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FINAL EXAM ECON 201 OL4 US2 FALL 2014

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Question;is a situation in which resources are limited in quantity and can be used in;different ways.;A);Choice;B);Economics;C);Supply and demand;D);Scarcity;2);The single largest expenditure component in GDP is;A) consumption;expenditures.;B);private investment expenditures.;C);net exports.;D);government purchases.;3);In the circular flow diagram, the different payments made by firms to;households are;A);rent on office and factory buildings.;B);interest on borrowed money.;C);wages and salaries.;D);all of the above.;4) is;commonly defined as six consecutive months of declining real GDP. A) A recession;B);An expansion;C) A;peak;D) A;trough;5);If gross investment in 2009 is $600 billion and depreciation in 2012 is $50;billion, net investment in 2012 is;A);$600 billion.;B);$50 billion.;C);$550 billion.;D);none of the above.;6);The number of people classified as employed is 220,000 and the number of people;classified as unemployed is 30,000. The size of the labor force;A);equals 250,000.;B);equals 200,000.;C);equals 300,000.;D);cannot be determined from this information.;7);Unanticipated inflation arbitrarily redistributes income because;A);medical costs rise faster than health insurance premiums.;B);nominal interest rates fall below real interest rates.;C);actual tax revenue decreases and so do government subsidies.;D);people forecast relative prices incorrectly and either gain or lose purchasing;power.;8) A;?shoe-leather cost? is the cost associated with;A);trying to reduce holdings of cash when there is inflation.;B);changing price lists when there is inflation.;C);designing a new basketball sneakers when there is inflation.;D);buying new shoes when there is inflation.

 

Paper#55329 | Written in 18-Jul-2015

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