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AGEC 217 QUIZZES || with Error-free Solutions.
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  • AGEC 217

Reporters are fond of the phrase, "Consumers are more than two-thirds of the economy." They mean that correct answers household consumption spending is more than two-thirds of total gross domestic product. Gross Domestic Product accountants measure the contribution of government to GDP by correc...

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  • November 2, 2024
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  • 2024/2025
  • Exam (elaborations)
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AGEC 217 QUIZZES || with Error-free Solutions.
Reporters are fond of the phrase, "Consumers are more than two-thirds of the economy." They
mean that correct answers household consumption spending is more than two-thirds of total
gross domestic product.

Gross Domestic Product accountants measure the contribution of government to GDP by correct
answers adding up the value of inputs that governments buy.

The percentage change in a price index from 2014 to 2015 is correct answers the inflation rate
for 2015.

Cyclical unemployment occurs when correct answers the economy falls into recession, workers
are laid off or let go, and people entering the labor force have difficulty finding jobs.

Over the economy falls into recession, workers are laid off or let go, and people entering the
labor force have difficulty finding jobs. correct answers tends to rise during or after recessions,
and fall during expansions.

How does nominal GDP differ from real GDP? correct answers Nominal GDP is measured in
current prices, meaning the prices from the year the GDP is measured, while real GDP is
measured in constant prices, meaning the prices from a "base year

If nominal GDP declines from one year to the next correct answers either the price level has
decreased, or output has decreased, or both

An annual inflation rate of 4.5% would mean correct answers the average of the prices in the
market basket are 4.5% higher this year than last year

If the corporate less-risky AAA bond interest rate is 2%, and the corporate more-risky BAA
bond interest rate is 4%, the interest rate spread is correct answers 2%

Suppose you earn $100,000 in 2020. Between 2020 and 2021 a price index increases from 100 to
105. To maintain the purchasing power of your salary, how much must you be paid in 2021?
(Type your answer as a 6-digit number. Do not use a "$" sign.) correct answers 105,000

Here are some consumer price indexes from the past 100+ years:

Year CPI
1909 9.1
1919 17.3
1929 17.1
1939 13.9
1949 23.8
1959 29.1
1969 36.7

, 1979 72.6
1989 118.3
1999 166.6
2009 214.5
2015 238.5
What was the inflation rate between 1969 and 1979? (Type the answer as a percent, that is, 50
not 0.5. correct answers 97.9

Take the second year's CPI, subtract the first year's CPI, and divide by the first year's CPI. Then
multiply the result by 100. If you get a positive number, there was inflation between the two
years. On average, the prices of consumer goods went up. A negative number means deflation
between those years. On average, the prices of consumer goods went down.

Here are some consumer price indexes from the past 100+ years:

Year CPI
1909 9.1
1919 17.3
1929 17.1
1939 13.9
1949 23.8
1959 29.1
1969 36.7
1979 72.6
1989 118.3
1999 166.6
2009 214.5
2015 238.5
The admission price was $1.00 in 1909. How much would the Speedway have had to charge in
1989 to match the purchasing power of $1 in 1909? In other words, how much was that in 1989?
correct answers 13.04

Here are prices of gasoline per gallon and the Consumer Price Index for some of the years since
1960.

Year Gas Price CPI
1960 0.31 29.6
1965 0.31 31.5
1970 0.36 38.8
1975 0.57 53.8
1980 1.22 82.4
1985 1.16 107.6
1990 1.16 130.7
1995 1.15 152.4
2000 1.51 172.2
2005 2.30 195.3

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