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econtest1
| Question | Answer |
|---|---|
| In 2006, output per capita in the United States was approximately equal to: | $43,800 |
| By the end of the 1990s, many people argued that the United States had entered a New Economy. Which of the following was considered a characteristic of the New Economy when compared to previous economic conditions? | all of the above: sustained higher growth, lower unemployment, and lower inflation |
| The standard of living typically refers to | output per capita |
| By 2006, the U.S. trade deficit as a percentage of U.S. output was approximately equal to: | 6% |
| In February 2007, former chairman of the Fed, Alan Greenspan, put the probability of a U.S. recession at: | 33% |
| Economists have suggested that the relatively higher unemployment in Europe has been caused by which of the following? | inadequate macroeconomic policies |
| Which of the following countries had the lowest level of output per capita in 2006? | Spain |
| At what point could the Euro be used as currency? | January 1 2002 |
| In 2006, output per capita in China was approximately equal to: | $2,100 |
| Inflation represents: | an increase in the aggregate price level |
| Between 2006 and 2008, the annual rate of output growth in China was approximately equal to: | 10% |
| Which of the following explains the relatively high growth rate of output in China since 1980? | a transition from central planning to a market economy |
| Fill in the blank for the following: GDP is the value of all _____ produced in a given period. | final goods and services |
| When using the income approach to measure GDP, the largest share of GDP generally consists of: | labor income |
| For this question, assume that 1980 is the base year. Given macroeconomic conditions in the United States over the past three decades, we know that: | real GDP and nominal GDP were equal in 1980. |
| Suppose nominal GDP increased in a given year. Based on this information, we know with certainty that: | either real output or the price level (GDP deflator) have increased. |
| Use the following information to answer this question. If nominal GDP rises from $100 trillion to $120 trillion, while the GDP deflator rises from 2.0 to 2.2, the percentage change in real GDP is approximately equal to: | 0% |
| Hedonic pricing is | the process of pricing individual characteristics of a good or service |
| In a given year, suppose a company spends $100 million on intermediate goods and $200 million on wages, with no other expenses. Also assume that its total sales are $800 million. The value added by this company equals: | $700 million. |
| A firm's value added equals: | its revenue minus its cost of intermediate goods. |
Created by:
jessreed
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