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EC 102, Sections AA and BB, Fall 2010 Practice Final

EC 102, Sections AA and BB, Fall 2010 Practice Final - Econ...

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Econ 102 Introductory Macroeconomic Analysis Fall, 2010 Practice Final ____ 1. Which of the following examples of production of goods and services would count as part of U.S. GDP? a. Samantha, a Canadian citizen, grows sweet corn in Minnesota and sells it to a grocery store in Canada. b. Ian, an American citizen, grows peaches for his family in the back yard of their Atlanta home. c. Brian, an American citizen, grows marijuana in Mexico and sells it in Europe d. None of the above examples of production would count as part of U.S. GDP. ____ 2. If a small country has current nominal GDP of $25 billion and the GDP deflator is 125, what is real GDP? ____ 3. The economy's inflation rate is the ____ 4. In the CPI, goods and services are weighted according to Table 24-1 year Peaches Pecans 2005 $11 per bushel $6 per bushel 2006 $9 per bushel $10 per bushel ____ 5. Refer to Table 24-1 . Suppose the typical consumer basket consists of 10 bushels of peaches and 15 bushels of pecans. Using 2005 as the base year, the CPI for 2006 is a. 100. b. 120. c. 200. d. 240.
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____ 6. Assume an economy experienced a higher inflation rate, as measured by the CPI, between 2004 and 2005 than it experienced between 2003 and 2004. Which of the following scenarios is consistent with this assumption? ____ 7. Babe Ruth's 1931 salary was $80,000. Government statistics show a consumer price index of 15.2 for 1931 and 195 for 2005. Ruth's 1931 salary was equivalent to a 2005 salary of about ____ 8. During the past century the average growth rate of U.S. real GDP per person was about 2%. This implies that it doubled about every ____ 9. The level of real GDP per person a. differs widely across countries, but the growth rate of real GDP per person is similar across countries. b. is very similar across countries, but the growth rate of real GDP per person differs widely across countries. c. and the growth rate of real GDP per person are similar across countries. d. and the growth rate of real GDP per person vary widely across countries. ____
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