Question 1

-Refer to Exhibit 7-1.What is the value of net domestic product?

Accepted Answer

A)  $5,840 
B)  $5,731 
C)  $5,650 
D)  $5,767 
E)  $6,637 
A)  $5,840 
B)  $5,731 
C)  $5,650 
D)  $5,767 
E)  $6,637

Question 2

Which of the following is always a characteristic of the contraction phase of the business cycle?

Accepted Answer

A)  lower unemployment rates 
B)  a decline in Real GDP 
C)  higher inflation rates 
D)  a decline in GDP 
E)  all of the above 
A)  lower unemployment rates 
B)  a decline in Real GDP 
C)  higher inflation rates 
D)  a decline in GDP 
E)  all of the above

Question 3

A complete business cycle can be measured from peak to peak.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following statements is false?

Accepted Answer

A)  Real GDP in the United States was approximately seven times greater in 2012 than in 1950. 
B)  The U.S.population was approximately twice as large in 2012 than in 1950. 
C)  Nominal GDP in the United States was approximately seven times greater in 2012 than in 1950. 
D)  Real GDP is GDP adjusted for price changes. 
A)  Real GDP in the United States was approximately seven times greater in 2012 than in 1950. 
B)  The U.S.population was approximately twice as large in 2012 than in 1950. 
C)  Nominal GDP in the United States was approximately seven times greater in 2012 than in 1950. 
D)  Real GDP is GDP adjusted for price changes.

Question 5

Look at the following data: consumption = $715 billion; exports = $50 billion; imports = $83 billion; inventory investment = $125 billion; fixed investment = $400 billion; government purchases = $300 billion.GDP is equal to

Accepted Answer

A)  $1,673 billion. 
B)  $1,466 billion. 
C)  $1,911 billion. 
D)  $1,507 billion. 
E)  none of the above 
A)  $1,673 billion. 
B)  $1,466 billion. 
C)  $1,911 billion. 
D)  $1,507 billion. 
E)  none of the above

Question 6

-Refer to Exhibit 7-5.What was Country Z's economic growth rate between year 3 and year 4?

Accepted Answer

A)  6.1% 
B)  2.3% 
C)  3.0% 
D)  18.2% 
A)  6.1% 
B)  2.3% 
C)  3.0% 
D)  18.2%

Question 7

What is the proper sequence of the phases of a business cycle?

Accepted Answer

A)  peak,contraction,trough,expansion,recovery 
B)  peak,contraction,recovery,trough,expansion 
C)  peak,contraction,trough,recovery,expansion 
D)  contraction,peak,trough,recovery,expansion 
E)  recovery,trough,peak,expansion,contraction 
A)  peak,contraction,trough,expansion,recovery 
B)  peak,contraction,recovery,trough,expansion 
C)  peak,contraction,trough,recovery,expansion 
D)  contraction,peak,trough,recovery,expansion 
E)  recovery,trough,peak,expansion,contraction

-Refer to Exhibit 7-1.What is the value of net domestic product?

Which of the following is always a characteristic of the contraction phase of the business cycle?

A complete business cycle can be measured from peak to peak.

Which of the following statements is false?

Look at the following data: consumption = $715 billion; exports = $50 billion; imports = $83 billion; inventory investment = $125 billion; fixed investment = $400 billion; government purchases = $300 billion.GDP is equal to

-Refer to Exhibit 7-5.What was Country Z's economic growth rate between year 3 and year 4?

What is the proper sequence of the phases of a business cycle?

What Economics Is About

Production Possibilities Frontier Framework

Supply and Demand: Theory

Prices: Free,controlled,and Relative

Supply,demand,and Price: Applications

Elasticity

Production and Costs

Perfect Competition

Monopoly

Monopolistic Competition, oligopoly, and Game Theory

Government and Product Markets: Antitrust and Regulation

Factor Markets: With Emphasis on the Labor Market

Wages,union,and Labor

The Distribution of Income and Poverty

Interest,rent,and Profit

Market Failure: Externalities, public Goods, and Asymmetric Information

Public Choice and Special-Interest-Group Politics

Building Theories to Explain Everyday Life: From Observations to Questions to Theories to Predictions

International Trade

International Finance

The Economic Case for and Against Government: Five Topics Considered

Stocks,bonds,futures,and Options

Stocks,bonds,futures,and Options

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Exam 7: Consumer Choice: Maximizing Utility and Behavioral Economics

-Refer to Exhibit 7-1.What is the value of net domestic product?

Which of the following is always a characteristic of the contraction phase of the business cycle?

A complete business cycle can be measured from peak to peak.

Which of the following statements is false?

Look at the following data: consumption = $715 billion; exports = $50 billion; imports = $83 billion; inventory investment = $125 billion; fixed investment = $400 billion; government purchases = $300 billion.GDP is equal to

-Refer to Exhibit 7-5.What was Country Z's economic growth rate between year 3 and year 4?

What is the proper sequence of the phases of a business cycle?

What Economics Is About

Production Possibilities Frontier Framework

Supply and Demand: Theory

Prices: Free,controlled,and Relative

Supply,demand,and Price: Applications

Elasticity

Production and Costs

Perfect Competition

Monopoly

Monopolistic Competition, oligopoly, and Game Theory

Government and Product Markets: Antitrust and Regulation

Factor Markets: With Emphasis on the Labor Market

Wages,union,and Labor

The Distribution of Income and Poverty

Interest,rent,and Profit

Market Failure: Externalities, public Goods, and Asymmetric Information

Public Choice and Special-Interest-Group Politics

Building Theories to Explain Everyday Life: From Observations to Questions to Theories to Predictions

International Trade

International Finance

The Economic Case for and Against Government: Five Topics Considered

Stocks,bonds,futures,and Options

Stocks,bonds,futures,and Options

Filters