ECON252 Interim Exam #1 10-03-2013 - PINK


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Unformatted text preview: The price of the ticket. B. The cost of gas to drive to Chicago. C. The value of what you would do if you do not attend the game. D. The $50 you will have to pay for parking near the stadium. 22. Jesse and Walt cook and sell crystal methamphetamine — an illegal narcotic. Suppose crystal methamphetamine is legalized. If their production is unchanged, this would ________ GDP and ________ the standard of living. A. decrease; not affect B. increase; not affect C. not affect; increase D. increase; increase E. not affect; not affect 23. The CPI and the GDP deflator are both A. subject to biases because they do not reflect changes in buying patterns. B. calculated yearly. C. used to calculate the inflation rate. D. [All of the above] 24. If inflation this year is much higher than expected, which of the following parties are better off? A. Karen, a retired school teacher that relies upon her fixed pension to pay for her expenses. B. China, who holds about $1.2 trillion of US debt. C. Joy, who borrowed $40,000 to pay for her college education. D. Herb, w...
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