For the next questions, suppose a country has the following quarterly growth data for the last three years: \[\begin{array} { l l l l l } \hline \text { Year } & \text { Q1 } & \text { Q2 } & \text { Q3 } & \text { Q4 } \\ \hline 2010 & \text { 3.1 percent } & \text { 3.2 percent } & \text { 2.2 percent } & \text { 1.2 percent } \\ 2011 & \text { 3.1 percent } & \text {-4.1 percent } & - 2.2 \text { percent } & \text { 1.5 percent } \\ \text { 2012 } & \text { 1.3 percent } & \text { 1.2 percent } & \text { 3.2 percent } & \text { 3.3 percent } \\ \hline \end{array}\] -The country's long-run average growth rate is 3 percent. How many quarters were spent in recession?

A) six B) five C) four D) three E) two A) six B) five C) four D) three E) two

A) output and income are very different concepts. B) output and income are essentially identical. C) output is less than income. D) output is greater than income. E) income is measured in dollars but output is not. A) output and income are very different concepts. B) output and income are essentially identical. C) output is less than income. D) output is greater than income. E) income is measured in dollars but output is not.

Consider the following data that gives the quantity produced and unit price for three different goodsacross two different years to answer the next questions. Assume that the base year is 2012 \[\begin{array} { l l c l l } \hline \text { Good } & \text { 2012 Price } & \text { 2012 Quantity } & \text { 2013 Price } & \text { 2013 Quantity } \\ \hline \text { A } & \$ 2.00 & 500 & \$ 2.50 & 600 \\ \text { B } & \$ 4.00 & 1,000 & \$ 5.00 & 900 \\ \text { C } & \$ 2.00 & 200 & \$ 1.00 & 300 \\ \hline \end{array}\] -What was the growth rate of real gross domestic product GDP) between the two years?

A) 1.67 percent B) 0 percent C) 3.2 percent D) 2.4 percent E) 4.4 percent A) 1.67 percent B) 0 percent C) 3.2 percent D) 2.4 percent E) 4.4 percent

Exam 6: Introduction to Macroeconomics and Gross Domestic Product

For the next questions, suppose a country has the following quarterly growth data for the last three years: Year Q1 Q2 Q3 Q4 2010 3.1 percent 3.2 percent 2.2 percent 1.2 percent 2011 3.1 percent -4.1 percent -2.2 percent 1.5 percent 2012 1.3 percent 1.2 percent 3.2 percent 3.3 percent -The country's long-run average growth rate is 3 percent. How many quarters were spent in recession?

(Multiple Choice)

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Question 101

Which country has had a recent surge in per capita gross domestic product GDP) after many years where it remained low?

(Multiple Choice)

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Question 102

Nominal gross domestic product GDP) increased from $15.62 trillion to $16.09 trillion, and the price level increased from 120.0 to 122.4. Rounding to the nearest second decimal, the growth rate of real GDP was approximately

(Multiple Choice)

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Question 103

Which of the following is a service?

(Multiple Choice)

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Question 104

Identify three reasons why gross domestic product GDP) is not a perfect measure of a nation's well-being.

(Essay)

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Question 105

Which country has seen a decline in per capita gross domestic product GDP) since the 1970s?

(Multiple Choice)

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Question 106

The consumption category includes all purchases

(Multiple Choice)

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Question 107

The government purchases category of gross domestic product GDP) includes spending by

(Multiple Choice)

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Question 108

The difference between microeconomics and macroeconomics is a matter of

(Multiple Choice)

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Question 109

Ford produces 100,000 cars this year and only sells 95,000. The 5,000 cars that are not sold_ listed in_ category of gross domestic product (GDP).

(Multiple Choice)

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Question 110

In macroeconomics

(Multiple Choice)

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Question 111

Net exports can be defined as

(Multiple Choice)

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Question 112

A company sells 100 boxes of chocolate, yet it only produced 90 boxes of chocolate during the year. Which of the following is true?

(Multiple Choice)

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Question 113

Consider the following figure to answer the next questions: -During which period was the economy in a contraction?

(Multiple Choice)

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Question 114

Macroeconomics includes the study of

(Multiple Choice)

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Question 115

When gross domestic product GDP) increases, national income and national output .

(Multiple Choice)

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Question 116

Gross domestic product GDP) is not a good measure of the

(Multiple Choice)

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Question 117

Consider the following data that gives the quantity produced and unit price for three different goodsacross two different years to answer the next questions. Assume that the base year is 2012 Good 2012 Price 2012 Quantity 2013 Price 2013 Quantity A \ 2.00 500 \ 2.50 600 B \ 4.00 1,000 \ 5.00 900 C \ 2.00 200 \ 1.00 300 -What was the growth rate of real gross domestic product GDP) between the two years?

(Multiple Choice)

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Question 118

Real income for people in the United States was between two and three times as much in 2015 as it was in

(Multiple Choice)

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Question 119

Which of the following is included in the government purchases category of gross domestic product GDP)?

(Multiple Choice)

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Question 120

Which country has had a recent surge in per capita gross domestic product GDP) after many years where it remained low?

Nominal gross domestic product GDP) increased from $15.62 trillion to $16.09 trillion, and the price level increased from 120.0 to 122.4. Rounding to the nearest second decimal, the growth rate of real GDP was approximately

Which of the following is a service?

Identify three reasons why gross domestic product GDP) is not a perfect measure of a nation's well-being.

Which country has seen a decline in per capita gross domestic product GDP) since the 1970s?

The consumption category includes all purchases

The government purchases category of gross domestic product GDP) includes spending by

The difference between microeconomics and macroeconomics is a matter of

Ford produces 100,000 cars this year and only sells 95,000. The 5,000 cars that are not sold_ listed in_ category of gross domestic product (GDP).

In macroeconomics

Net exports can be defined as

A company sells 100 boxes of chocolate, yet it only produced 90 boxes of chocolate during the year. Which of the following is true?

Consider the following figure to answer the next questions: -During which period was the economy in a contraction?

Macroeconomics includes the study of

When gross domestic product GDP) increases, national income and national output .

Gross domestic product GDP) is not a good measure of the

Real income for people in the United States was between two and three times as much in 2015 as it was in

Which of the following is included in the government purchases category of gross domestic product GDP)?

Five Foundations of Economics

Model Building and Gains From Trade

The Market at Work: Supply and Demand Y

Market Outcomes and Tax Incidence

Price Controls

Unemployment

The Price Level and Inflation

Savings, Interest Rates, and the Market for Loanable Funds

Financial Markets and Securities

Economic Growth and the Wealth of Nations

Growth Theory

The Aggregate Demandaggregate Supply Model

Recessions, Expansions, and the Debate Over How to Manage Them

Federal Budgets: the Tools of Fiscal Policy

Fiscal Policy

Money and the Federal Reserve

Monetary Policy

International Trade

International Finance

Filters

Exam 6: Introduction to Macroeconomics and Gross Domestic Product

Which country has had a recent surge in per capita gross domestic product GDP) after many years where it remained low?

Nominal gross domestic product GDP) increased from $15.62 trillion to $16.09 trillion, and the price level increased from 120.0 to 122.4. Rounding to the nearest second decimal, the growth rate of real GDP was approximately

Which of the following is a service?

Identify three reasons why gross domestic product GDP) is not a perfect measure of a nation's well-being.

Which country has seen a decline in per capita gross domestic product GDP) since the 1970s?

The consumption category includes all purchases

The government purchases category of gross domestic product GDP) includes spending by

The difference between microeconomics and macroeconomics is a matter of

Ford produces 100,000 cars this year and only sells 95,000. The 5,000 cars that are not sold_____ listed in_____ category of gross domestic product (GDP).

In macroeconomics

Net exports can be defined as

A company sells 100 boxes of chocolate, yet it only produced 90 boxes of chocolate during the year. Which of the following is true?

Consider the following figure to answer the next questions: -During which period was the economy in a contraction?

Macroeconomics includes the study of

When gross domestic product GDP) increases, national income______ and national output ______.

Gross domestic product GDP) is not a good measure of the

Real income for people in the United States was between two and three times as much in 2015 as it was in

Which of the following is included in the government purchases category of gross domestic product GDP)?

Five Foundations of Economics

Model Building and Gains From Trade

The Market at Work: Supply and Demand Y

Market Outcomes and Tax Incidence

Price Controls

Unemployment

The Price Level and Inflation

Savings, Interest Rates, and the Market for Loanable Funds

Financial Markets and Securities

Economic Growth and the Wealth of Nations

Growth Theory

The Aggregate Demandaggregate Supply Model

Recessions, Expansions, and the Debate Over How to Manage Them

Federal Budgets: the Tools of Fiscal Policy

Fiscal Policy

Money and the Federal Reserve

Monetary Policy

International Trade

International Finance

Filters

Ford produces 100,000 cars this year and only sells 95,000. The 5,000 cars that are not sold_ listed in_ category of gross domestic product (GDP).

When gross domestic product GDP) increases, national income and national output .