ECON 104 Bille Goffe Final Exam Questions Reviewed And Revised With Correct Answers
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Course
ECON 104
Institution
ECON 104
ECON 104 Bille Goffe Final Exam
Questions Reviewed And Revised
With Correct Answers
1) Which of the following compares prices in one year to prices
in a base year (or period)? -real GDP and the GDP deflator -nominal GDP and real GDP -the CPI and nominal GDP -the GDP deflator and the CPI - ...
ECON 104 Bille Goffe Final Exam
Questions Reviewed And Revised
With Correct Answers
1) Which of the following compares prices in one year to prices
in a base year (or period)?
-real GDP and the GDP deflator
-nominal GDP and real GDP
-the CPI and nominal GDP
-the GDP deflator and the CPI - ANSWER the GDP deflator
and the CPI
2) How much did your real wage grow if your nominal wage
grew by 5% and the CPI grew by 2%?
-5%
-2%
-7%
-3% - ANSWER 3%
,3) Which tracks the LEAST number of goods and services?
-the GDP deflator
-the core CPI
-the headline CPI - ANSWER the core CPI
4) Which would you need if you wished to calculate economic
growth?
-the GDP deflator
-real GDP
-nominal GDP
-the CPI - ANSWER real GDP
5) According to the material presented in class, it seems that in
recent decades innovation has ____.
-slowed down
-speeded up - ANSWER slowed down
6) Which would be the best example of creative destruction?
-someone going to college to earn a higher wage
-the government banning specific goods
7) In 2000, real GDP in a country was $20 trillion and the GDP
deflator was 100. In 2020, real GDP was $28 trillion and the
GDP deflator was 120. What would be the average annual rate
of economic growth from 2000 to 2020? Note that ^ is the
symbol for an exponent.
-((28 - 20)/20) • 100
-((120 - 100)/100)) • 100
-((120/100)^(1/20) -1) • 100
-((28/20)^(1/20) -1) • 100 - ANSWER ((28/20)^(1/20) -1) •
100
8) Which is most likely to help a country grow in today's world?
-the government regulating prices in the county
-abundant natural resources in the country
-strong institutions in the country - ANSWER strong
institutions in the country
9)1 Which is the best example of an institution?
-a country's legal system
, -the use of markets in a country
-the amount of capital in a country
-the number of workers in a country - ANSWER a country's
legal system
10) According to one of the assigned articles, food banks found
that markets help them better allocate donations they
received.
-true
-false - ANSWER true
Which of the following would be most likely to lead to
economic growth over a century?
-increases in technology
-increases in K/L
-increases in the fraction of the population that works -
ANSWER increases in technology
What growth rates can the Rule of 70 be applied to?
-just the CPI
-the growth rate of any variable
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