ECO 202 Final UPDATED ACTUAL Questions and CORRECT Answers
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Course
ECO202
Institution
ECO202
ECO 202 Final UPDATED ACTUAL
Questions and CORRECT Answers
The purchase by a household in China of a CD produced in the United States is included in
US - CORRECT ANSWER- Net exports
Refer to Table 8-3. Consider the data above (in billions of dollars) for an economy: Gross
domestic product (i...
ECO 202 Final UPDATED ACTUAL
Questions and CORRECT Answers
The purchase by a household in China of a CD produced in the United States is included in
US - CORRECT ANSWER- ✔✔Net exports
Refer to Table 8-3. Consider the data above (in billions of dollars) for an economy: Gross
domestic product (in billions of dollars) for this economy equals - CORRECT ANSWER-
✔✔$1,100
The demand for loanable funds is downward sloping because the _________ the interest rate,
the ________ the number of profitable investment projects a firm can undertake, and the
________ the quantity demanded of loanable funds. - CORRECT ANSWER- ✔✔lower,
greater, greater
The nominal interest rate will be less than real interest rate when - CORRECT ANSWER-
✔✔the rate of inflation is negative
Which of the following is likely to increase measured GDP? - CORRECT ANSWER-
✔✔Marijuana becomes legal to grow and sell
"Household production" refers to - CORRECT ANSWER- ✔✔goods and services people
produce for themselves
Table 8-11. Consider the following data for Tyrovia, a country that produces only two
products: guns and butter.
Real GDP for Tyrovia for 2013 using 2005 at the base year equals - CORRECT ANSWER-
✔✔$690
In periods when prices are falling, on average, - CORRECT ANSWER- ✔✔real GDP will
grow faster than nominal GDP
An inflation rate of 5% between 2013 and 2014 would be implied by a change in the GDP
deflator from ______ in 2013 to ________ in 2014. - CORRECT ANSWER- ✔✔260; 273
, Table 8-20. Given the following information, calcuate the rate of increase in the price level
from 2012 to 2013. - CORRECT ANSWER- ✔✔8.6%
The value of what a U.S.-owned McDonald's produces in South Korea is included in the U.S.
______ and the South Korean _______. - CORRECT ANSWER- ✔✔GNP; GDP
Which of the following would increase GNP in the United States? - CORRECT ANSWER-
✔✔An increase in the production of U.S.-owned General Motors cares made in Mexico
The Bureau of Labor Statistics would categorize a person as ________ is they were
temporarily away from their job because they were ill. - CORRECT ANSWER-
✔✔employed
Which of the following describes a situation in which the person is hurt by inflation? -
CORRECT ANSWER- ✔✔A person who is paid a fixed income during an inflationary period
The cost to firms of changing prices - CORRECT ANSWER- ✔✔is called a menu cost
If the number of unemployed workers is 19 million, the number in the working-age
population is 500 million, and the unemployment rate is 4%, how many workers are in the
labor force? - CORRECT ANSWER- ✔✔475 million
Full employment is not considered to be zero unemployment because - CORRECT
ANSWER- ✔✔people do not find jobs instantaneously
Table 9-2. Assume the market basket for the consumer price index has two products - bread
and milk - with the following values in 2006 and 2013 for price and quantity: the Consumer
Price Index for 2013 equals - CORRECT ANSWER- ✔✔116
Assume the average annual CPI values for 2012 and 2013 were 207.3 and 215.3, respectively.
What was the percent increase in the CPI between these two years? - CORRECT ANSWER-
✔✔3.86
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