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Economics And Society

by: Chasity Lemke DVM

Economics And Society ECON 1050

Chasity Lemke DVM
GPA 3.98


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This 3 page Class Notes was uploaded by Chasity Lemke DVM on Sunday October 11, 2015. The Class Notes belongs to ECON 1050 at East Tennessee State University taught by Staff in Fall. Since its upload, it has received 5 views. For similar materials see /class/221416/econ-1050-east-tennessee-state-university in Economcs at East Tennessee State University.


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Date Created: 10/11/15
Economics 1050 Test 3 Answer in bold Multiple Choice 4 pts Each 1 Which of the following best describes gross domestic product GDP a The market value of all inputs used to produce all nal goods and services in a nation during a period of time b The market value of all nal goods and services produced in a nation during a period of time c The quantity of all goods and services produced in a nation during a period of time d The average price of all goods and serviced produced in a nation during a period of time 2 Which of the following would be counted as a nal good for inclusion in GDP a A piece of glass bought this year by a consumer to x a broken window b A sheet of glass produced this year by Ford for windows in a new car c A tire produced this year and sold to a car maker for a new car sold this year d None of the above would be counted in GDP Exhibit 1 Gross domestic product data National income account billions of dollars Personal consumption expenditures C 1000 Exports X 100 Federal government spending G 200 State and local government G 400 Imports M 20 Gross private domestic investment I 75 3 As shown in Exhibit 1 total expenditures by households for domestically produced goods is a 1000 billion b 100 billion c 600 billion d 20 billion 4 Personal income received minus personal taxes is called a national income b personal income c disposable personal income d transfer payments e net national product 5 Suppose in Year X GDP was 7242 billion and the GDP chain price index is 1175 Real GDP in constant dollars is a 5488 billion 72421175100 6163 b 6163 billion c 6740 billion d 7789 billion Economic growth is measured by the annual percentage increase in a nation39s level of a nominal GDP b real GDP c real GDP de ator d economic indicators Which of the following people would be officially counted as unemployed a A person who works only 5 hours per week for pay b A fulltime college student who chooses not to have a paying job c A family member who works 20 hours per week without pay d Ajobless high school graduate who is actively looking for work Consider an economy made up of 100 people 50 hold jobs 10 are looking for work 25 have quit looking for work and 15 are retired The unemployment rate is approximately a 10 percent b 12 percent c 17 percent 1060100 17 d 20 percent e 25 percent A mismatch of the skills of unemployed workers and the skills required for existing jobs is defined as a involuntary unemployment b cyclical unemployment c structural unemployment d frictional unemployment De ation means a decrease in a the rate of in ation b the unemployment rate c homes autos and basic resources d the general level of prices in the economy When the in ation rate rises the purchasing power of nominal income a remains unchanged b decreases c increases d changes by the in ation rate minus one The fraction of each added dollar of disposable income that is used for consumption is called the a average propensity to consumer APC b autonomous consumption rate ACR c marginal consumption propensity MCP d marginal propensity to consume MPC 13 quotTax cuts by providing incentives to work save and invest will raise employment and lower the price levelquot This argument is made by the a Keynesian economists b supply side economists c classical economists d monetarists 14 Anything can be money if it acts as a a unit of account b store of value c medium of exchange d All ofthe above must be correct 15 Decisions regarding purchases and sales of government securities by the Fed are made by the a Federal Funds Committee b Discount Committee c Federal Open Market Committee d FDIC Problem Exhibit 2 Consumer Price Index Year Consumer Price Index 1 2 100 3 105 4 125 5 150 16 As shown in Exhibit 2 what is the rate of in ation for Year 2 Inf 1008080 100 25


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