted for changes in the price level. @coP measuied^ in^ current^ pii.... w 'z? /--K A^ good^ prtiduced^ in^2000 and^ held in inventory^ until^ it^ is^ sold^ in 2001,would^ be^ included in which { (^) measure (^) of GDP?.. a. Half the value in 2000 and half thb value in 2001 60 kt2ool^ cDP^. .'
.kr both 2000 and^2001 GDP^ r
h 2000 GDP '^ :
I General M<itors Corporation (a^ U.S.-based firm) produces^ a^ Saab vehicle^ in^ Sweden, and sells^ it^ in' " (^) the United States. In which country's GDP is it included? a. Sweden and the United Sta'tes .F Th.^ United^ States^ because'it was sold there
The United States because GM is a U.S. company
Sweden because it was produced there
/ l8'1fiie definition of^ Gross^ Domestic^ Product^ ii (^7) a. the total value of all sales in the economy (^) ",- b. the total value of production in the domestic economy plus^ the^ production of domestic
firms in foreign couritries.
, (^) ' c. the total value of all sales cif final aihd intermediate goods (^) in the dome'Stic economy., ( (^) ,a;-]tre total,of the mbney values of all final goods and services produced in (^) the domestic Vecoiromy (^) within a specific time period.
yl6in""***", (^) differ in the amount of economic activity that is transacted in (^) organized markets, -./
-^4 some countries^ are^ more^ productive^ than^ others. !(persons live^ better^ in^ some^ countries than^ others.
(c. )nternational comparisons of per capita GDP are often misleading.
Pcompaisons between countries^ are^ totally^ impossible.
,,d{;7"Pffijf3J.arstheU.S.economyhasprimarity.*p".i.n,"o
b. unemployment.
inflation.
depresdion. I
Zf Oinngthe^ Great Depression of^ the t: (^) ,a\ 5 percent ,kfr lopercent *".
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{E :e. 30 percent 50 percent
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1930s, how^ much^ tlid^ output^ fall^ between^ 1929 and^ 1933?
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. 301 If^ the^ labor'fo?ie grows^ faster than^ the^ number^ employed,^ the / a.^ unemployment^ rate^ will^ fall. p unemPloYment'rate will rise. . (^) Y Labor force rate will rise. d. employment rate will risd.
3'f Wrictr^ of^ the^ folloding^ groups woirld^ have the highest^ unemployment^ rates? f (^) a. married men' '^ I b. white workers, F\college graduates /d.'l""nas"ts "^ :
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y' (^) Un (^) rnof the following scenarios best (^) illustrates the concept of cyclical une?nployment? E Grace loses her job^ because of new autorirated machinery. b. Sean quits^ his job^ to look for work that is more fun. (^) ' c. Ellen^ quits^ looking for^ wori<^ because^ she doesn't^ think^ she^ can^ find^ a suitable^ job. @yuaun v1 lor", heriib^ becausd^ of^ a^ recession
t{An unemployment^ rate that^ mbny^ economists believe represents^ full^ employment^ is 11.{ (^) a. o pitcent. y\0-4 percent. (.".,/4-6 percent. , (^) Y:' 6-8 percent. e. 8-10 percent (^) t
"Y
7{ rcp;""s^ rise, then persons^ living^ on^ fixed^ incomes^ will ^.
see their real incomes falling.
b. 'see the purchasingpower^ of their savings fall. c. need to sirend more to maint'ain their standard of living. ,6),en of^ the above^ are^ true.
v
3fi,^ '/'j lf ac[nl^inflation is less than the expdcted rate of inflation, then probably ' (^62) the (^) borrotver gains at the (^) expense of the lender. ' (^) b. neither thd (^) borrower nor the lender gains. ftlthe lender^ gaifrs at^ the^ expense^ of^ the^ borrower. V thepurchasing power^ of the borrower is increased.
,/ )il. Sharonbuys^ some^ cornmon stock^ in^1990 for^ $10,000 and sells^ it^ in^2000 for^ $15,000.^ During^ the
same period,^ prices have risen by 75 percent. The net result of Sharon's stock purchases^ is^ that
" she^ will ay rio taxes because'she eamed negative real capital gains. /ose (^) purchasing power'and have to pay (^) taxes anyway.
earn a real capital gain of$5,000 plus 7f percent.
earn a real capital gain.of $15,000 minus 75 percent.
