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Lec 22 Questions

Lec 22 Questions - D US exports have consistently exceeded...

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Econ 101 Class 22 Questions 1. The U. S. economy grows primarily because… A. The inflation rate remains low. B. U.S. exports are an engine of growth. C. Labor productivity continues to increase. ** D. Recessions have been infrequent and mild. 2. In 2007, Real GDP in Simple Land is … Bread Wine Daycare Nominal GDP Real GDP Year Loaves Price Jugs Price Hours Price 2005 100 $2.00 50 $10 250 $3.00 2006 125 $2.10 40 $12 250 $3.25 2007 115 $2.40 60 $8 250 $3.40 3. Which of the following is a correct statement about an expenditure component of GDP? Since 1947 ______.
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Unformatted text preview: D. US exports have consistently exceeded US imports. 4. Which of the following transactions results in a change in GDP? A. The purchase of a 1990 Ford Bronco. B. The purchase of a share of IBM stock. C. The purchase of steel by General Motors. D. The payment of $25 for dry cleaning. ** E. The payment of $25 to your neighbor’s kid for mowing your lawn. 5. A rising unemployment rate may understate the impact of a recession on the economy because … A. The unemployment rate does not typically rise in a recession. B. Inflation typically increases during a recession. C. Some workers may leave the labor force and not be reflected in the unemployment rate. ** D. The unemployment rate does not include unemployment among female workers....
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