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Problemset
Title
Introductory
Text
Chapter 1 Quiz
Question 1
In which of the following GDP measures would a circuit board produced
in South Korea by an American company, for use in computers to be sold
in France, be included?
Type:
Multiple Choice Hint:
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Question 2
Type:
Multiple Choice
Answer
Graded As
U.S. GDP
Incorrect
South Korea GDP
Correct
France GDP
Incorrect
All of the above.
Incorrect
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What is always the best measure to use to determine how "rich" a country
is?
Hint:
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answers:
Answer
Graded
As
GNP per capita
Incorrect
National income
Incorrect
GDP per capita
Incorrect
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No one measure is unilaterally the best measure to Correct
use.
Question 3
A country's export of ice skates increases by 5% every year. If they
exported 100 pairs of skates this year, how many pairs will they export in
ten years?
Type:
Multiple Choice Hint:
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Answer
Graded As
105
Incorrect
163
Correct
500
Incorrect
5767
Incorrect
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Question 4
A country's population is growing at an astounding 30% every year.
Approximately how many years will it take for the country's population to
quadruple?
Type:
Multiple Choice Hint:
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Answer
Graded As
480
Incorrect
2.4
Incorrect
4.8
Correct
240
Incorrect
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Question 5
Country A had a GDP of 100 million in the year 2000, while country B
had a GDP of only 10 million. If country A's GDP is growing at an annual
rate of 3%, and country B's GDP grows at an annual rate of 8%, who will
Type:
Multiple Choice have a higher GDP in the year 2050?
Hint:
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Answer
Graded
As
Country A
Incorrect
Country B
Correct
They will have the same GDP.
Incorrect
It cannot be determined from the information
Incorrect
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given.
Question 6
Type:
Multiple Choice
In the mid-1800's, which of the following is the type of inequality that
most accounted for the total level of world inequality?
Hint:
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Answer
Graded
As
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Difference in inequality between an average person Incorrect
in a poor country and an average person in a rich
country.
Differences in inequality between a poor person and Correct
a rich person who both live in the same country.
Differences in inequality between the poorest
people in a rich country and the richest people in a
poor country.
Incorrect
All of the above had equal contributions to world
inequality.
Incorrect
Question 7
Which of the following would an international traveler from a rich country
find to be cheap when they travel to a poor country?
I. bus ticket
Type:
Multiple Choice II. luxury car
III. locally knitted scarves
Hint:
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Question 8
Answer
Graded As
I only
Incorrect
II only
Incorrect
I and III only
Correct
I, II and III
Incorrect
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Which of the following is NOT a reason to use the purchasing power
parity exchange rates when comparing GDP from different countries?
Hint:
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Multiple Choice
all
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answers:
Answer
Graded
As
Feedback
Simple exchange rates do not take into account the Incorrect
fact that the price of goods only consumed
domestically tend to be cheaper than those traded in
international markets.
The law of one price is not accounted for when
simple exchange rates are used.
Incorrect
Simple exchange rates are constructed by
economists who often miscalculate a correct
exchange rate because of arbitrage.
Correct
Simple exchange rates contort how rich or poor
Incorrect
residents become when exchange rates fluctuate but
output remains stable.
Question 9
According to Jan Pen's marching parade example and Figure 1.5, if the
parade occurred in 1890, which of the following countries would have the
tallest marchers?
Type:
Multiple Choice Hint:
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Question 10
Answer
Graded As
Japan
Incorrect
U.S.
Incorrect
U.K.
Correct
U.S. and U.K. would be tied for the tallest.
Incorrect
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What time period has seen the most extreme growth in GDP worldwide?
Hint:
Type:
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Multiple Choice
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Answer
Graded As
1500-1700
Incorrect
1700-1820
Incorrect
1820-1950
Incorrect
1950-1998
Correct
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