HACC ECON 201 Questions & Answers |
100% Correct | Verified 2024
GDP stands for? - ✔✔GROSS DOMESTIC PRODUCT
GDP measures? - ✔✔total output of goods and services
Real GDP is calculated using? - ✔✔Constant prices
The U.S. is currently growing faster than its long term average trend. - ✔✔True
The U.S. has the ____ GDP in the world and the ____ per capita GDP in the world. - ✔✔other
Any citizen of the U.S. over the age of 16 and less than 65 who does not have a job is counted as
unemployed in the government's unemployment figures. - ✔✔False
Unemployment is lower currently than it was a year ago but is still not considered ideal. - ✔✔False
If the number of discouraged workers increases, the reported unemployment rate will understate the
true rate of unemployment. - ✔✔True
If many businesses decrease the hours of workers from full-time to part-time, what happens to the
unemployment rate? - ✔✔Stays the same
Typically, and although it may respond with a lag, when the GDP is growing fast unemployment is -----: -
✔✔decreasing
CPI measures: - ✔✔inflation
, What is the value of a price index in the base period? - ✔✔100
The market basket used to calculate CPI is changed every month in order to take account of changes in
consumer buying habits. - ✔✔False
Typically, when the GDP is growing fast, unemployment is ---- and inflation is -----: - ✔✔decreasing,
increasing
Which of the following would economists consider a serious concern in the U.S. today? - ✔✔neither
unemployment nor inflation
The words deficit and debt mean the same thing. - ✔✔False
Currently, which is larger in dollar amount? - ✔✔federal debt
If the government runs a deficit where does it usually get the missing money? - ✔✔borrows it
If the government has a balanced budget, the debt: - ✔✔stays the same
The U.S. has the largest debt as a percent of GDP in the world. - ✔✔False
What has happened to the federal deficit in the last full fiscal year? - ✔✔decreased
What has been the major reason for the change in the federal deficit in the last year? - ✔✔GDP growth
Other things equal, cutting taxes will cause the deficit to: - ✔✔increase
Who conducts monetary policy in the U.S.? - ✔✔Fed
100% Correct | Verified 2024
GDP stands for? - ✔✔GROSS DOMESTIC PRODUCT
GDP measures? - ✔✔total output of goods and services
Real GDP is calculated using? - ✔✔Constant prices
The U.S. is currently growing faster than its long term average trend. - ✔✔True
The U.S. has the ____ GDP in the world and the ____ per capita GDP in the world. - ✔✔other
Any citizen of the U.S. over the age of 16 and less than 65 who does not have a job is counted as
unemployed in the government's unemployment figures. - ✔✔False
Unemployment is lower currently than it was a year ago but is still not considered ideal. - ✔✔False
If the number of discouraged workers increases, the reported unemployment rate will understate the
true rate of unemployment. - ✔✔True
If many businesses decrease the hours of workers from full-time to part-time, what happens to the
unemployment rate? - ✔✔Stays the same
Typically, and although it may respond with a lag, when the GDP is growing fast unemployment is -----: -
✔✔decreasing
CPI measures: - ✔✔inflation
, What is the value of a price index in the base period? - ✔✔100
The market basket used to calculate CPI is changed every month in order to take account of changes in
consumer buying habits. - ✔✔False
Typically, when the GDP is growing fast, unemployment is ---- and inflation is -----: - ✔✔decreasing,
increasing
Which of the following would economists consider a serious concern in the U.S. today? - ✔✔neither
unemployment nor inflation
The words deficit and debt mean the same thing. - ✔✔False
Currently, which is larger in dollar amount? - ✔✔federal debt
If the government runs a deficit where does it usually get the missing money? - ✔✔borrows it
If the government has a balanced budget, the debt: - ✔✔stays the same
The U.S. has the largest debt as a percent of GDP in the world. - ✔✔False
What has happened to the federal deficit in the last full fiscal year? - ✔✔decreased
What has been the major reason for the change in the federal deficit in the last year? - ✔✔GDP growth
Other things equal, cutting taxes will cause the deficit to: - ✔✔increase
Who conducts monetary policy in the U.S.? - ✔✔Fed
