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MSSU ECON 0201 Quiz 3 (2014) Graded

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Question;Review Test Submission: Quiz 3ContentAttempt Score 100 out of 100 points Time Elapsed 17 minutes out of 30 minutes.Instructions You have two attempts and your highest score will be retained.Question 15 out of 5 points The sum of durable goods, nondurable goods, and services equals Answers: investment. fixed investment. government purchases. consumption. net exports.Question 25 out of 5 points Country A has a higher GDP than country B. What does this mean? Answers: It means that on a per-capita basis the residents of country A are relatively better off (in terms of the goods and services they have available to them) than the residents of country B. It means that on a per-capita basis the residents of country A are richer than the residents of country B. It means that more goods and services were produced in country A than country B. It means that the total market value of the final goods and services produced in country A is greater than the total market value of the final goods and services produced in country B. a and dQuestion 35 out of 5 points A recession is always part of a Answers: contraction. recovery. detraction. remission.Question 45 out of 5 points The best reason economists take only final goods and services into account when calculating GDP is that Answers: this is the way things have always been done. they want to avoid the problem of final counting. they want to avoid the problem of double counting. this is the only way things can be done.Question 55 out of 5 points Increases in import spending Answers: raise GDP. lower GDP. are always balanced off in GDP by changes in exports. may raise or lower GDP.Question 65 out of 5 points What is the proper sequence of the phases of a business cycle? Answers: peak, contraction, trough, expansion, recovery peak, contraction, recovery, trough, expansion peak, contraction, trough, recovery, expansion contraction, peak, trough, recovery, expansion recovery, trough, peak, expansion, contractionQuestion 75 out of 5 points The typical U.S. business cycle, measured peak to peak, lasts approximately Answers: 4 to 5 years. 8 to 10 years. 1 to 3 years. 6 months to 2 years.Question 85 out of 5 points Exhibit 7-1 Consumption expenditures $ 4,150Federal government purchases of goods and services 850State and local government?s purchases 331Investment 751Proprietors income 150Compensation of employees 4,080Corporate profits 134Corporate profits taxes 23Rental income 31Capital consumption allowance 295Indirect business taxes 130Net interest 147Exports 300Imports 320Undistributed corporate profits 111Transfer payments 66Personal taxes 45Dividends 0Income Earned from the Rest of the World 252Income Earned by the Rest of the World 1,347Social insurance taxes 222Statistical discrepancy 5 Refer to Exhibit 7-1. What is the value of net domestic product? Answers: $5,840 $5,731 $5,650 $5,767 $6,637Question 95 out of 5 points Real GDP is always measured in Answers: cheaper dollars. quality of goods produced. base-year dollars. nominal dollars. current dollars.Question 105 out of 5 points Investment equals inventory investment added to Answers: business purchases of new capital goods. purchases of new residential housing. fixed investment. business purchases of new capital goods and purchases of new residential housing. either c or dQuestion 115 out of 5 points The civilian non-institutional population can be broken down into two groups: Answers: employed persons and unemployed persons. persons working and persons not working. persons working in service jobs and persons working in manufacturing jobs. persons not in the labor force and persons in the labor force.Question 125 out of 5 points Exhibit 6-2 Civilian Civilian Employed Noninstitutional Labor Force PersonsYear Population (millions) (millions) (millions)1 250 200 1752 400 300 2003 500 400 3504 1000 800 720 Refer to Exhibit 6-2. The labor force participation rate in year 1 is Answers: 12 1/2 percent. 80 percent. 87 1/2 percent. 70 percent. 10 percent.Question 135 out of 5 points The unemployment rate equals the Answers: number of employed persons divided by the number of unemployed persons. number of unemployed persons divided by the civilian non-institutional population. number of unemployed persons divided by the civilian labor force. sum of unemployed persons and discouraged workers divided by the civilian labor force.Question 145 out of 5 points Exhibit 6-2 Civilian Civilian Employed Noninstitutional Labor Force PersonsYear Population (millions) (millions) (millions)1 250 200 1752 400 300 2003 500 400 3504 1000 800 720 Refer to Exhibit 6-2. The unemployment rate in year 2 is Answers: 75 percent. 33 1/3 percent. 50 percent. 66 2/3 percent. 25 percent.Question 155 out of 5 points In an economy with a population of 100 million persons, 44 million hold civilian jobs and 6 million are not working but are looking for jobs. The unemployment rate is Answers: 6.0 percent. 13.6 percent. 7.3 percent. 9.4 percent. 12.0 percent.Question 165 out of 5 points At the time of Carol?s 10 year high school reunion she was earning $30,000 and the CPI was 90. Now that it is time for her to attend her 20 year high school reunion, Carol?s income has risen to $65,000 and the CPI is 200. At her 20 year reunion, can Carol rightfully brag that her real income has risen since the last time she saw her former classmates ten years ago? Answers: Yes, Carol?s real income rose during that 10 year period. No, Carol?s real income fell during that 10 year period. No, Carol?s real income remained constant during that 10 year period. It is impossible to determine what happened to Carol?s real income.Question 175 out of 5 points Unemployment that arises as a result of the time it takes for unemployed people to locate a job utilizing their transferable skills is called __________ unemployment. Answers: structural cyclical natural frictionalQuestion 185 out of 5 points A plumber who quits his job in Indianapolis and moves to Orlando where additional plumbers are needed is said to be ___________________ unemployed Selected Answer: frictionallyAnswers: frictionally structurally cyclically underemployedQuestion 195 out of 5 points A __________ is a person who was employed in the civilian labor force and was either fired or laid off. Answers: new entrant reentrant job leaver job fixer none of the aboveQuestion 205 out of 5 points Look at the following data: The structural unemployment rate is 4 percent, the natural unemployment rate is 5 percent, and the cyclical unemployment rate is 3 percent. The frictional unemployment rate is ____________ percent and the actual unemployment rate is __________ percent. Answers: 2, 7 2, 8 1, 7 1, 8

 

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