{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Practice Exam 1.1 - Practice Exam 1.1 1 Of the following...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Practice Exam 1.1 1.   Of the following, the one that is most accurate in measuring average living  standards is      A)    the average inflation rate.     B)    the average unemployment rate.      C)    consumption.      D)    average output per person.     E)    GDP.      2.    The country of Southland produced $2,000 of output in one year. The  population of Southland was 100 people, 40 of whom were employed, What  was the value of average labor productivity in Southland?      3.    If the participation rate is 2/3 and if 120 million people are in the labor  force, then the  number of working age people NOT in the labor force is      4.    If $500,000 of steel is produced in 1998 of which $400,000 is  purchased by an auto producer and if, in 1999, $300,000 of that steel is used  for the production of $1,000,000 of cars,  then these activities will contribute to  1998 & 1999 GDP:
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
    5.    If you are in a period of disinflation, you would observe     A)    falling prices     B)    rising inflation rates     C)    rising prices     D)    rising output     E)    falling output     6.    Which of the following statements primarily represents positive (as  opposed to normative) analysis?  decrease. 
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}