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Questions 1

The figure shows the flows of expenditure and income on Lotus Island.

In? 2013, R was ?$1515 ?billion; W was ?$31 ?billion; U was ?$15 ?billion; X was ?$19 ?billion; and Z was ?$3 billion.

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Calculate total expenditure and total income.

Total expenditure is ?$68 billion.

Total income is ?$68 billion.

Question 2

Categorize the following items as a final? good, an intermediate? good, or neither.

Type? “F’ for a final? good, “I” for an intermediate? good, and? “N” for neither.

The garbage can you bought when you moved into residence

Sugar purchased by Angelo’s bakery to make pies and cakes

Concrete purchased by Your Swimming Pool Inc.

Shares in Ford Motor Company

Question 3

In 2010?, U.S. exports of goods and services were ?$1,844 billion and imports of goods and services were ?$2,356 billion.

What was the value of net? exports?

The value of net exports in 2010 was ____________ billion dollars.

??

Question 4

The table shows some of the items in the U.S. National Income and Product Accounts in 2010.

Use the expenditure approach to calculate U.S. GDP in 2010.

U.S. GDP in 2010 using the expenditure approach was

?$___________ trillion.

Item

Amount

?(trillions of? dollars)

Consumption expenditure

10.2

Government expenditure

3.1

Indirect taxes less subsidies

1.0

Depreciation

1.9

Net factor income from abroad

0.2

Investment

1.7

Net exports

?0.5

Statistical discrepancy

0

Question 5

The table shows an? economy’s total production and the prices of the final goods it produced in 2013 and 2014.

Calculate nominal GDP in 2013 and nominal GDP in 2014.

Nominal GDP in 2013 is ?$_____

Nominal GDP in 2014 is ?$_______

In 2013

Item

Quantity

Price

Fish

130

?$2

Berries

30

?$6

In 2014

Item

Quantity

Price

Fish

90

?$5

Berries

70

?$8

Question 6 Which of the following are included in the income approach to measuring? GDP?

A. wages?; investment?; consumption expenditure

B .profit?; wages?; government expenditure on goods and services

C. interest?; profit?; investment

D. interest?; profit; wages

Question 7

The table gives data about? Northland’s economy in 2010.

What is the value of GDP in Northland in 2010??

A. ?$1,371 billion

B. ?$1,032 billion

C. ?$2,403 billion

D. ?$1,526 billion

Item

Amount

?(billions)

Consumption expenditure

760

Wages

688

Indirect taxes less subsidies

155

Investment

261

Net exports of goods and services

52

Profit

189

Government expenditure on goods and services

298

Question 8

Real GDP? ______.

A. accurately measures leisure time and life expectancy , but does not accurately measure the general health of the population

B. accurately measures environment quality and political freedom, but it does not accurately measure underground economic activity

C. does not accurately measure household production comma underground economic activity comma or life expectancy

D. accurately measures household production, but does not accurately measure catastrophic weather such as hurricanes and ice storms

Question 9

A. The underground economy is difficult to describe but easy to measure.

B. Preparing meals comma cleaning the kitchen comma and cutting the grass are household activities that are not included in GDP.

C. Leisure time is an economic good.

D. The underground economy is the part of the economy that is hidden from the view of the government.

Question 10

The business cycle is a? _____ but? _____ up-and-down movement of total? _____ and other measures of economic activity.

A. ?occasional; regular; consumption

B. ?periodic; irregular; production

C. ?periodic; irregular; consumption

D. ?occasional; regular; production

Question 11

Which of the following countries is facing a recession??

A. The Bank of England raised the? country’s interest rate from 0.5 percent in the first quarter to 0.9 percent in the second quarter of 2013.

B. The United States faced a change in the inflation rate from 2.2 percent in 2012 to 1.7 percent in 2013.

C. ?Japan’s real GDP of 3.8 percent in the first quarter decreased by 0.3 and 0.4 percent respectively in the second and third quarters of 2012.

D. ?India’s real GDP of 5.3 percent in the second quarter increased by 0.4 percent in the third quarter of 2012

Question 12

?Chained-dollar real GDP is the measure of real GDP calculated by the? _____.

A. Federal Reserve

B. Bureau of Economic Analysis

C. U.S. Department of Commerce

D. Bureau of Labor Statistics

Question 13

The table shows some data for an island economy which produces only smoothies and milkshakes.

The base year is 2012.

Calculate the value of 2013 production in 2012 prices and the percentage increase in production when valued at 2012 prices.

The value of 2013 production in 2012 prices is ?$_________

The percentage increase in production when valued at 2012 prices is ____________

?>>> Answer to 1 decimal place.

In 2012

Item

Quantity

Price

Smoothies

90

?$5

each

Milkshakes

55

?$44

each

In 2013

Item

Quantity

Price

Smoothies

112

?$9

each

Milkshakes

67

?$7

each

Question 14

The table shows some data for an island economy which produces only dog leashes and dog collars.

The base year is 2012.

Calculate real GDP in 2012 and real GDP in 2013 using the? chained-dollar method.

Real GDP in 2012 using the? chained-dollar method is __________

Real GDP in 2013 using the? chained-dollar method is ________

In 2012

Item

Quantity

Price

Dog leashes

98

?$3each

Dog collars

54

$6each

?>>> Answer with a whole number.

In 2013

Item

Quantity

Price

Dog leashes

113

?$5each

Dog collars

65

?$6each

Question 15

Suppose an economic slump in the rest of the world decreases U.S. exports.

As a? result, there is? ______ in the U.S. production? function, and? ______ in the U.S. demand for labor.

A. a downward shift?; a decrease

B. no shift?; a decrease

C.an upward shift?; an increase

D.an upward shift?; no change

E.no shift?; no change

There is ___________in the U.S. supply of labor.

Question 16

The tables set out information about the economy of Athabasca.???

??

Suppose the labor force participation rate of Athabasca increases.

??

When the labor force participation rate of Athabasca increases?, employment

increases

.

When the labor force participation rate of Athabasca increases?, potential GDP? ______, and the real wage rate? ______.

A.

increases?;decreases

.B. decreases?;decreases

C. increases?; increases

D. decreases?; increases

??

Table 1 Production Function

Labor hours

?(millions)

Real GDP

?(millions of? dollars)

1

20

2

39

3

57

4

74

5

90

??

Table 2 Labor Market

Real wage

rate

?(dollars per? hour)

Quantity of

labor demanded

Quantity of labor supplied

?(millions of hours per? year)

20

1

5

19

2

4

18

3

3

17

4

2

16

5

1

Question 17

Suppose migration into the United States increases the working -age population.

As a? result, there is? ______ in the U.S. production function.

A. no shift

B. an upward shift

C. a downward shift

There is? ______ in the U.S. demand for labor and? ______ in the U.S. supply of labor.

A. a decrease

B. no change no change

C. a decrease ?; no change

D.no change?; an increase

Question 18

According to classical? macroeconomics, ______.

A. lower taxes increase economic growth

B. no remedy by government can improve on the performance of the market

C. government spending must rise to counter the problem of too little private spending

D. full employment will never occur without constant government intervention

Question 19

?Keynes’ theory was that? ______.

A. prices and wages react quickly to shocks in the economy

B. an economy will gradually work itself out of depression with no government intervention

C. too much government spending is the cause of depression and recession

D. too little private spending is the cause of depression and recession

Question 20

The table provides some data for an economy in 2011 and 2012.

Calculate the growth rate of real GDP in 2012.

The growth rate of real GDP in 2012 is ________ percent.

Item

20112011

20122012

Aggregate hours? (billions)

80.0

81.2

Real GDP? (billions of 2009? dollars)

4,000

4,200

Question 21

The table provides some data for an economy in 2012 and 2013.

Calculate labor productivity in 2012 and 2013.

?>>> Answer to 2 decimal places.

Labor productivity in2012 is ?$ __________an hour.

Labor productivity in 2013 is ?$________an hour.

Item

20122012

20132013

Aggregate hours? (billions)

200.0

206.7

Real GDP? (billions of 2009? dollars)

10,000

10,800

Question 22

Just six months? ago, the Indian economy was growing? rapidly; now growth has halted. India needs to spend? $500 billion upgrading its infrastructure and education and? health-care facilities. Agriculture remains? unproductive; and? reforms, like strengthening the legal? system, have been ignored.

Read the news? clip, then answer the following question.

Activities that could lead to faster economic growth in India include all of the following except? ______.

A. implementing better technology on farms because it increases the productivity of farm workers

B. improving health care because it increases human capital

C. improving energy use because it is a technological advance.

D. slowing population growth because it increases labor productivity

E. investing in education and? health-care facilities because it increases? India’s stock of physical capital

Question 23

Markets are a necessary precondition for economic growth because? ______.

A. they encourage conservation of nonrenewable resources

B. they create incentives to save and invest

C. They encourage more imports and more exports

D. they provide a mechanism for governments to decrease transfer payments

E. markets create jobs

Question 24

Economic freedom is a condition in which people are able to make? _____ choices, their private property is? _____, and they? _____ markets.

A. ?personal; protected by the rule of? law; are free to buy and sell in

B. ?personal; at risk from? theft; must buy and sell in regulated

C. ?public; at risk from? theft; must buy and sell in regulated

D. ?public; protected by the rule of? law; are free to buy and sell in

Question 25

An economy can achieve faster economic growth without ?______.

A.an increase in the population growth rate

B.markets and property rights

C.incentives to encourage the research for new technologies

D.people being willing to save and invest

Question 26

The United States is at full employment. Suppose that

union wage settlementsunion wage settlements push the money wage rate upwardpush the money wage rate upward by 10 percent.by 10 percent.

Draw a curve to show the effect of this event on aggregate supply. Label it AS1.

If potential GDP? increases, ______.

A.there is no change in aggregate supply

B.the AS curve and the AD curve both shift rightward

C.the AS curve shifts rightward

D.aggregate supply increases when the economy reaches an inflationary gap

???

If the price level? increases, ______.

A.aggregate supply increases

B.the quantity of real GDP supplied increases

C.the quantity of real GDP supplied decreases

D.aggregate supply decreases

Question 27

The graph shows an? economy’s aggregate demand curve.

Draw a curve to show the effect on aggregate demand today of an increase in expected future income. Label it.

An increase in expected future income __________aggregate demand? today; an increase in the expected future inflation rate ________aggregate demand? today; and an increase in expected future profit ________aggregate demand today.

Question 28

In the? graph, the initial aggregate supply curve is AS0 and the initial aggregate demand curve is AD0. ???

Some events that could have changed aggregate demand from AD0 to AD1 are? ______.

A. an increase in transfer payments or an increase in taxes

B. an increase in taxes or an increase in expected future profits

C. a decrease in the money wage rate or an increase in potential GDP

D. an increase in transfer payments or an increase in expected future profits

E.an increase in taxes or an increase in interest rates

???

Following the change in aggregate? demand, the new equilibrium is at? ______.

A.point A

B.point B

C.point C

D.point D

???

If potential GDP is? $1 trillion, the economy has___________gap.

Question 29

The table shows aggregate demand and? short-run aggregate supply in Japan. Potential GDP is 600 trillion yen.

??

???

Price level

?(GDP price?index)

Real GDP

demanded

Real GDP

supplied

?(trillions of 2005? yen)

75

600

400

105

450

550

135

300

700

Use the data to draw the aggregate demand curve and the aggregate supply curve. Label the curves.

???

Draw the potential GDP line and label it.

???

Draw a point at the? short-run equilibrium.

???

The? short-run macroeconomic equilibrium real GDP is

yen___________trillion and the equilibrium price level is _______.

??????

The size of the ____________gap is yen¥__________ trillion.

Question 30

?Full-employment equilibrium occurs when equilibrium real GDP? _____.

A.equals potential GDP

B.equals the price level

C.exceeds potential GDP

D.equals the interest rate

Question 31

A recessionary gap is a gap that exists when potential GDP? _____ real GDP and that brings a? _____ price level.

An inflationary gap is a gap that exists when real GDP? _____ potential GDP and that brings a? _____ price level.

A.?exceeds; falling;

?exceeds; rising

B.is less? than; falling;

?exceeds; falling

C.?exceeds; rising;

?exceeds; falling

D.?exceeds; rising;

is less? than; falling

Question 32

A real business cycle is a cycle that results from fluctuations in the pace of growth of? _____ and? _____.

A. labor? productivity; potential GDP

B. real? GDP; potential GDP

C. ?output; real GDP

D. labor? productivity; the real wage rate

Question 33

?Demand-pull inflation is an inflation that starts because? _____.

A. real GDP increases

B. aggregate supply decreases

C. aggregate demand increases

D. of labor productivity growth

Question 34

?Cost-push inflation is an inflation that begins with an increase in? _____.

A. aggregate demand

B. cost

C. real GDP

D. aggregate supply

Question 35

Macroeconomic equilibrium occurs when the quantity of real GDP? ______ equals the quantity of? ______.

A. ?supplied; potential GDP

B. ?demanded; real GDP supplied

C. ?demanded; real GDP supplied and potential GDP

D. ?demanded; potential GDP

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