Questions 2.25 Final Review

# Questions 2.25 Final Review - EC 202 Introduction to...

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EC 202: Introduction to Economic Analysis: Macroeconomics Prof. Piger Week 7 Multiple Choice Questions Choose the one alternative that best completes the statement or answers the question. Person A This person has just graduated from high school and is working at a part-time job but wants a full-time job. Person B At the age of 45, this person was laid off from the automobile industry when new equipment was installed and the person did not have the skills necessary to use the equipment. This person now is searching to find a new job. Person C As a result of this person’s spouse being transferred to a job in a new city, this person left their job and is looking for a new job. Person D This person just graduated from college and is looking for an engineering job. In the meantime, this person is working full-time waiting tables. 1) The above table shows information given by people interviewed in the Current Population Survey. Which person (people) is (are) considered unemployed? A) A, B C, and D. B) A, B, and C. C) B and C. D) A, B, and C. 2) Suppose the population is 220 million people, the labor force is 150 million people, the number of people employed is 130 million and the working-age population is 175 million people. What is the unemployment rate?

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3) Depreciation equals ____. 4) Intermediate goods and services ____. Item Millions of dollars Consumption expenditure 80 Government purchases of goods and services 30 Net taxes 35 Gross Investment 20 Imports of goods and services 10 Exports of goods and services 20 5) Use the information in the table above to calculate the value of private saving. A) \$15 million B) \$40 million C) \$25 million D) \$20 million E) None of the above answers are correct. 6) In 2004, the country of Nerf had its imports equal its exports. Nerf’s GDP was \$500 million, its consumer expenditure was \$380 million, and its investment was \$20 million. Nerf’s government purchases were ____.