Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Monetary policy wikipedia , lookup
Pensions crisis wikipedia , lookup
Fear of floating wikipedia , lookup
Full employment wikipedia , lookup
Nominal rigidity wikipedia , lookup
Business cycle wikipedia , lookup
Exchange rate wikipedia , lookup
Economic calculation problem wikipedia , lookup
Transformation in economics wikipedia , lookup
AP Economics: Economic Goals and Measurements Review MCs May 5, 2015 1. During the recession phase of a business cycle, which of the following is likely to increase? a. The unemployment rate b. The price level c. Economic growth rates d. The labor force e. Wages 2. GDP is equal to a. the total value of all goods and services produced in an economy in a given period b. C + I + G + imports c. The total value of intermediate goods plus final goods d. The total income received by producers of final goods and services e. None of the above 3. If your nominal wage doubles at the same time as prices double, your real wage will a. increase a. decrease b. not change c. double d. be impossible to determine 4. If the consumer price index increases from 80 to 120 from one year to the next, the inflation rate over that time period was a. 20% b. 40% c. 50% d. 80% e. 120% 5. To be considered unemployed, a person must i. Not be working ii. Be actively seeking a job iii. Be available for work a. i only b. ii only c. iii only d. ii and iii e. i, ii and iii 6. What type of unemployment is caused by a recession? a. Frictional b. Structural c. Cyclical d. Natural e. None of the above 7. In the circular flow diagram, which of the following is true in resource (factor) markets? a. Households buy resources from business firms b. Households sell products to business firms c. Households sell resources to business firms d. Business firms sell goods and services to households e. Business firms sell resources to households 8. Which of the following purchases is included in the calculation of GDP? a. A used economics textbook from the bookstore b. New harvesting equipment for the farm c. 1,000 shares of stock in a computer firm d. A car produced in a foreign country e. Government bonds issued by a foreign firm 9. When the actual inflation rate is greater than the anticipated inflation rate, which of the following is most likely to suffer? a. Those who lend at a fixed interest rate b. Those who borrow at a fixed interest rate c. Retired persons with a cost-of-living adjustment in their benefits d. Employers who hire workers with long-term labor contracts e. Those who end with flexible interest rates 10. The largest dollar amount of national income is a. Rental payments b. Government expenditures on goods and services c. Profit d. Net interest e. Wages and salaries to employees