Question 1

An estimate of total employment in the economy can be obtained from:

Accepted Answer

A) both the household and establishment surveys. 
B) from the household survey, but not from the establishment survey. 
C) from the establishment survey, but not from the household survey. 
D) from neither the household nor the establishment surveys. 
A) both the household and establishment surveys. 
B) from the household survey, but not from the establishment survey. 
C) from the establishment survey, but not from the household survey. 
D) from neither the household nor the establishment surveys.

Question 2

The number of households interviewed in the monthly employment survey of the U.S. Bureau of Labor Statistics is approximately:

Accepted Answer

A) 6,000. 
B) 60,000. 
C) 600,000. 
D) 6 million. 
A) 6,000. 
B) 60,000. 
C) 600,000. 
D) 6 million.

Question 3

The core inflation rate:

Accepted Answer

A) measures the change in producer prices. 
B) is measured using a Paasche index. 
C) excludes food and energy prices. 
D) includes the price of exports and includes the price of imports. 
A) measures the change in producer prices. 
B) is measured using a Paasche index. 
C) excludes food and energy prices. 
D) includes the price of exports and includes the price of imports.

Question 4

To compute the value of GDP:

Accepted Answer

A) goods and services are valued at market 
B) prices. the sale of used goods is included. 
C) production for inventory is not included. 
D) goods and services are valued by weight. 
A) goods and services are valued at market 
B) prices. the sale of used goods is included. 
C) production for inventory is not included. 
D) goods and services are valued by weight.

Question 5

According to the usual seasonal pattern of the U.S. economy, GDP is highest in the quarter of the year that includes:

Accepted Answer

A) January, February, and March. 
B) April, May, and June. 
C) July, August, and September. 
D) October, November, and December. 
A) January, February, and March. 
B) April, May, and June. 
C) July, August, and September. 
D) October, November, and December.

Question 6

The statistic used by economists to measure the value of economic output is:

Accepted Answer

A) the CPI. 
B) GDP. 
C) the GDP deflator. 
D) the unemployment rate. 
A) the CPI. 
B) GDP. 
C) the GDP deflator. 
D) the unemployment rate.

Question 7

If nominal GDP grew by 5 percent and real GDP grew by 3 percent, then the GDP deflator grew by approximately percent.

Accepted Answer

A) 2 
B) 3 
C) 5 
D) 8 
A) 2 
B) 3 
C) 5 
D) 8

Question 8

If nominal GDP increased by 5 percent and the GDP deflator increased by 3 percent, then real GDP by percent.

Accepted Answer

A) increased; 2 
B) decreased; 2 
C) increased; 8 
D) decreased; 8 
A) increased; 2 
B) decreased; 2 
C) increased; 8 
D) decreased; 8

Question 9

Assume that the adult population of the United States is 191.6 million, total employment is 117.6 million, and 9.4 million are unemployed. Then the unemployment rate, as normally computed, is approximately percent.

Accepted Answer

A) 4.9 
B) 7.4 
C) 7.9 
D) 9.4 
A) 4.9 
B) 7.4 
C) 7.9 
D) 9.4

Question 10

All of the following are measures of GDP except the total:

Accepted Answer

A) expenditures of all businesses in the economy. 
B) income from all production in the economy. 
C) expenditures on all final goods and services produced. 
D) value of all final production. 
A) expenditures of all businesses in the economy. 
B) income from all production in the economy. 
C) expenditures on all final goods and services produced. 
D) value of all final production.

Question 11

If total investment (measured in billions of current dollars) equals $741, business fixed investment is $524, and residential fixed investment is $222, then inventory investment is:

Accepted Answer

A) $5. 
B) -$5. 
C) $15. 
D) -$15. 
A) $5. 
B) -$5. 
C) $15. 
D) -$15.

Question 12

GDP is the market value of all goods and services produced within an economy in a given period of time.

Accepted Answer

A) used 
B) intermediate 
C) consumer 
D) final 
A) used 
B) intermediate 
C) consumer 
D) final

Question 13

The best measure of the economic satisfaction of the members of a society is:

Accepted Answer

A) nominal GDP. 
B) real GDP. 
C) the rate of inflation. 
D) the value of corporate profits. 
A) nominal GDP. 
B) real GDP. 
C) the rate of inflation. 
D) the value of corporate profits.

Question 14

In 2010, American net borrowings from abroad, per person, in current dollars, amounted to approximately:

Accepted Answer

A) $100. 
B) $220. 
C) $1,675. 
D) $10,000. 
A) $100. 
B) $220. 
C) $1,675. 
D) $10,000.

Question 15

If nominal GDP in 2009 equals $14 trillion and real GDP in 2009 equals $11 trillion, what is the value of the GDP deflator?

Accepted Answer

A) 0.79 
B) 1.03 
C) 1.27 
D) 1.30 
A) 0.79 
B) 1.03 
C) 1.27 
D) 1.30

Question 16

If total consumption (measured in billions of current dollars) equals $3,657, consumption of durable goods is $480, and consumption of nondurable goods is $1,194, then consumption of services is:

Accepted Answer

A) $1,674. 
B) $2,463. 
C) $2,083. 
D) $1,983. 
A) $1,674. 
B) $2,463. 
C) $2,083. 
D) $1,983.

Question 17

The labor force equals the:

Accepted Answer

A) adult population. 
B) number of employed individuals. 
C) number of unemployed individuals. 
D) number of employed and unemployed individuals. 
A) adult population. 
B) number of employed individuals. 
C) number of unemployed individuals. 
D) number of employed and unemployed individuals.

Question 18

Imputed values included in GDP are the:

Accepted Answer

A) market prices of goods and services. 
B) estimated value of goods and services that are not sold in the marketplace. 
C) price of goods and services measured in constant prices. 
D) price of goods and services measured in current prices. 
A) market prices of goods and services. 
B) estimated value of goods and services that are not sold in the marketplace. 
C) price of goods and services measured in constant prices. 
D) price of goods and services measured in current prices.

Question 19

In principle, the GDP accounts should-but do not-have an imputation for:

Accepted Answer

A) housing services enjoyed by homeowners. 
B) rental services of automobiles driven by owners. 
C) meals cooked in restaurants. 
D) housing services enjoyed by renters. 
A) housing services enjoyed by homeowners. 
B) rental services of automobiles driven by owners. 
C) meals cooked in restaurants. 
D) housing services enjoyed by renters.

Question 20

All of the following actions are investments in the sense of the term used by macroeconomists except:

Accepted Answer

A) IBM's building a new factory. 
B) corner candy store's buying a new computer. 
C) John Smith's buying a newly constructed home. 
D) Sandra Santiago's buying 100 shares of IBM stock. 
A) IBM's building a new factory. 
B) corner candy store's buying a new computer. 
C) John Smith's buying a newly constructed home. 
D) Sandra Santiago's buying 100 shares of IBM stock.

An estimate of total employment in the economy can be obtained from:

The number of households interviewed in the monthly employment survey of the U.S. Bureau of Labor Statistics is approximately:

The core inflation rate:

To compute the value of GDP:

According to the usual seasonal pattern of the U.S. economy, GDP is highest in the quarter of the year that includes:

The statistic used by economists to measure the value of economic output is:

If nominal GDP grew by 5 percent and real GDP grew by 3 percent, then the GDP deflator grew by approximately percent.

If nominal GDP increased by 5 percent and the GDP deflator increased by 3 percent, then real GDP by percent.

Assume that the adult population of the United States is 191.6 million, total employment is 117.6 million, and 9.4 million are unemployed. Then the unemployment rate, as normally computed, is approximately percent.

All of the following are measures of GDP except the total:

If total investment (measured in billions of current dollars) equals $741, business fixed investment is $524, and residential fixed investment is $222, then inventory investment is:

GDP is the market value of all goods and services produced within an economy in a given period of time.

The best measure of the economic satisfaction of the members of a society is:

In 2010, American net borrowings from abroad, per person, in current dollars, amounted to approximately:

If nominal GDP in 2009 equals $14 trillion and real GDP in 2009 equals $11 trillion, what is the value of the GDP deflator?

If total consumption (measured in billions of current dollars) equals $3,657, consumption of durable goods is $480, and consumption of nondurable goods is $1,194, then consumption of services is:

The labor force equals the:

Imputed values included in GDP are the:

In principle, the GDP accounts should-but do not-have an imputation for:

All of the following actions are investments in the sense of the term used by macroeconomists except:

The Science of Macroeconomics

National Income Where It Comes From and Where It Goes

Money and Inflation

The Open Economy

Unemployment

Economic Growth I: Capital Accumulation and Population Growth

Economic Growth II: Technology, Empirics, and Policy

Introduction to Economic Fluctuations

Aggregate Demand I: Building the Is-Lm Model

Aggregate Demand II: Applying the Is-Lm Model

The Open Economy Revisited: the Mundell-Fleming Model and the Exchange-Rate Regime

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Exam 2: The Data of Macroeconomics

An estimate of total employment in the economy can be obtained from:

The number of households interviewed in the monthly employment survey of the U.S. Bureau of Labor Statistics is approximately:

The core inflation rate:

To compute the value of GDP:

According to the usual seasonal pattern of the U.S. economy, GDP is highest in the quarter of the year that includes:

The statistic used by economists to measure the value of economic output is:

If nominal GDP grew by 5 percent and real GDP grew by 3 percent, then the GDP deflator grew by approximately percent.

If nominal GDP increased by 5 percent and the GDP deflator increased by 3 percent, then real GDP by percent.

Assume that the adult population of the United States is 191.6 million, total employment is 117.6 million, and 9.4 million are unemployed. Then the unemployment rate, as normally computed, is approximately percent.

All of the following are measures of GDP except the total:

If total investment (measured in billions of current dollars) equals $741, business fixed investment is $524, and residential fixed investment is $222, then inventory investment is:

GDP is the market value of all goods and services produced within an economy in a given period of time.

The best measure of the economic satisfaction of the members of a society is:

In 2010, American net borrowings from abroad, per person, in current dollars, amounted to approximately:

If nominal GDP in 2009 equals $14 trillion and real GDP in 2009 equals $11 trillion, what is the value of the GDP deflator?

If total consumption (measured in billions of current dollars) equals $3,657, consumption of durable goods is $480, and consumption of nondurable goods is $1,194, then consumption of services is:

The labor force equals the:

Imputed values included in GDP are the:

In principle, the GDP accounts should-but do not-have an imputation for:

All of the following actions are investments in the sense of the term used by macroeconomists except:

The Science of Macroeconomics

National Income Where It Comes From and Where It Goes

Money and Inflation

The Open Economy

Unemployment

Economic Growth I: Capital Accumulation and Population Growth

Economic Growth II: Technology, Empirics, and Policy

Introduction to Economic Fluctuations

Aggregate Demand I: Building the Is-Lm Model

Aggregate Demand II: Applying the Is-Lm Model

The Open Economy Revisited: the Mundell-Fleming Model and the Exchange-Rate Regime

Filters