Which of the following would be included in the calculation of Gross Domestic Product (GDP)? A) the value of spending on new machinery and equipment B) the value of the sale of 1,000 shares of IBM stock C) the value of transfer payments D) the value of the sale of a used guitar ANSWER […]
Date: September 2nd, 2020
According to the above table, if per capita real GDP is currently $1000, then at a constant annual rate of growth of 8 percent, per capita real GDP ten years from now will be equal to A) $2140. B) $2160. C) $2000. D) $2590. ANSWER B
Date: September 2nd, 2020
The major change in American labor markets this century is A) the steady rise of the unemployment rate. B) the steady rise of the employment rate. C) the increase in the labor-force participation rate. D) the increase in the female labor-force participation rate. ANSWER D
Date: September 2nd, 2020
The full-employment and full-adjustment level of real Gross Domestic Product (GDP) in the economy is represented by A) the horizontal line at the price level. B) the LRAS curve. C) the distance between the LRAS curve and the AD curve. D) the AD curve. ANSWER B
Date: September 2nd, 2020
U.S. Gross Domestic Product (GDP) does NOT include which of the following? A) the value of goods produced in a foreign country by U.S. owned firms B) the purchase of all final goods and services by U.S. households C) U.S. exports to other countries D) business investment in the United States ANSWER A
Date: September 2nd, 2020
A human resource such as ingenuity can be thought of as A) part of government spending programs. B) part of a country’s endowment. C) a causal factor for aggregate supply shifting left. D) a positive for imports. ANSWER B
Date: September 2nd, 2020
Which of the following would NOT be a factor that has contributed to the rising female labor force participation rate? A) greater access to training B) greater access to education C) increasing family size D) reduction of barriers to competing with men for jobs ANSWER C
Date: September 2nd, 2020
Which of the following will NOT cause a leftward shift in the Long-Run Aggregate Supply curve? A) a reduction in the amount of capital B) a reduction in government spending C) a reduction in the amount of oil D) a net outflow of human capital ANSWER B
Date: September 2nd, 2020
Which of the following best describes a nation’s Gross Domestic Product? A) the market value of all goods and services produced in the economy, including intermediate goods B) the market value of all goods and services less depreciation C) the constant dollar value of all goods produced in the economy during a year period D) […]
Date: September 2nd, 2020
Suppose per capita real GDP grows by 7% per year. Based on the Rule of 70, approximately how many years will it take for the level of per capita real GDP to double? A) 7 years B) 10 years C) 4.9 years D) none of the above ANSWER B
Date: September 2nd, 2020
