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### 2020 -- Quiz 3

Course: ECO 2020, Winter 2012
School: Wayne State University
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Word Count: 609

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____________________________________________________ Name: __________________ Date: ECO 2020 (902) 11656 State University Instructor: Jinghua Huang QUIZ 3 Wayne Fall 2011 Multiple Choice: Identify the letter of the choice that best completes the statement or answers the question. 1. The long-run upward trend in real GDP is called A) the business cycle. B) inflation. C) recession. D) economic growth. E)...

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____________________________________________________ Name: __________________ Date: ECO 2020 (902) 11656 State University Instructor: Jinghua Huang QUIZ 3 Wayne Fall 2011 Multiple Choice: Identify the letter of the choice that best completes the statement or answers the question. 1. The long-run upward trend in real GDP is called A) the business cycle. B) inflation. C) recession. D) economic growth. E) economic fluctuations. 2. Which of the following statements is true? A) Real GDP fluctuates around potential GDP. B) Potential GDP fluctuates around real GDP. C) Real GDP is something like an average of GDP. D) The growth rate of potential GDP is well known and generally agreed upon. E) Real GDP cannot be any greater than potential GDP. Table 17.2 1 3. Based on the data in Table 17.2, the recession(s) ended in which month(s)? A) July 2002 B) October 2000 and July 2002 C) October 2000 D) January 2001 E) January 2002 4. Based on the data in Table 17.2, a recession(s) occurred beginning in which month(s)? A) July 2000 and July 2001 B) July 2000 C) July 2001 D) October 2000 and October 2001 E) October 2001 5. Suppose that at a given point in time the rate of inflation in the economy is equal to 4 percent and the nominal interest rate is 7 percent. What is the real interest rate consistent with this situation? A) 11 percent B) -3 percent C) 3 percent D) 7 percent E) None of the above 6. Total spending in the economy is divided into A) consumption, investment, government purchases, and exports. B) consumption, investment, government expenditures, and exports. C) market spending, nongovernmental organization spending, foreign spending, and government spending. D) consumption, investment, government expenditures, and net exports. E) consumption, investment, government purchases, and net exports. 7. In which spending category would you enter the following transaction? A restaurant purchases fresh fish at the local fish market that it plans to sell as one of its specials. nightly A) None of these B) Consumption C) Government purchases D) Investment E) Net exports 2 8. National Saving equals A) Y-C-G-I-X. B) Y-C-G. C) Y-C+G. D) Y-C-G-I. E) Y-C 9. If IBM manufactures a computer in the United States and sells it to a French business firm in Paris, it will cause an increase in A) net exports. B) imports. C) both investment and net exports. D) government expenditures. E) consumption. 10. For a hypothetical economy in a given year, consumption equaled \$372, investment equaled \$126, government purchases equaled \$184, goods exported equaled \$75, and goods imported equaled \$84. What was the value of GDP? A) \$841 B) \$682 C) \$673 D) \$691 E) Not enough information is given. 3 11. In a hypothetical economy, a market basket consists of one stereo and two TVs. In the base year, 1987, the price of a TV was \$200, and the price of a stereo was \$500. In 1993, the price of a TV was \$380, and the price of a stereo was \$750. The CPI for 1993 was A) 1.00. B) CPI cannot be calculated with the given information. C) 2.00. D) 1.68. E) 1.63. Table 1 12. According to Table 1, nominal GDP in 1997 equaled A) \$500. B) \$625. C) \$640. D) \$800. E) \$900. 4 13. A base year is a year when A) real GDP equals 100. B) nominal GDP equals 100. C) real and nominal GDP are equal to each other. D) there is no growth in real GDP. E) there is no growth in nominal GDP. Table 2 14. According to Table 2, the GDP deflator in 1997 (the base year) was A) 1.28. B) 1.25. C) 1. D) .8. E) 1.30. 15. The CPI is a measure of A) the price of all goods and services included in GDP. B) the price of final goods sold by producers. C) the price of consumer goods and services. D) the price of raw materials and intermediate goods. E) the price of domestically produced goods and services. 5 QUIZ 3 ECO 2020 (902) 11656 Fall 2011 Instructor: Jinghua Huang Answer Section MULTIPLE CHOICE 1. D 2. A 3. E 4. C 5. C 6. E 7. A 8. B 9. A 10. C 11. D 12. A 13. C 14. C 15. C 6
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