Econ exam 2

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

According to the bureau of labor statistics, the actual unemployment rate was 8.3% in feb 2012 and the natural rate of unemployment was 5.2%. The ___ unemployment rate was

cyclical; 3.1%

look at the figure the Labor Markeet. What is the undemployment rate at an efficiency wage of $16

27%

look at the table labor force distribution. The unemployment rate is

3.85%

technological change

raises total factor productivity

intermediate goods are not counted in GDP because why

this would result in double counting

look at the table peanut butter and jelly. Suppose a market basket consists of 20 jars of peanut butter and 10 jars of jelly. What is the market basket in 2013?

$44.50

look at the table pizza economy III. Considering 2010 was the base year, nominal gdp in 2011 was:

$47,000

look at the figure technological progress and productivity growth. if there is an increase in physical capital per worker it is best indicated by a move from:

A to B ( movement along the curve)

look at the figure technological progress and productivity growth. which of the following changes in real GDP is most likely to have resulted from an increase in domestic savings?

A to B (movement along the curve)

to acquire human capital a person would

learn to use a printing press

look at the figure the market for loanable funds II. A decrease in government borrowing will shift the demand for loanable funds to the ___ and ___ the interest rate

left; decrease

suppose that jim just got a 20 thousand loan from his credit union to buy a new car. the loan is a ___ for jim and a ___ for the credit union

liability; financial asset

Which of the following might produce a new equilibrium interest rate of 4% and a new equilibrium quantity of loanable funds of 75 billion?

profit expectations for business investments become less optimistic

look at the figure the effect of a minimum wage. suppose the labor market is in equilibrium at E when the government imposes a minimum wage of Wf. Structural unemployment will equal

qs-qd

the total value of all final goods and services produced in a given year, calculated using the prices of a selected base year is

real GDP

look at the figure the market for loanable funds II. An increase in government borrowing will shift the demand for loanable funds to the ___ and ___ the interest rate

right; increase

All other things unchanged, a general increase in government borrowing will typically

shift the loanable funds demand curve to the right and increase interest rates

look at the figure the labor market. What is the size of the labor force at an efficiency wage of $16?

$110,000

look at the table pizza economy III. Using 2010 as the base year, realy GDP in 2010 was:

$114,000

consider an economy that produces on dvds and dvd players. last year, 10 dvds were sold at $20 each and 5 dvd players were sold at $100 each, while this year 15 dvds were sold at $10 each and 10 DVD players were sold at $50 each. Real GDP this year using last year as the year is

$1300

if during 2011, the republic of sildavia recorded a GDP of $65 billion, interest payments of $15 billion, imports of $13 billion, profits of $7 billion, exports of $15 billion, and rent of $7 billion, wages during 2011 in Sildavia were:

$36 billion

look at the scenario the aggregate production function. if k/l = 81 then real gdp per worker is

$4,050

Assume that the real GDP of the US is 12 trillion and the population of the US is 300 million what is the GDP per capita

$40,000

Look at the table pizza economy III. considering 2010 as the base year, given that total population was 1140 in 2010 and 1380 in 2011, real GDP per capita between 2010 and 2011 grew at a rate of:

-50%

if 99 million people are working and 1 million are unemployed but actively seeking work, then the unemployment rate is

1%

look at the table investment spending, private spending, and capital inflows. what is the budget balance as a percentage of GDP in Northlandia?

10%

look at the scenario Market basket. What is the value of the price index in 2010?

100

look at the table unemployment and employment data. the labor force in this economy is

100 million

look at the table peanut butter and jelly. Suppose a market basket consists of 20 jars of peanut butter and 10 jars of jelly. If 2012 is the base year, what is the rate of inflation between 2012 and 2013?

11.25%

according to the rule of 70, if a country's real GDP per capita grows at an annual rate of 2% instead of 3% it will take ___ additional years for that country to double its level of real GDP per capita

11.67 years

look at the scenario market basket. What is the value of the price index in 2011?

111

suppose there are 70 million people in the labor force, of whom 60 million are employed. The unemployment rate is

14.28%

If a country has a working age population of 200 million, 135 million people with jobs and 15 million people unemployed and seeking employment then the labor force is

150 million

look at the table peanut butter and jelly economy. How much of the increase in nominal GDP between 2010 and 2011 was due to inflation?

18.75%

suppose there is no trade and no government in a small economy. GDP is 25 trillion and consumption spending is 18 trillion this year. consumption is 8 trillion and gov. spending is 2 trillion. taxes are .5 trillion. how much is national savings?

2 trillion

suppose a panel of economists predicts that a nation's real GDP per capita will double in about 20 years. According to the rule of 70, what must be the predicted annual growth rate of real GDP per capita

3.5%

look at the table peanut butter and jelly economy. Nominal GDP in 2010 was

400

suppose there is no trade and no government in a small economy. GDP is 25 trillion and consumption spending is 18 trillion this year. there is a new government, and it imposes taxes on its citizens to spend on infastructure. Taxes and government spending are both $2 trillion What is the level of private saving now?

5 trillion

look at the table unemployment and employment data. The unemployment rate for this economy is

5%

suppose there is no trade and no government in a small economy. GDP is 25 trillion and consumption spending is 18 trillion this year. What is the level of private saving?

7 trillion

look at the table unemployment and employment data. If the marginally attached workers are included in the labor force and in the unemployment rate, the unemployment rate in this economy is

7.8%

a fixed interest rate of ___ with ___ inflation will yield the highest rate of return for a lender

8%; 1%

suppose a lender expects a real interest rate of 6% and the inflation rate is expected to be 3% in this case the nominal interest rate equals

9%

look at the figure technological progress and productivity growth. Which of the following changes in real GDP is most likely to have resulted from the deterioration of the nation's infrastructure over time?

B to A (moevement along the demand curve)

look at the figure technological progress and productivity growth. Which of the following changes in real GDP is most likely to have resulted from an increase in the quality of public health measures?

B to A (movement along the curve)

look at the figure technological progress and productivity growth. if there is a significant increase in human capital per worker, it is best indicated by a move from :

B to C (shift in curve)

look at the figure the market for loanable funds II. other things being equal, if there is a decrease in the interest rate below 8%, ___ quantity of loanable funds will be demanded

a larger

a shift away from taxing asset income and toward taxing consumption would lead to

a larger supply of loanable funds, a lower interest rate, and more investment spending.

what is an example of cyclical unemployment?

a real estate agent leaves a job in Texas and searches for a similar higher-paying job in Cali

an example of physical capital

a truck company purchases for deliveries

diminishing return to physical capital suggests that

at some point, increasing the amount of physical capital per worker is not worth the cost of the additional amount of capital

look at the figure technological progress and productivity growth. if there is significant technological progress it is best indicated by a move from

b to c (shift in the curve)

look at the figure technological progress and productivity growth. Which of the following changes in real GDP is most likely to have resulted from an increase in foreign investment?

both A to B and B to C

a bond

both a promise to pay interest each years and to repay the principal on a specified date and a liquid asset, since it is a standardized product with a markt in which the owner can sell it

national savings is the sum of private savings and

budget balance

northlandia has ___ while southlandia has a ___

budget surplus; balanced budget

the idea that relatively poor nations should have higher rates of growth of real GDP per capita than relatively rich nations is known as the

convergence hypothesis

what is the most liquid

currency

if real GDP rises while nominal GDP falls, then prices on average have

fallen

what is not a cause of structural unemployment?

granting social security benefits to laid off workers

what is not a factor that drives productivity growth

growth convergence

In the product markets

households demand goods and services

unexpected inflation ___ lenders and ___ borrowers

hurts; benefits

Which causes an outflow of funds from a domestic economy

imports

look at the figure the effect of a minimum wage. Suppose that after some time with a minimum wage of wf, the government abolishes the minimum wage. Employment will:

increase to Qe

look at the figure the effect of a minimum wage. suppose the labor market is in equilibrium at E when the government imposes a minimum wage of Wf. The quantity of labor supplied may ___, resulting in structural unemployment

increase to Qs

look at the table peanut butter and jelly economy. Between 2010 and 2011, nominal GDP

increased by 31.25%

four types of financial intermediaries are

mutual funds, pension funds, life insurance companies, and banks

the convergence hypothesis says that international differences in GDP per capita tend to ___ over time

narrow

according to the text, productivity is driven by all of the following except:

natural resources

you are a college student and not knowing or looking for work. you are

not in the labor force

a mutual fund

owns a diversified portfolio

what are factors that drive productivity growth?

physical capital, techonolgical progress, human capital

if the population and GDP increase by the same percentage, then GDP per capital

stays the same

look at the figure the market for loanable funds II. other things being equal, a decrease in taxes on savings and investment income will shift ___ to the ___ and ____ the interest rate

supply; right; decrease

look at the table labor force distribution

the total population is 278 million

a households wealth is

the value of its accumulated savings

Which of the following might produce a new equlibrium interest rate of 5% and a new equilibrium quantity of loanable funds of 150 billion?

there is an increase in capital inflows from other nations

Suppose that Allison has an accounting degree, but she lost her job two months ago when her company merged with another firm. Allison hasn't been able to find another accounting job, so she has taken a part-time job as a sales clerk at a clothing store. The Bureau of Labor Statistics classifies Allison as:

underemployed


संबंधित स्टडी सेट्स

13-THE MUSCULOSKELETAL SYSTEM KHAN ACADEMY NOTES

View Set

Path Ch.38 Disorders of Special Sensory Function

View Set

LEGL-2064 - Chapter 14, Section 4: Sales and lease contracts

View Set

Business communication study guide 8

View Set

Lesson 5: Pressure, Winds and Circulation

View Set