1) The worldwide recession in 2007 started from:1) _______ A) easy access to cre
ID: 1092669 • Letter: 1
Question
1) The worldwide recession in 2007 started from:1) _______ A) easy access to credit in the U.S. B) a large number of home purchasers who were unable to afford the homes. C) booming housing prices that ultimately dropped. D) All of the above are correct.
2) Macroeconomics is the study of the: 2) _______ A) national economy taken as a whole. B) purchase decisions of individual consumers. C) economic choices of laboratory animals.
D) effects of patents upon product innovation.
3) Refer to Table 5.3. Suppose this economy produces only the two goods X and Y. If year 1 is the base year, Real GDP in year 3 is: 3) _______
A) $404. B) $340. C) $490.D) $528.
4) Because production generates income which, in turn, generates expenditure, it is true that: 4) _______ A) the magnitude of government budget deficits is equal to the magnitude of trade deficits, albeit with the opposite sign. B) both the income and production approaches to measuring macroeconomic activity should yield the same results. C) corporate profits can not be larger than the income paid to households for the rental of their capital. D) it is not possible to charge taxes on either expenditure or income without disrupting macroeconomic equilibrium.
5) The profit from IBM's production in Italy is included in the U.S. ________ and in the Italian ________. A) GNP; GNP B) GDP; GDP C) GNP; GDP D) GDP; GNP
6) Which of the following is not an example of a final good or service? 6) _______ A) the popcorn you bought before watching the new Harry Potter movie B) the economics class that you are taking to complete your degree C) coffee beans Starbucks purchases to make coffee
D) the gasoline you bought at the pump 7) Which of the following individuals are hurt when the economy experiences unanticipated inflation?
A) fixed income earners B) savers C) lenders
5) _______
7) _______D) All of the above are hurt by unanticipated inflation.
8) The increase in unemployment that occurs during recessions and depressions is called: 8) _______ A) natural unemployment. B) frictional unemployment. C) cyclical unemployment. D) structural unemployment.
9) Economists in the United States today estimate the natural unemployment rate to be: 9) _______ A) between 0 percent and 1 percent. B) between 5 percent and 6.5 percent. C) between 3 percent and 5 percent. D) between 6 percent and 8 percent.
10) Which of the following individuals can be classified as a marginally attached worker? 10) ______ A) Bob, stops looking for a job as a 5th grade teacher after looking for a job the last 6 months. B) Jane was looking for a job but stopped looking because of her inability to find a babysitter for her 2-year-old son. C) Jane is currently looking for a job and has not found one. D) A and B are correct.
Explanation / Answer
1-a
2-a
3-a 140*1.10+250=404
4-b
5-d
6-b
7-a
8-b
9-c it is nearly equals to 4.5%
10-d
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