macroeconomics mid term

suppose that a customers willingness to pay for a product is 5 and the sellers willingness to sell is 4. if the negotiated price is 3 how much is consumer surplus

$2

Jackie finds a pair of jeans that she likes but the price tag is missing. she is willing to buy it as long as it's not more than 100.

$28 the difference between what she was willing to pay and the price

If the price index is 200, how much did a 12 pizza (today) cost in the base year?

$6.00

The BEA Would report first quarter of 2017 GDP growth as _________ using the year over year method and______ using the anualized method

10%; 16%

Suppose a market basket of good cost 10,000 in 2009

112.0

Jason purchased a new printer for 150 he was willing to pay 175. the mininum price acceptable is 145.

25 and a producer surplus of 5

simon kuznets

Devised the gross national product as a way of measuring nations econmic output

if a countrys population increases at a slower rate than the growth in its real GDP;

GDP per capita has increased

which headline would be LEAST likely to be studied in macroeconomics?

GM expands car sales in china

Which of the following persons is considered part of the labor force?

Joe, a senior in high school who works part-time on weekends at the ice cream shop

which of the following is NOT an example of an intellectual property right?

Land deed

when an economy uses the most efficient means of farming to grow as much corn as possible, this economy has achieved:

Production efficiency but not necessarily allocative efficiency

frictional unemployment is

Short-term unemployment associated with people who are switching jobs

Which of the following statements does NOT describe a problem in measuring the consumer price index (CPI)?

The CPI includes new product in its baskets

the leading Economic Index is produced by

The conference board

a business cycle recovery that doesn't Reach its long-term trend can lead to

a double dip recession

trade is

a driver of economic growth

Which of the following reasons does not contribute to a higher level of unemployment

a reduction in union bargaining activities

Which policy is Most likely to contribute to improved standards of living over time.

adding after-school art and music programs to promote creativity

paying a salesperson more for increased sales is an example of:

an incentive

The official unemployment rate as commonly reported by the Department of labor each month does not include people who

are underemployed

the idea that all income ultimately goes to households, which then use it to buy goods and services from firms, is central idea of the

circular flow diagram

macroeconomics focuses on

decision affecting the entire economy

willingness to pay______ for prison to person______ under varying corcumstances

differs; differs

we should most likely expect a recession if the Leading Econimic Index

falls for three months in a row

When a recession gets under way

firms start to lay off workers to reduce cost

Inflation is a

general rise in prices

in a communist state, the _________ decide(s) what a society wants, but in a capitalist economy, the ________ decide what products they want

government; consumers

in the national income and product account system, the two main approaches to measuring the size of the economy are

income and expenditures

The National Bureau of Economic Research:

is a nonprofit research organization that dates business cycles in the US

which statement about short-run economic growth is NOT true

it is likely to occur when obstacles preventing resources from being used are put in place

an economic recovery that produces too jew jobs to significantly reduced the unemplyment rate is known as

jobless recovery

physical capitol includes

manufactured products that are used to produce other goods and services

consumer surplus is the difference between the

maximum price the buyer is willing to pay the marketplace.

in the circular flow diagram the counterclockwise direction shows the flow of _____ where household supply ______and business supply____.

money, labor,goods and services

which of the following is part of a planned economy

most of the productive recourses are owned by the state

IKEA Made in Poland

neither GDP nor GNP

Economics is BEST defined as the study of how:

people make rational decision

in the market economy, the primary channel through which buyers and sellers communicate with each other is

price

Which of the following is included in the consumer price index

price of gasoline

another way of referring to a market economy is as a

price system

to avoid double-counting output in GDP measures, ___ are excluded in GDP

raw materials

in the market for online...........equilibrum price of online tutoring to ________and the equilibrium quantity to

rise; rise

which statement is NOT true when a market is in equilibrium?

seller have enough inventory to inventory to satisfy all buyers and some left over for future demand

GDP can be found either by adding up all of the _____ or all of the ______ in the economy

spending; income

which of the following occurrences is the key explanation for the high economic growth in the United States in the past century

technology improvement

Which of the following is NOT true

the consumer price index is a cost-of-living index

human capitol includes

the improvement to labor capabilities from training, education, and apprenticeship programs

in which market is government most likely to intervene to prevent a market failure.

the market for college education.

in a market-based economy, scarce resources are allocated by;

the price system

if the price of tapioca increases, what will happen to the supply of bubble tea, all else being equal

the supply of bubble tea will decrease

Tim woke up this morning with a stomachache and decided to skip class in order to get more rest. what is the oppertunity cost of Tims decision to sleep in?

the value of attending the class he decided to miss

which statement is true about markets

they can contain legal or illegal activity conducted by an individual or business

which of the following is NOT an effective tool used by government to promote economic growth

trade barriers to protect domestic industries

Unemployment tends to be highest during the ____ stage of the business cycle while there is a greater risk of high demand leading to inflation during the ____ stage of the business cycle

trough; peak

macroeconomics is concerned with issues such as

unemployment

Business cycles

vary in duration and magnitude

Because of scarcity

we face tradeoffs in nearly every choice we make

a market exists when;

when people exchange money for goods and services

microeconomics is concerned with issues such as

which job to take

which is NOT a basic economic question that societies must answer?

why are these goods and services being produced

Reasons to study economics include all of these EXCEPT that you:

will learn exactly how to invest your cash short term for the highest return on investment