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Macroenomics

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Quiz on Macroenomics , created by Felisia Fitzpatrick on 14/11/2018.
Felisia Fitzpatrick
Quiz by Felisia Fitzpatrick, updated more than 1 year ago
Felisia Fitzpatrick
Created by Felisia Fitzpatrick about 7 years ago
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Resource summary

Question 1

Question
We Measure Gross Domestic product by multiplying the quantities of goods by their Prices Because it allows us to
Answer
  • Express the values of products in a common unit measurement
  • Calculate the total number of units of goods produced in an economy
  • Correct for inflation

Question 2

Question
Gross domestic product calculations count only final goods and services because
Answer
  • These are the only goods and services that are purchased in the economy
  • Counting all goods and services would lead to double counter of many activities
  • One can I calculate the quantity of intermediate produce
  • It is difficult to measure the price of intermediate good production

Question 3

Question
How does real gross domestic product differ from nominal gross domestic product
Answer
  • A nominal GDP controls for price change while real GDP does not
  • Nominal GDP can be used to directly compare the amount of output produced from year to year while real GDP cannot be used for such comparison
  • Real GDP controls for price change while nominal GDP D does not
  • There's no difference between nominal GDP and real GDP

Question 4

Question
When they are sustain increases in Real GDP over time we say that the economic is undergoing
Answer
  • Economic growth
  • Economic stagnation
  • A recession
  • Change in banking

Question 5

Question
Which of the following is not a component of gross domestic production
Answer
  • Government purchases
  • Purchases by consumers of used Goods
  • Net exports
  • Purchases by consumers of finished goods

Question 6

Question
The largest component of GDP in the United States is
Answer
  • Net exports
  • Private investment expenditures
  • Government spending
  • Consumption expenditures

Question 7

Question
Which of the following is an example of consumption expenditure
Answer
  • The salary paid to the mayor of Denver
  • Staple Byington copy machines
  • The export of us Pharmaceuticals to Mexico
  • The purchase of a ticket to a New Orleans Saints game

Question 8

Question
For the purpose of GDP accounting government purchases include
Answer
  • Social Security payment
  • Direct transfer payment by the government to other individuals
  • The purchase of military equipment
  • Welfare payments

Question 9

Question
A nation net export consists of
Answer
  • It's export plus all of this nation's Imports
  • It's exports plus its Imports
  • It's imports plus all of the nation export
  • It's export minus its Imports

Question 10

Question
When GDP is measured in current prices it is known as the
Answer
  • Nominal GDP
  • Real GNP
  • Real GDP
  • Nominal GNP

Question 11

Question
When the GDP is measured using a justments for price changes it is known as the
Answer
  • Real GNP
  • Nominal GNP
  • Nominal GDP
  • real GDP

Question 12

Question
Recession refers to a When the economy
Answer
  • Grows rapidly
  • Experience a raise in living standards
  • Decline for at least 6 months
  • Suffers due to political instability

Question 13

Question
Business cycle are
Answer
  • The transfer of an executive between firms
  • Illustration of fluctuation in GDP
  • A description of time required to bring a new product to Market
  • Movements in stock prices

Question 14

Question
The period of time in which the level of output moves from a trough to a peak is called a
Answer
  • Recovery / expansion
  • Plateau
  • Contraction/ decline
  • Depression

Question 15

Question
One of the flaws of GDP is that it
Answer
  • Ignores transactions that do not take place in organized markets
  • Includes measures of the underground economy
  • Include only transactions that take place in foreign countries
  • Includes measures of changes of tax levels

Question 16

Question
During periods of poor economic Performance Real GDP
Answer
  • Decline but unemployment typically does not change
  • Is unchanged but employment rise sharply
  • Declines and unemployment declines
  • Declines and unemployment rise

Question 17

Question
People who are currently not working but actively looking for work all officially classified as
Answer
  • Unemployment and in the labor force
  • Unemployment and out of the labor force
  • employment and out of the labor force
  • Employment and in the labor force

Question 18

Question
The data in table 6.1 the labor force participation rate of metropolis is approximately
Image:
20181114 0921396105909921203326735 (binary/octet-stream)
Answer
  • 52%
  • 49%
  • 96%
  • 75%

Question 19

Question
The Existence of discouraged workers will lead to an official headline unemployment rate that is
Answer
  • Understand, misleading low
  • Overstated misleading High
  • Either overstated or understated
  • Unbiased

Question 20

Question
Hector voluntary left his job to search for a job in accounting the filed which he has his bachelor's degree at Hector is considered
Answer
  • Fractionally unemployment
  • Cyclically unemployed
  • Structurally unemployed
  • Not to be unemployed

Question 21

Question
Auto worker laid off from Hotrod auto works as a result of a recession are considered
Answer
  • Seasonally unemployed
  • Frictionally unemployed
  • Structurally unemployed
  • Cyclically unemployed

Question 22

Question
At full employment the unemployment rate equals
Answer
  • Structural unemployment rate plus the cyclically unemployment rate
  • Cyclical unemployment rate
  • Structural unemployment rates plus the fictional unemployment rate
  • Structural unemployment rate

Question 23

Question
Which one of the following statements is true of the Consumer Price Index
Answer
  • It does not take an account of the price of imported goods and services
  • It measure change in price of a fixed basket of goods that change slowly
  • It does not take into account the price of used Goods

Question 24

Question
Cost of living adjustments are
Answer
  • Automatic ways change based on the CPI which are included in some Union contracts
  • Quality measurement included in the calculation of CPI
  • Average of neighboring years base price used in Constructing the CPI
  • Changes in the basket of goods used in calculating the CPI

Question 25

Question
Suppose the CPI in Thailand was 300 in 2009 and 360 in 2010 the inflation rate between those two years was
Answer
  • 30%
  • 36%
  • 20%
  • 60%

Question 26

Question
One of the necessary conditions for the classic Model to be true is that
Answer
  • Wages and prices will not change
  • Wages and prices are set by the government
  • Wages were flexible and prices are fixed
  • Wages and prices are fully flexible

Question 27

Question
The term classical refers to an economic theory which states that over a relatively short period of time wages and prices will adjust quickly to bring the economy back to full employment
Answer
  • True
  • False

Question 28

Question
When there is a decrease in labor Supply real wages are likely to
Answer
  • Allow less Leisure Time
  • Remain the same
  • Decrease
  • Increase

Question 29

Question
In 2008 which of the following countries had the highest share of consumption spending in GDP
Answer
  • China
  • France
  • United States
  • Germany

Question 30

Question
Crowding out refers to
Answer
  • Reduction in tax revenues associated with increasing tax rates
  • Decrease in consumption investment or net export caused by an increase in government purchases
  • Increase in tax revenues associated with increase in tax rates
  • Increase in consumption investment or net exports caused by an increase in government purchases

Question 31

Question
According to the classic views of economicos more Capital will lead to an increase in output ceteris paribus
Answer
  • True
  • False

Question 32

Question
Requiring an employer to provide health insurance or pension for workers is like attacks or labor which will cause a decrease in the demand of labor
Answer
  • True
  • False
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