flipit questions
Suppose that Pandastan has a GDP of $5 billion and a population of 2 million, while Tigerstan has a GDP of $3 billion and a population of 1 million. Which country has a higher GDP per capita, and what is that value? a) Tigerstan; $3,000 b) Tigerstan; $3,333 c) Pandastan; $2,500 d) Pandastan; $4,000
a) Tigerstand; $3,000
In 2008, the rate of inflation was 2%, which then rose to 3% in 2009 before falling back to 2% in 2010. Between 2008 and 2009, the economy experienced _____ and between 2009 and 2010, the economy experienced _____. a) inflation; disinflation b) inflation; deflation c) disinflation; inflation d) disinflation; deflation
a)inflation; disinflation
Jonathan is currently enrolled in college full-time; however, he works part-time at a restaurant on weekends to earn some spending cash. Jonathan would be considered: a) unemployed b) employed c) not in the labor force d) institutionalized
a)unemployed
Suppose that in Southlandia, frictional unemployment is 2%, structural unemployment is 3%, and cyclical unemployment is 4%. What is the natural rate of unemployment in Southlandia? a) 2% b) 3% c) 5% d) 9%
c)5%
GDP per capita in the countries of Neverland and Everland are 2,000 and 500, respectively. This suggests that, other things being equal, the returns from capital investment would be: 1) Greater in Neverland. 2) Greater in Everland. 3) The same in both countries.
2)Greater in Everland.
calculate the GDP of Dinoland using the expenditures approach given the following data: personal consumption expenditures = $10 billion; gross private domestic investment = $5 billion; government spending = $3 billion; exports = $2 billion, imports = $1 billion. a) $21 billion b) $19 billion c) $18 billion d) $17 billion
b)$19 billion
Suppose that the CPI in 2013 was 250 and the CPI in 2014 was 260. What is the rate of inflation in this economy? a) 3.8% b) 4.0% c) 10.0% d) 96.2%
b)4.0%
Which of the following scenarios would result in economic growth in the country of Everland? a) GDP and prices double. b) GDP and population doubles, while prices remain the same. c) Population doubles while GDP and prices remain the same. d) GDP doubles while prices remain the same.
d) GDP doubles while prices remain the same.