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Macro Exam 1
Macroeconomics TTU Alley
| Question | Answer |
|---|---|
| What would help reduce free ridership on a communal farming system? | Assigning property rights |
| This summer you have a paid internship for Kia Motors in Canada. For which Nation are you contributing GDP assuming you're American. | Canada |
| What are the components of the National Spending Approach to calculating GDP? | Consumption goods and services, investment goods, gov. purchases, net exports |
| Since 1950, the portion of US GDP created by services has _______. | doubled |
| A nation has automobile factories, grows (illegal)Marijuana, and does not allow its women to work outside the home. What will be counted in GDP? | Sale of automobiles |
| Physical capital is the | stock of tools including machines, structures, and equipment |
| What is a result of a high level of government corruption? | There are few entrepreneurs. |
| Why do people choose to specialize? | Specialization and trade allow them to consume more than they could produce individually. |
| What causes countries to become wealthier over time? | economic growth |
| If N Korea and S Korea were both equally poor in 1950, why did S Korea develop so much faster? | S Korea has a more market-based econ system |
| The opportunity cost of winning a free ticket to the Super Bowl worth $950 and attending the game is________? | at least $950, the lost market value of selling the ticket and the time to go. |
| Real GDP per capita is calculated as the total ____________. | Real GDP divided by population |
| Private spending on final goods and services is part of | consumption |
| Due to economics of scale, average costs decline as | production level increase. |
| A very small portion of people who use microwaves know how they work. This is an example of | specialization |
| Private spending on tools, plant, and equipment that are used to produce future output is called | investment |
| Absolute advantage derives from which of the following? | the lowest cost production |
| which of the following is the best measure of a country's standard of living? | real GDP/capita |
| Why do you think researches sometimes find a positive relationship between the unemployment rate and college enrollment rates? | The opportunity cost of attending college falls during a recession, leading to higher enrollment rates. |
| Human capital is the | productive knowledge and skills that workers acquire through education, training, and experience. |
| What is true about recession? | significant decline in economic activity lasting more than a few months and widespread. |
| Decreases in the level of political stability in a country tend to | decrease per capita GDP |
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jparris42
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