ECON 1015 EXAM 1 QUESTIONS + ANSWERS
real GDP would be a better measure of economic well-being if it included the value of - Answer -leisure time
after obtaining her fashion degree, nina decides to quit her part time job to search for a job that better fits her now improved skill set.
Nina has a few interviews, but it is taking time to find the job that suits her best. Nina would be considered - Answer -frictionally
unemployed
to evaluate the change in the average living standards over time, it is best to use - Answer -real per capita GDP
True or false: in regards to the natural rate of unemployment, sometimes the actual unemployment rate is below the natural rate -
Answer -true
nominal GDP increased from $15.44 trillion to 15.75 trillion and the price level increased from 116.5 to 122.3. which of the following
is true?
a. nominal GDP grew faster than the price level
b. nominal GDP grew slower than the price level
c. nominal GDP grew at the same rate as the price level - Answer -B
3 accuracy problems with the consumer price index are - Answer -substitution, quality changes, and the availability of new goods
and services
when the actual unemployment rate is more than its natural rate, the - Answer -economy is in a contraction
which of the following is a topic of macroeconomics
a. production in the automobile industry
b. the overall price level in the economy
c. the number of accountants who are unemployed
d. the market price of corn - Answer -B
according to the WSJ article, even though the recession of 2020 was very short, it was still very unique compared to other
recessions. what makes it unique?
a. 2020 was an election year
b. in 2020 the government didn't actively stabilize the economy
c. large sectors of economy are still struggling and unemployment is still very high after more than a year the recession ended -
Answer -C
In Dallas, the cost of living index is 91.9, and in San Francisco, it is 164.0. You currently work in Dallas and your salary is $60,000.
You are offered a promotion and pay raise to $75,000 to move to San Francisco. If you take the promotion, - Answer -1640
Typically the largest percentage category in the consumer price index (CPI) is: - Answer -housing
real GDP would be a better measure of economic well-being if it included the value of - Answer -leisure time
after obtaining her fashion degree, nina decides to quit her part time job to search for a job that better fits her now improved skill set.
Nina has a few interviews, but it is taking time to find the job that suits her best. Nina would be considered - Answer -frictionally
unemployed
to evaluate the change in the average living standards over time, it is best to use - Answer -real per capita GDP
True or false: in regards to the natural rate of unemployment, sometimes the actual unemployment rate is below the natural rate -
Answer -true
nominal GDP increased from $15.44 trillion to 15.75 trillion and the price level increased from 116.5 to 122.3. which of the following
is true?
a. nominal GDP grew faster than the price level
b. nominal GDP grew slower than the price level
c. nominal GDP grew at the same rate as the price level - Answer -B
3 accuracy problems with the consumer price index are - Answer -substitution, quality changes, and the availability of new goods
and services
when the actual unemployment rate is more than its natural rate, the - Answer -economy is in a contraction
which of the following is a topic of macroeconomics
a. production in the automobile industry
b. the overall price level in the economy
c. the number of accountants who are unemployed
d. the market price of corn - Answer -B
according to the WSJ article, even though the recession of 2020 was very short, it was still very unique compared to other
recessions. what makes it unique?
a. 2020 was an election year
b. in 2020 the government didn't actively stabilize the economy
c. large sectors of economy are still struggling and unemployment is still very high after more than a year the recession ended -
Answer -C
In Dallas, the cost of living index is 91.9, and in San Francisco, it is 164.0. You currently work in Dallas and your salary is $60,000.
You are offered a promotion and pay raise to $75,000 to move to San Francisco. If you take the promotion, - Answer -1640
Typically the largest percentage category in the consumer price index (CPI) is: - Answer -housing
