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09/01/2015
7. "Note that the percent change in the GDP deflator is being used as
the measure of inflation rather than the more familiar CPI. The GDP
deflator is a price index that samples _______, not just those paid by
consumers." The blank should be
a) all prices, including imports
b) prices of all domestically-produced goods and services
c) prices of all domestically-produced goods and services except
exports
d) prices of all domestically-produced goods and services except those
produced by government
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09/01/2015
9. In the new official figures, compared to the old official figures, the
1987 number for real GDP is
a) smaller b) unchanged c) larger d) not enough information to tell
10. In the new official figures, compared to the old official figures, the
1987 number for nominal GDP is
a) smaller b) unchanged c) larger d) not enough information to tell
11. In the new official figures, compared to the old official figures, the
1987 number for the price index is
a) smaller b) unchanged c) larger d) not enough information to tell
a) $5b
b) $7b
c) $9b
d) $11b
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09/01/2015
14. From the data below, the official measure of GDP is:
a) below 100 b) between 100 and 103
c) between 104 and 107 d) above 107
---------------------------------------------------------------------------------
Personal Consumption Expenditures 62.0
Depreciation 5.0
Indirect Business Taxes less Subsidies 1.0
Gross Private Domestic Investment 15.0
Exports 12.0
Government Purchases of Goods and Services 20.0
Government Transfer Payments 4.0
Imports 11.0
---------------------------------------------------------------------------------
15. If in 1992 nominal GDP is 600 and real GDP is 500, then the price
index for 1992:
a) is 100 b) is 120
c) cannot be calculated because we don't know the base year
d) cannot be calculated because we don't know last year's figures
17. If the price index is 120 in 1989 and 150 in 1990, what is
the yearly rate of inflation?
a) 20% b) 25% c) 30% d) more than
30%
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09/01/2015
18. Suppose nominal GDP is $566 billion in 1986, $600 billion in 1987
and $642 billion in 1988. If 1986 is the base year, the price index is 105
in 1987, and real growth in 1988 is 3%, from this information, the price
index in 1988 is..
19. Suppose the price index is 110 and a typical basket of goods and
services costs $3,300. What would this typical basket have cost in the
base year?
a) $30 b) $3,000 c) $3,630 d) not enough information to tell
20. If the CPI changes from 110 in 1993 to 120 in 1994, what is the rate
of inflation?
a) less than 10% b) 10% c) more than 10%
d) insufficient information to tell
21. Suppose hamburgers cost $1.20 last year and $1.32 this year, and
the overall price index (the GDP deflator) rose from 110 last year to 120
this year. How much will 1000 hamburgers contribute to this year's real
GDP?
a) $1,000 b) $1,100 c) $1,200 d) $1,320
22. If in 1994 nominal GDP is 540 and real GDP is 500, the price index
for 1994 is
a) 100 b) 108 c) 140 d) not enough information to tell
23. The CPI (base year 1987) for 1990 is 120, for 1991 is 125 and for
1992 is 130. If the base year is changed from 1987 to 1992, what does
the CPI for 1990 become?
a) 90 b) 92.3 c) 108.3 d) 110
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09/01/2015
26. Goods and services are valued at market prices when calculating
GDP. Because the "outputs" of government are not sold, they have no
market prices. In the actual calculation of GDP
a) they are valued at zero
b) they are valued at the cost of producing them
c) their value is estimated from a survey of recipients of these services
d) their value is estimated from the market prices of similar market-
provided services
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09/01/2015
29. Suppose the labor force is 15 million, the participation rate is 75%
and unemployment is 10%. If the number of discouraged workers
increases by 1 million, then
a) unemployment falls to 9% b) unemployment rises to 11%
c) the participation rate falls to 70% d) the participation rate rises to 80%
30. If the participation rate is 75%, the unemployment rate is 10%, and
the labour force is 20 million, then the number of people
unemployed is
a) 1 million b) 1.5 million c) 2 million d) not enough information to tell
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09/01/2015
Table 1. For each level of output are shown the resulting levels of the elements of
aggregate demand.
Output - Consumption - Investment - Government Spending - Net Exports
100 80 15 15 6
140 110 20 15 4
180 140 25 15 2
220 170 30 15 0
260 200 35 15 -2
300 230 40 15 -4
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35. From the data in Table 1, when the level of output is 220,
a) inventories will be rising b) inventories will be falling
c) inventories will be steady d) insufficient data to determine inventory
behavior
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09/01/2015
41. If everyone is forced to pay an extra $100 in taxes each year, "the"
multiplier:
a) is unchanged and income falls b) becomes smaller and income falls
c) becomes larger and income falls d) becomes larger and income rises
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09/01/2015
Suppose that last year consumption was $570 billion, tax receipts were
$240 billion, and income was $900 billion. The corresponding
numbers for this year are $600 billion, $250 billion and $950 billion.
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09/01/2015
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