Econ_199_Aut_05_Exam__1 - Introduction to Macroeconomics...

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Introduction to Macroeconomics Allen R. Sanderson Economics 19900 Autumn 2005 FIRST HOUR EXAMINATION Name (Please Print): ______________________________________ [40 Points Possible] Part I. Multiple Choice. Circle letter corresponding to your answer. One point each; 20 points total. 1. The _______________________ calculates the unemployment rate each month. a. Bureau of Labor Statistics b. National Bureau of Economic Research c. Bureau of Economic Analysis d. U.S. Census Bureau e. Federal Reserve Bank of New York 2. Which of the following would one not usually associate with frictional unemployment? a. searching on the part of employees and employers b. the level and duration of unemployment compensation c. the natural rate of unemployment d. entry and re-entry into the labor force e. technological change and international competition 3. Over the last 10 years, U.S. real GDP: a. stagnated in real terms but grew in nominal terms. b. grew without interruption (that is, no recessions or downturns in the business cycle). c. increased overall by about 35-40 percent. d. has increased about 1 percent per year. e. has grown at rates nearly double the rest of the world. 4. Why does the purchase of a beautiful, restored, mint-condition 1965 Ford Mustang in December 2005 not count in the U.S. GDP for 2005? a. Cars are considered investment goods not consumption goods. b. Because it was already counted in 1965 GDP, the year the car was made. c. It would count in NDP but not GDP. d. Because GDP only records production not sales. e. This question is slightly misleading; it would count, but only at the 1965 price level. 5. Over the course of the last 100 years, the quantity of goods and services produced in U.S. factories, plants, offices and shops, and on the nation’s farms, a. is roughly constant, once one adjusts for inflation, population growth and hours of work. b. approximately doubled. c.
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This test prep was uploaded on 04/07/2008 for the course ECON 199 taught by Professor Sanderson during the Fall '07 term at UChicago.

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Econ_199_Aut_05_Exam__1 - Introduction to Macroeconomics...

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