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ASU ECN 211 EXAM 2 Review (Chapter 11-12 & 15-16) Questions and Answers 100% Correct |
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ASU ECN 211 EXAM 2 Review (Chapter 11-12 & 15-16) Questions and Answers 100% Correct |
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ASU ECN 211 EXAM 2 Review (Chapter 11-12 & 15-16) Questions and Answers 100%
Correct | 2024-2025
Which of the following are used to defer payments and are therefore not money?
- ANSWER Credit cards
Which type of money has no intrinsic value? - ANSWER Fiat money
Last year, a computer company made 600 laptops with 1200 hours of labor. This
year, it made 900 laptops with 1200 hours of labor. What can you say about
company's productivity? - ANSWER Productivity increased by 50%
Suppose the consumer price index is 89 in 2012, 94 in 2014, 100 in 2016, and 103
in 2018. If social security benefit were $1000 in 2012 and we indexed them for
inflation, the social security benefits would have been _________ in 2014. -
ANSWER $1056.18
The labour force participation rate is computing as 100 x ______________. -
ANSWER (E +UE)/Adult population
(the number of people employed + the number of people unemployed) divided by
the adult institutionalised population.
A bank which must hold 100% reserves opens in an economy that had no banks
and a currency of $1000. If customers deposit $87 into the bank, what is the value
of the money supply? - ANSWER $1000
, A computer company made 600 laptops with 1200 hours of labour. What is the
company's productivity? - ANSWER 1/2 laptops per hour.
It is possible to increase economic growth with population growth because
_________________. - ANSWER With more people, there are more scientists
and investors to contribute to technological advances.
Suppose that the adult non-institutionalized population of California is 30 million.
If 18 million people are employed and 1.5 million are unemployed then: -
ANSWER 19.5 million are in the labour force.
The consumer price index is a perfect measure of inflation in our economy. -
ANSWER False.
Suppose the Fed purchases $50,000 worth of government bonds from the public.
You know that eventually the money supply will: - ANSWER Increase by more
than $50,000
Last year real GDP in the imaginary economy was $125 billion and the population
was 5 billion. This year, real GDP is $132 billion and the population was 5.2 million.
What was the growth rate of real GDP per person during the year? - ANSWER
1.54%
An orchard employs 10 workers, each working eight hours, to produce 160 boxes
of apples. What is orchard's productivity? - ANSWER 2 boxes per worker per
hour.
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