Which of the following properly matches the owner of

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practice midterm #1

27 .   Suppose that the following headlines appeared in the newspaper . Which would most clearly represent a macroeconomic issue ?
a. “ Central Bank Raises Interest Rates ”
b. “ Auto Dealership to Cut Prices ”
c. “ Fanny ’s Freeze Dried Prunes to Lay Off 50 Workers ”
d. “ United Workers Union to Strike April 15 th ”
e. 
Answer:  e.   Brazilian Coffee Bean Crop Falls by 10 % ”
28 .   Referring to the business cycle , a period of growing GDP is called
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29 .   Which of the following would not be an example of an intermediate good ?
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30 .   Ezra recently decided that he wanted to work over the Christmas holidays to earn some money . He began sending out resumes but at this point he has n’t found a job . Ezra would be classified as
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31 .   Which of the following can happen ?
a. Prices are rising and the inflation rate is negative but rising .
b. Prices are falling and the inflation rate is positive but falling .
c. Prices are falling and the inflation rate is positive and rising .
d. 
e. Prices are rising and the inflation rate is negative and falling .
Answer:  d.   Prices are rising and the inflation rate is positive but falling .
32 .   Which of the following properly matches the owner of a resource with the corresponding payment ?
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33 .   A farm in Louisiana grows sugar cane and sells it to a sugar refinery for $ 50 . After processing , the sugar refinery sells the sugar to a wholesaler for $ 80 , who then sells it to a restaurant for $ 90 . The restaurant puts the sugar into their pies and sells them to their customers for $ 105 ( total of their pies , not just one ) . In these transactions , how much has been added to GDP ?
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34 .   According to the figures in the table , National Income is equal to
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35 .   Suppose National Income is $ 15,000 , according to the figures in the table , Gross Domestic Product is
a. $ 15,200
b. 
c. $ 14,200
d. $ 16,000
e. $ 14,000
Answer:  b.   $ 16,200
36 .   What is the largest component of the federal budget ?
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37 .   In the language of economics , which of the following would be defined as investment ?
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38 .   Gerhardt is an excellent typist . However , because he has been unable to adapt to his company ’s new computer system , he has lost his job . He is currently seeking another secretarial position , but it is likely that he will have to acquire new skills to become employable as a secretary again . Gerhardt would best be described as
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39 .   Suppose the BLS reports that the non-institutional civilian population is 250 million . Of those , 150 million are employed and 5 million are unemployed . Of the 150 million employed , 5 million would like to be working twice as many hours and of the 250 million , 5 million have given up the search for work . The unemployment rate reported by the BLS would be _________ , while the under - employment rate would be _________.
a. 3.2 % ; 9.1 %
b. 3.3 % ; 9.4 %
c. 2 % ; 6 %
d. 
e. 3.3 % ; 9.1 %
Answer:  d.   3.2 % 9.4 %
40 .   Assume that net exports are - $ 220 , consumption is $ 5,000 , tax revenues are $ 1,000 , government purchases are $ 1,500 and 2010 GDP , calculated by the expenditure approach is $ 8,000 . We can conclude that
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Chapter 5 / Exercise 10
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32.Which of the following properly matches the owner of a resource with the corresponding payment?a.entrepreneurs and interest paymentsb.laborers and profitc.entrepreneurs and rentd.capitalists and salariese.land owners and rent
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Chapter 5 / Exercise 10
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Tucker
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33.A farm in Louisiana grows sugar cane and sells it to a sugar refinery for $50. After processing, the sugar refinery sells the sugar to a wholesaler for $80, who then sells it to a restaurant for $90. The restaurant puts the sugar into their pies and sells them to their customers for $105 (total of their pies, not just one). In these transactions, how much has been added to GDP?
Use the table below to answer the following questionsFactor income from the rest of the world$1,000Factor payments to the rest of the world$2,000Depreciation$200Welfare benefits$10Retained earnings$30Personal Income$10,00034.According to the figures in the table, National Income is equal to
35.Suppose National Income is $15,000, according to the figures in the table, Gross Domestic Product is
36.What is the largest component of the federal budget?a.Discretionary spendingb.Entitlements and mandatory spendingc.Net interestd.Defense spendinge.Unemployment benefits
37.In the language of economics, which of the following would be defined as investment?
38.Gerhardt is an excellent typist. However, because he has been unable to adapt to his company’s new computer system, he has lost his job. He is currently seeking another secretarial position, but it is likely that he will have to acquire new skills to become employable as a secretary again. Gerhardt would best be described as
39.Suppose the BLS reports that the non-institutional civilian population is 250 million. Of those, 150 million are employed and 5 million are unemployed. the 150 million employed, 5 million would like to be working twice as many hours and of the 250 million, 5 million have given up the search for work. The unemployment rate reported by the BLS would be _________, while the under-employment rate would be _________.Of

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