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ECN 211 Final (Exams 1, 2, 3) ASU Douglas Questions & answers
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ECN 211 Final (Exams 1, 2, 3) ASU Douglas
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ECN 211 Final (Exams 1, 2, 3) ASUDouglas
Which of the following is included in GDP?
A. recreational marijuana purchased from a drug dealer by a college student?
B. Recreational marijuana purchased and consumber by a man in his attic.
C. medical marijuana purchased from a government-run pharmacy by a glaucoma
patient.
D. All of the above - ANS-C. medical marijuana purchased from a government-run
pharmacy by a glaucoma patient.
you know a candy bar cost five cents in 1962. You also know the CPI for 1962 and the
CPI today. Which of the following would you use to compute the price?
A. five cents * today's CPI- five cents * CPI in 1962
B.Five cents *(1962 CPI/ Today's CPI)
C. five cents * (Today's CPI/ 1962 CPI)
D. five cents * (today's CPI - 1962 CPI)/1962 CPI - ANS-C. five cents * (Today's CPI/
1962 CPI)
Discouraged workers are included in...
A. Frictional Unemployment
B.The number of unemployed
C. the labor force
D. none of the above - ANS-D. none of the above
when a country has a comparative advantage in producing a certain good,
A. The country should produce just enough of that good for its own consumption.
B. the country should import that good.
C. The country's opportunity cost of that good is high relative to other countries'
opportunity costs of the same good.
D. None of the above - ANS-D. None of the above
The unemployment rate is computed as the number of unemployed
A. times the labor-force participation rate, all times 100.
B. divided by the adult population, all times 100
C. divided by the number of employed, all times 100
, D. Divided by the labor force, all times 100. - ANS-C. divided by the number of
employed, all times 100
In the economy of Talikastan in 2015, exports were $500, GDP was $6400, Government
Purchases were $1700, Imports were $400, and investment was $1800. What was
Talikastan's consumption in 2015?
A. $2000
B. $3800
C. $2800
D. $3000 - ANS-A. $2000
Sheri, a U.S. Citizen, works only in Germany. The value she adds to the production in
Germany is included..
A. in German GDP, but is not included in U.S. GDP
B. in U.S. GDP, but is not included in German GDP
C. in both German GDP and U.S. GDP.
D. in neither German GDP nor U.S. GDP. - ANS-A. in German GDP, but is not included
in U.S. GDP
Transfer payments are:
A. not included in GDP because they are not payments for currently produced goods or
services.
B. Included in GDP because they eventually will be spent on consumption.
C. Included in GDP because they represent income to individuals.
D. not included in GDP because taxes will have to be raised to pay for them. - ANS-A.
not included in GDP because they are not payments for currently produced goods or
services.
Cyclical unemployment refers to
A. Changes in unemployment due to changes in natural rate of unemployment.
B. The portion of unemployment created by job search.
C. The portion of unemployment created by wages set above the equilibrium level.
D. short-run fluctuations around the natural rate of unemployment. - ANS-D. short-run
fluctuations around the natural rate of unemployment.
The CPI is more commonly used as a gauge of inflation than the GDP deflator is
because
A. the GDP inflator cannot be used to gauge inflation.
B. the CPI is calculated more often than the GDP deflator is
C. the CPI is easier to measure
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