Question 3 2.5 out of 2.5 points
(:5. Use the data in the table below to answer the question:
Labor Force Total Population Employed
Year 1 133 million 295 million 1.31.6 million
Year I 140 million 300 million 134 million
Year 3 142 million 304 million 135
Question 32 2.5 butef2.5 points
5'. Real GDP measuresthe quanties btgdbds and services prdduced in the:
j Selected Answer: '5! b. currentvearand valued at constant cfw_base prices.
Answers: a. current vear and valued at currentprices.
a b. currentvear and
Question 15 2.5 out ot2.5 points
-_ .-'. ltyou know that inflation will he 4 percent nextyear and you want to request a 5 percentincrease in yourreal'
._'-a salary. then you should reouestthatyour nominal salary be increased by:
Selected Answer: a c. 10 p
Glue stion 25
*.- Use the following data to answerouestion below
Consumption Expenditures cfw_C
Government Expenditures cfw_G
Investment Expenditures (I)
Net exports are equal to
Selected Answer: GI b.4525 billion
Question 1' 2.5 out ores points
.-_.~r ; The measurement error caused by the existence ofdiscouraged worlrers:
'4 Selected Answer: G! c. is more signicant when the economy is in a recession.
Answers: a. is neyersigniticant
lo. is more signicant when the e
Question BB 25 out of2.5 points
re- growth in real GDP exceeds population growth:
'a Selected Answer: a b. living standards would rise.
Answers: a. living standards would decline.
'5 b. living standards would rise.
c. per-capita GDPwould decrease.
The expenditure approach to calculating GDP is represented oi; the eoueijon:
'46 Selected Answer: 6 3. GDP: C + l + G + iEx Ill-Ii.
b_ GDP: NF+ netforei-gn factor income.
Question 1 2.5 out of 2.5 points
.rv' Ofcially individuals who are not currently working are classied as unemployed if:
'3 Selected Answer: a c. they are willing and able to work and are actively seeking employment.
ANSWEI'BI a_ they have been OI." 0f WDI
2.5 out ot2.5 points
.- _-*. _ Usethe data in the table belowto answerthe question:
Labor Force Total Pogulation ErnEonc-d
Year 1 138 million 195 million 131.6 million
Year 1 140 million 3W million 134 million
Year 3 142 million 334 million 1
QUEStin 3 2.5 out ms points
rye. The phantom unemployed:
'I 2 Selected Answer: GI d. claim they are actively seeking work when in tactti'iey are not.
Answers: a. claim they are employed when in fact they are unemployed.
h_claim they are not in the laloor
Question 25 2.5 out o12.5 points
.-_.u. Estimated GDP:
J Selected G! d. all otthe above are true
does not include the value ofservices performed in the home. such ascleaning and cooking, but
does countthe value ofsuch services itthetlr are pur
Question 35 2.5 out of2.5 points
r 7* if, in a given vear, nominal GDP is $11,850 billion and the GDP detlator is 12E], then real GDP is:
j Selected Answer: '3 .1 $9.876 billion.
Answers: a_$8.500 billion.
b. $14,220 billion.
Q c_$9.8?5 billion.
Question 13 2.5 outot2.5 points
(r; Use the following data to answeroueson oelow:
The base year is:
Selected Answer: 5 a. year 1.
Answers: a a. year 1.
Question 14 2.5 outofl points
Question 1?" 2.5 out ot2.5 points
cfw_x Useit'ietollowing data to answer question below
John earned $50,000 in year 1. in year2,he would need to earn at least
in orderto maintain constant purchasing power.
Selected Answer: '5 d
2.5 out 012.5 points
_, .v. . Use thefollowing data to answer question below
lfprices rose bv 5.4 percent in vear 5, then lhe CPI in 1Jrear 5 is approximatelv:
St. Paul Gov.
-18,400,000 917841.2666667 1039508.791274 990008.372642