ECON 214 exam 1 complete solutions correct answers key

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ECON 214 exam 1 complete solutions correct answers key Click Link Below To Buy: http://hwcampus.com/shop/econ-214-exam-1-complete-solutions-correct-answers-key/ Or Visit www.hwcampus.com Two different versions Version A Quiz Question 1 Structural unemployment is: Question 2 Which of the following equations represents the labor force participation rate? Question 3 The concept of a price index is that: Question 4 Use the following table to answer the questions that follow: According to the table, the labor force participation rate in this economy is equal to: Question 5 If the relevant population is 268 million people and the number of people in the labor force is 148 million, the labor force participation rate is: Question 6 Net exports can be defined as: Question 7 If the goods producers buy change dramatically between years, then: Question 8 Consider the following data to answer the questions that follow. Although countries C and D have the same level of GDP, country C has a level of per capita GDP that is ________ times that of country D. Question 9 A shortcoming of using real GDP as a measure of economic well¬being is that it does not measure changes in: Question 10 A doctor receives $50,000 per month from her patients (and their insurance companies) as payment for her services. Each month she buys medical supplies for $10,000 and she pays a lab $15,000 for analyzing slides. The total contribution to GDP this month is: Question 11 Labor force participation rates among teenagers are: Question 12 The chained consumer price index (CPI) is a better measure of prices than the traditional CPI: Question 13 The percent change in the overall level of prices in the economy is called: Question 14 Goods that firms repackage with other goods for sale at a later stage are: Question 15 An example of an intermediate good would be: Question 16 For the the questions that follow, suppose a country has the following quarterly growth data for the last three years: The country’s long¬run average growth rate is 3%. How many quarters were spent in recession? Question 17 Consider the following data, where GDP values are measured in millions of dollars, to answer the questions that follow. What was the growth rate of real GDP from 2011 to 2012? Question 18 GDP is not a good measure of: Question 19 Use the following table to answer the questions that follow: According to the table, the unemployment rate in this economy is equal to: Question 20 The Bureau of Labor Statistics releases consumer price index (CPI) data: Question 21 Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012. What was the real GDP in 2013? Question 22 Economic growth is best measured by changes in: Question 23 According to the price confusion problem, if the price of a product increases, then: Question 24 If everyone buys the same goods every year and the price of housing rises by 38%: Question 25 Individuals who are working part¬time but would prefer to be working full¬time are defined as: Question 26 When GDP increases, national income ________ and national output __________. Question 27 Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012. What was the GDP deflator in 2013? Question 28 Which is the largest component of U.S. GDP? Question 29 Refer to the following table to answer the questions that follow: As presented in the table, the approximate rate of inflation (or deflation) from 2000–2001 was (rounded to the nearest percent): Question 30 How do you convert a price of a good from an earlier time into today’s price? Question 31 In Bovania, cattle compose 48% of the consumer price index (CPI), housing composes 32%, and entertainment accounts for the remaining 20%. If, in a certain year, the price of cattle rises by 30% and the price of housing rises by 25%, then: Question 32 Which of the following conditions might cause the unemployment rate to be less than the natural rate of unemployment? Question 33 Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012. What was the real GDP in 2013? Question 34 Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012. What was the growth rate of real GDP between the two years? Question 35 Suppose a basket of goods and services has been selected to calculate the consumer price index (CPI) and 2002 has been chosen as the base year. In 2002, the basket’s cost was $76.00; in 2004, the basket’s cost was $79.50; and in 2006, the basket’s cost was $85.00. The value of the CPI was: Question 36 When an unemployed worker receives a payment from the government as a result of being unemployed, it is: Question 37 Which of the following is an example of frictional unemployment? Question 38 You know that the consumer price index (CPI) at the beginning of this year was 250 and the rate of inflation was 14%; this would mean: Question 39 Real GDP is GDP adjusted for changes in: Question 40 Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012. What was the rate of inflation between the two years? Version B Quiz Question 1 Wages are often tied to expected rates of inflation; thus one reason why inflation is important is that: Question 2 You bought a popular video game last year for $75 and sold it to a store this year for $20. The store sells the used game to a consumer for $50. This adds _____ to GDP when the store sells the game to the consumer. Question 3 The government can assist in reducing the level of structural unemployment by: Question 4 When John buys new tires for his car it _______, and when Ford buys tires to put on new cars it ____________. Question 5 An index of the average prices of all goods and services throughout the economy is called: Question 6 One improvement of the chained consumer price index (CPI) over the traditional CPI is that: Question 7 Nominal GDP increased from $15.44 trillion to $15.75 trillion, and the price level increased from 116.5 to 122.3. Which of the following is true? Question 8 If 51% of all goods in the consumer price index (CPI) became more expensive and 49% became cheaper: Question 9 If cheeseburgers become more expensive and consumers switch their purchases away from cheeseburgers but the consumer price index (CPI) still assumes they buy the same amount, then: Question 10 Consider the following data, where GDP values are measured in millions of dollars, to answer the questions that follow. What was the inflation rate between 2010 and 2011? Round to the nearest decimal. Question 11 Use the following table to answer the questions that follow: According to the table, the labor force participation rate is: Question 12 The unemployment rate is: Question 13 If a large group of U.S. workers begins to retire, you can expect: Question 14 Which of the following is an example of structural unemployment? Question 15 Consider the following data, where GDP values are measured in millions of dollars, to answer the questions that follow. What was the growth rate of nominal GDP from 2010 to 2011? Round to the nearest second decimal. Question 16 Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012. What was the GDP deflator in 2012? Question 17 Joe Kowalski invents a new product, and this new product becomes cheaper over time. This can be problematic because: Question 18 If your nominal wage rises but you think that it automatically means your real wage rose, then: Question 19 A shortcoming of using real GDP as a measure of economic well¬being is that it does not measure changes in: Question 20 Which of the following statements is true about the natural rate of unemployment? Question 21 Frictional unemployment is: Question 22 Consider the following data to answer the questions that follow. Which country has the highest level of GDP per capita? Question 23 When you buy a new car built by Ford, it is included in the ________ category of GDP. Question 24 Individuals who are working part¬time but would prefer to be working full¬time are defined as: Question 25 Consider the following figure to answer the questions that follow. During which period was the economy in a contraction? Question 26 The contraction phase of a business cycle is best described as: Question 27 Asking whether people are unemployed for short spells or whether the duration of joblessness is long term is: Question 28 To avoid double¬counting when calculating GDP, it is best to: Question 29 Refer to the following table to answer the questions that follow: As presented in the table, the rate of inflation (or deflation) from 2002–2003 was (rounded to two decimal places): Question 30 A doctor receives $50,000 per month from her patients (and their insurance companies) as payment for her services. Each month she buys medical supplies for $10,000 and she pays a lab $15,000 for analyzing slides. The total contribution to GDP this month is: Question 31 The four major expenditure categories of GDP are: Question 32 Which of the following is an example of frictional unemployment? Question 33 Macroeconomics is the study of: Question 34 The average inflation rate in the United States from 2000–2012 was about: Question 35 Use the following table to answer the questions that follow: According to the table, the number of people not in the labor force is equal to: Question 36 In Nation A, the price index rises from 110 to 120 in a particular year. In the same year, the price level rises from 120 to 130 in Nation B. This means: Question 37 Your firm expands its output in a time when demand appears to be increasing. Demand for all goods is increasing because of inflation, and consumers want to buy all goods faster because their real purchasing power is falling due to inflation. This situation could indicate that: Question 38 If Robert was earning $10,000 and now earns $11,500, then: Question 39 In the 1970s, the government attempted to regulate prices to control inflation; this attempt was unsuccessful. The most likely reason was that: Question 40 Refer to the following figure to answer the questions that follow: Based on the figure, one could correctly state that:  

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ECON 214 exam 1 complete solutions correct answers key Click Link Below To Buy: http://hwcampus.com/shop/econ-214-exam-1-complete-solutions-correct-answers-key/ Or Visit www.hwcampus.com Two different versions Version A Quiz Question 1 Structural unemployment is: Question 2 Which of the following equations represents the labor force participation rate? Question 3 The concept of a price index is that: Question 4 Use the following table to answer the questions that follow: According to the table, the labor force participation rate in this economy is equal to: Question 5 If the relevant population is 268 million people and the number of people in the labor force is 148 million, the labor force participation rate is: Question 6 Net exports can be defined as: Question 7 If the goods producers buy change dramatically between years, then: Question 8 Consider the following data to answer the questions that follow. Although countries C and D have the same level of GDP, country C has a level of per capita GDP that is ________ times that of country D. Question 9 A shortcoming of using real GDP as a measure of economic well¬being is that it does not measure changes in: Question 10 A doctor receives $50,000 per month from her patients (and their insurance companies) as payment for her services. Each month she buys medical supplies for $10,000 and she pays a lab $15,000 for analyzing slides. The total contribution to GDP this month is: Question 11 Labor force participation rates among teenagers are: Question 12 The chained consumer price index (CPI) is a better measure of prices than the traditional CPI: Question 13 The percent change in the overall level of prices in the economy is called: Question 14 Goods that firms repackage with other goods for sale at a later stage are: Question 15 An example of an intermediate good would be: Question 16 For the the questions that follow, suppose a country has the following quarterly growth data for the last three years: The country’s long¬run average growth rate is 3%. How many quarters were spent in recession? Question 17 Consider the following data, where GDP values are measured in millions of dollars, to answer the questions that follow. What was the growth rate of real GDP from 2011 to 2012? Question 18 GDP is not a good measure of: Question 19 Use the following table to answer the questions that follow: According to the table, the unemployment rate in this economy is equal to: Question 20 The Bureau of Labor Statistics releases consumer price index (CPI) data: Question 21 Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012. What was the real GDP in 2013? Question 22 Economic growth is best measured by changes in: Question 23 According to the price confusion problem, if the price of a product increases, then: Question 24 If everyone buys the same goods every year and the price of housing rises by 38%: Question 25 Individuals who are working part¬time but would prefer to be working full¬time are defined as: Question 26 When GDP increases, national income ________ and national output __________. Question 27 Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012. What was the GDP deflator in 2013? Question 28 Which is the largest component of U.S. GDP? Question 29 Refer to the following table to answer the questions that follow: As presented in the table, the approximate rate of inflation (or deflation) from 2000–2001 was (rounded to the nearest percent): Question 30 How do you convert a price of a good from an earlier time into today’s price? Question 31 In Bovania, cattle compose 48% of the consumer price index (CPI), housing composes 32%, and entertainment accounts for the remaining 20%. If, in a certain year, the price of cattle rises by 30% and the price of housing rises by 25%, then: Question 32 Which of the following conditions might cause the unemployment rate to be less than the natural rate of unemployment? Question 33 Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012. What was the real GDP in 2013? Question 34 Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012. What was the growth rate of real GDP between the two years? Question 35 Suppose a basket of goods and services has been selected to calculate the consumer price index (CPI) and 2002 has been chosen as the base year. In 2002, the basket’s cost was $76.00; in 2004, the basket’s cost was $79.50; and in 2006, the basket’s cost was $85.00. The value of the CPI was: Question 36 When an unemployed worker receives a payment from the government as a result of being unemployed, it is: Question 37 Which of the following is an example of frictional unemployment? Question 38 You know that the consumer price index (CPI) at the beginning of this year was 250 and the rate of inflation was 14%; this would mean: Question 39 Real GDP is GDP adjusted for changes in: Question 40 Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012. What was the rate of inflation between the two years? Version B Quiz Question 1 Wages are often tied to expected rates of inflation; thus one reason why inflation is important is that: Question 2 You bought a popular video game last year for $75 and sold it to a store this year for $20. The store sells the used game to a consumer for $50. This adds _____ to GDP when the store sells the game to the consumer. Question 3 The government can assist in reducing the level of structural unemployment by: Question 4 When John buys new tires for his car it _______, and when Ford buys tires to put on new cars it ____________. Question 5 An index of the average prices of all goods and services throughout the economy is called: Question 6 One improvement of the chained consumer price index (CPI) over the traditional CPI is that: Question 7 Nominal GDP increased from $15.44 trillion to $15.75 trillion, and the price level increased from 116.5 to 122.3. Which of the following is true? Question 8 If 51% of all goods in the consumer price index (CPI) became more expensive and 49% became cheaper: Question 9 If cheeseburgers become more expensive and consumers switch their purchases away from cheeseburgers but the consumer price index (CPI) still assumes they buy the same amount, then: Question 10 Consider the following data, where GDP values are measured in millions of dollars, to answer the questions that follow. What was the inflation rate between 2010 and 2011? Round to the nearest decimal. Question 11 Use the following table to answer the questions that follow: According to the table, the labor force participation rate is: Question 12 The unemployment rate is: Question 13 If a large group of U.S. workers begins to retire, you can expect: Question 14 Which of the following is an example of structural unemployment? Question 15 Consider the following data, where GDP values are measured in millions of dollars, to answer the questions that follow. What was the growth rate of nominal GDP from 2010 to 2011? Round to the nearest second decimal. Question 16 Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012. What was the GDP deflator in 2012? Question 17 Joe Kowalski invents a new product, and this new product becomes cheaper over time. This can be problematic because: Question 18 If your nominal wage rises but you think that it automatically means your real wage rose, then: Question 19 A shortcoming of using real GDP as a measure of economic well¬being is that it does not measure changes in: Question 20 Which of the following statements is true about the natural rate of unemployment? Question 21 Frictional unemployment is: Question 22 Consider the following data to answer the questions that follow. Which country has the highest level of GDP per capita? Question 23 When you buy a new car built by Ford, it is included in the ________ category of GDP. Question 24 Individuals who are working part¬time but would prefer to be working full¬time are defined as: Question 25 Consider the following figure to answer the questions that follow. During which period was the economy in a contraction? Question 26 The contraction phase of a business cycle is best described as: Question 27 Asking whether people are unemployed for short spells or whether the duration of joblessness is long term is: Question 28 To avoid double¬counting when calculating GDP, it is best to: Question 29 Refer to the following table to answer the questions that follow: As presented in the table, the rate of inflation (or deflation) from 2002–2003 was (rounded to two decimal places): Question 30 A doctor receives $50,000 per month from her patients (and their insurance companies) as payment for her services. Each month she buys medical supplies for $10,000 and she pays a lab $15,000 for analyzing slides. The total contribution to GDP this month is: Question 31 The four major expenditure categories of GDP are: Question 32 Which of the following is an example of frictional unemployment? Question 33 Macroeconomics is the study of: Question 34 The average inflation rate in the United States from 2000–2012 was about: Question 35 Use the following table to answer the questions that follow: According to the table, the number of people not in the labor force is equal to: Question 36 In Nation A, the price index rises from 110 to 120 in a particular year. In the same year, the price level rises from 120 to 130 in Nation B. This means: Question 37 Your firm expands its output in a time when demand appears to be increasing. Demand for all goods is increasing because of inflation, and consumers want to buy all goods faster because their real purchasing power is falling due to inflation. This situation could indicate that: Question 38 If Robert was earning $10,000 and now earns $11,500, then: Question 39 In the 1970s, the government attempted to regulate prices to control inflation; this attempt was unsuccessful. The most likely reason was that: Question 40 Refer to the following figure to answer the questions that follow: Based on the figure, one could correctly state that:  

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