ECON 211 Final Exam | ASU Econ 211 Final Exam | ECN
211 Exam | Actual Exam Questions with Correct
Answers | Graded A+ | Verified Answers | Just Released
In the economy of Talikastan in 2015, exports were $500, GDP was $6400,
Government Purchases were $1700, Imports were $400, and investment was
$1800. What was Talikastan's consumption in 2015?
A. $2000
B. $3800
C. $2800
D. $3000 ---------CORRECT ANSWER-----------------A. $2000
Sheri, a U.S. Citizen, works only in Germany. The value she adds to the production
in Germany is included..
A. in German GDP, but is not included in U.S. GDP
B. in U.S. GDP, but is not included in German GDP
C. in both German GDP and U.S. GDP.
D. in neither German GDP nor U.S. GDP. ---------CORRECT ANSWER-----------------A.
in German GDP, but is not included in U.S. GDP
Transfer payments are:
A. not included in GDP because they are not payments for currently produced
goods or services.
B. Included in GDP because they eventually will be spent on consumption.
,C. Included in GDP because they represent income to individuals.
D. not included in GDP because taxes will have to be raised to pay for them. --------
-CORRECT ANSWER-----------------A. not included in GDP because they are not
payments for currently produced goods or services.
Cyclical unemployment refers to
A. Changes in unemployment due to changes in natural rate of unemployment.
B. The portion of unemployment created by job search.
C. The portion of unemployment created by wages set above the equilibrium
level.
D. short-run fluctuations around the natural rate of unemployment. ---------
CORRECT ANSWER-----------------D. short-run fluctuations around the natural rate
of unemployment.
The CPI is more commonly used as a gauge of inflation than the GDP deflator is
because
A. the GDP inflator cannot be used to gauge inflation.
B. the CPI is calculated more often than the GDP deflator is
C. the CPI is easier to measure
D. the CPI better reflects the good and services bought by consumers. ---------
CORRECT ANSWER-----------------D. the CPI better reflects the good and services
bought by consumers.
,Consider 2 labor markets in which jobs are equally attractive in all respects other
than the wage rate. All workers are equally able to do either job. Initially, both
labor markets are perfectly competitive. If a union organizes workers in one of the
markets, then the wage rates will tend to
A. rise for the union jobs and fall for the nonunion jobs
B. Rise in both markets
C. Fall in both markets
D. rise for the union jobs, but remain unchanged for the nonunion jobs. ---------
CORRECT ANSWER-----------------A. rise for the union jobs and fall for the nonunion
jobs
A tire manufacturer produces 400 tires valued at $20 each. Three hundred tires
are sold to a tire shop, which then sells them to households for $50 each. The
remaining tires are unsold and are added to the tire manufacturer's inventory.
How much is added to GDP.
A. $13,000
B. $15,000
C. $17,000
D. $8000 ---------CORRECT ANSWER-----------------C. $17,000
Ms. Lane borrowed $1,000 from her bank for one year at an interest rate of 10
percent. During that year, the price level went up by 15 percent. Which of
following statements is correct.
A. Ms. Lane will repay the bank fewer dollars than she initially borrowed.
B. Ms. Lane's repayment will give the bank the same purchasing power that it
originally loaned her.
, C. Ms. Lane's repayment will give the bank greater purchasing power than it
originally loaned her.
D. Ms. Lane's repayment will give the bank less purchasing power than it originally
loaned her. ---------CORRECT ANSWER-----------------D. Ms. Lane's repayment will
give the bank less purchasing power than it originally loaned her.
Christopher is an unpaid, stay-at-home father who works as a volunteer at the
local Habitat for Humanity chapter. Currenty, Christopher is not looking for a paid
jobs. The Bureau of Labor Statistics counts Christopher as
A. in the labor force but not employed.
B. Unemployed but not in the labor force.
C. Neither in the labor force nor unemployed.
D. Unemployed and in the labor force. ---------CORRECT ANSWER-----------------C.
Neither in the labor force nor unemployed.
Because every transaction has a buyer and a seller,
A. Firms' profits are necessarily zero in a simple circular-flow diagram.
B. The number of firms must be equal to the number of households in a simple
circular-flow diagram.
C. Every transaction contributes equally to an economy's income and to its
expenditure.
D. GDP is more closely associated with an economy's income than it is with an
economy's expenditure. ---------CORRECT ANSWER-----------------C. Every
transaction contributes equally to an economy's income and to its expenditure.
211 Exam | Actual Exam Questions with Correct
Answers | Graded A+ | Verified Answers | Just Released
In the economy of Talikastan in 2015, exports were $500, GDP was $6400,
Government Purchases were $1700, Imports were $400, and investment was
$1800. What was Talikastan's consumption in 2015?
A. $2000
B. $3800
C. $2800
D. $3000 ---------CORRECT ANSWER-----------------A. $2000
Sheri, a U.S. Citizen, works only in Germany. The value she adds to the production
in Germany is included..
A. in German GDP, but is not included in U.S. GDP
B. in U.S. GDP, but is not included in German GDP
C. in both German GDP and U.S. GDP.
D. in neither German GDP nor U.S. GDP. ---------CORRECT ANSWER-----------------A.
in German GDP, but is not included in U.S. GDP
Transfer payments are:
A. not included in GDP because they are not payments for currently produced
goods or services.
B. Included in GDP because they eventually will be spent on consumption.
,C. Included in GDP because they represent income to individuals.
D. not included in GDP because taxes will have to be raised to pay for them. --------
-CORRECT ANSWER-----------------A. not included in GDP because they are not
payments for currently produced goods or services.
Cyclical unemployment refers to
A. Changes in unemployment due to changes in natural rate of unemployment.
B. The portion of unemployment created by job search.
C. The portion of unemployment created by wages set above the equilibrium
level.
D. short-run fluctuations around the natural rate of unemployment. ---------
CORRECT ANSWER-----------------D. short-run fluctuations around the natural rate
of unemployment.
The CPI is more commonly used as a gauge of inflation than the GDP deflator is
because
A. the GDP inflator cannot be used to gauge inflation.
B. the CPI is calculated more often than the GDP deflator is
C. the CPI is easier to measure
D. the CPI better reflects the good and services bought by consumers. ---------
CORRECT ANSWER-----------------D. the CPI better reflects the good and services
bought by consumers.
,Consider 2 labor markets in which jobs are equally attractive in all respects other
than the wage rate. All workers are equally able to do either job. Initially, both
labor markets are perfectly competitive. If a union organizes workers in one of the
markets, then the wage rates will tend to
A. rise for the union jobs and fall for the nonunion jobs
B. Rise in both markets
C. Fall in both markets
D. rise for the union jobs, but remain unchanged for the nonunion jobs. ---------
CORRECT ANSWER-----------------A. rise for the union jobs and fall for the nonunion
jobs
A tire manufacturer produces 400 tires valued at $20 each. Three hundred tires
are sold to a tire shop, which then sells them to households for $50 each. The
remaining tires are unsold and are added to the tire manufacturer's inventory.
How much is added to GDP.
A. $13,000
B. $15,000
C. $17,000
D. $8000 ---------CORRECT ANSWER-----------------C. $17,000
Ms. Lane borrowed $1,000 from her bank for one year at an interest rate of 10
percent. During that year, the price level went up by 15 percent. Which of
following statements is correct.
A. Ms. Lane will repay the bank fewer dollars than she initially borrowed.
B. Ms. Lane's repayment will give the bank the same purchasing power that it
originally loaned her.
, C. Ms. Lane's repayment will give the bank greater purchasing power than it
originally loaned her.
D. Ms. Lane's repayment will give the bank less purchasing power than it originally
loaned her. ---------CORRECT ANSWER-----------------D. Ms. Lane's repayment will
give the bank less purchasing power than it originally loaned her.
Christopher is an unpaid, stay-at-home father who works as a volunteer at the
local Habitat for Humanity chapter. Currenty, Christopher is not looking for a paid
jobs. The Bureau of Labor Statistics counts Christopher as
A. in the labor force but not employed.
B. Unemployed but not in the labor force.
C. Neither in the labor force nor unemployed.
D. Unemployed and in the labor force. ---------CORRECT ANSWER-----------------C.
Neither in the labor force nor unemployed.
Because every transaction has a buyer and a seller,
A. Firms' profits are necessarily zero in a simple circular-flow diagram.
B. The number of firms must be equal to the number of households in a simple
circular-flow diagram.
C. Every transaction contributes equally to an economy's income and to its
expenditure.
D. GDP is more closely associated with an economy's income than it is with an
economy's expenditure. ---------CORRECT ANSWER-----------------C. Every
transaction contributes equally to an economy's income and to its expenditure.
