Chapter 11 Measuring the Cost of Living
1. Babe Ruth, the famous baseball player, earned $80,000 in 1931. Today, the best baseball players can earn
more than 400 times as much as Babe Ruth earned in 1931. However, prices have also risen si
THE AGGREGATE-SUPPLY CURVE
1. Which of the following is not a determinant of the long-run level of real GDP?
the price level
the supply of labor
available natural resources
2. The long-run aggregate supply curve
sample final spring10
Identify the choice that best completes the statement or answers the question.
1. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that
a. goods are scarce.
b. people face tra
MIDTERM 1 REVIEW
1.Which of the following newspaper headlines would be more closely related to what
microeconomists study than to what macroeconomists study?
a. Unemployment rate rises from 5 percent to 5.5 percent.
b. Real GDP grows by 3.1 percent in the
Name: _ Class: _ Date: _
Identify the letter of the choice that best completes the statement or answers the question.
1. Which of the following is the correct definition of GDP?
a. the market value of all
When the consumer price
index rises, the typical family
a. has to spend more dollars to maintain the same
standard of living.
b. can spend fewer dollars to maintain the same
standard of living.
c. finds that its standard of living is not affected.
Principles of Macroeconomics
Problem Set 11
Babe Ruth, the famous baseball player, earned $80,000 in 1931. Today, the best baseball
players can earn more than 300 times as much as Babe Ruth earned in 1931. However,
prices have also risen since 1931. We
Douglas, Fall 2009
September 29, 2009
PLEDGE: I have neither given nor received unauthorized help on this exam.
A : Special Code 0000_
PRINT NAME: _
Econ 202 Section 2 Midterm 1
1. What will happen to the equilibrium price and quantity of DVD
Problem Set for Chapter 11(Multiple choices)
The CPI is a measure of the overall cost of the goods and services bought by
a. a typical consumer, and the CPI is computed and reported by the Department of the Treasury.
b. typical consumers and typical bu
Institutions that help to match one person's saving with another person's investment are
collectively called the
a. Federal Reserve system.
b. banking system.
c. monetary system.
d. financial system.
1. Most entrepreneurs do no
Chap 10, Mankiw Measurement of
Introduction and definition of the GDP
Gross domestic product meaning of the term
Circular flow diagram and the methods of
Other measures of national income
Quality of life and GDP