Final_2020_Fall2011

Final_2020_Fall2011 - Name: _ Date: _ ECO 2020 (902) 11656...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Name: __________________________________________________ Date: ___________________ ECO 2020 (902) 11656 FINAL EXAM Wayne State University Instructor: Jinghua Huang Fall 2011 PART 1 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. A recession that is very severe is called a A) monumental shift. B) microeconomic collapse. C) depression. D) deflation. 3. 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. 4. 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. 5. Net exports are A) the sum of exports and imports. B) the difference between exports and imports. C) exports net of services. Page 1
Background image of page 1

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

View Full DocumentRight Arrow Icon
D) imports less exports. E) exports earmarked for nongovernmental use. Use the following to answer question 6: Table 18.5 6. Using 1997 prices, according to the data in Table 18.5, production in 1998 equaled A) $1,000. B) $625. C) $500. D) $800. E) $640. Use the following to answer question 7: Table 18.6 7. According to the data in Table 18.6, using 1997 as the base year, the GDP price deflator in 1998 was A) 8. B) 1.25. C) 1.28. D) 0.78. E) 1.30. 8. The type of unemployment that occurs because technological changes make some jobs obsolete is known as A) structural unemployment. B) cyclical unemployment. C) technological unemployment. D) frictional unemployment. 9. Which of the following statements is the only one that could possibly be true about the Page 2
Background image of page 2
figure below? A) Series X is the labor force participation rate, and series Y is the employment-to- population ratio. B) Series X is the employment-to-population ratio, and series Y is the labor force participation rate. C) Series X is the labor force participation rate, and series Y is the unemployment rate. D) Series X is the employment-to-population ratio, and series Y is the unemployment rate. E) Series X is the unemployment rate, and series Y is the labor force participation rate. 10. According to the labor supply curve, as the real wage rises, A) employers are willing to provide fewer jobs. B)
Background image of page 3

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

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 18

Final_2020_Fall2011 - Name: _ Date: _ ECO 2020 (902) 11656...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online