For the following question(s), suppose an economy produces only pens and pencils, and that the quantity and price data is given by this table: \[\begin{array} { | l | l | l | } \hline & \text { Pens } & \text { Pencils } \\ \hline \text { Year 1 quantity } & 15 & 10 \\ \hline \text { Year 1 price } & \$ 12 & \$ 12 \\ \hline \text { Year 2 quantity } & 17 & 12 \\ \hline \text { Year 2 price } & \$ 14 & \$ 15 \\ \hline \end{array}\] -What is the real GDP in year 2 using base year 1?

A) $300 B) $418 C) $294 D) $338 E) $360 A) $300 B) $418 C) $294 D) $338 E) $360 D

For the following question(s), suppose an economy produces only pens and pencils, and that the quantity and price data is given by this table: \[\begin{array} { | l | l | l | } \hline & \text { Pens } & \text { Pencils } \\ \hline \text { Year 1 quantity } & 15 & 10 \\ \hline \text { Year 1 price } & \$ 12 & \$ 12 \\ \hline \text { Year 2 quantity } & 17 & 12 \\ \hline \text { Year 2 price } & \$ 14 & \$ 15 \\ \hline \end{array}\] -What is approximately the growth rate of real GDP using base year 1?

A) 25% B) 39% C) 13% D) 20% E) 33% A) 25% B) 39% C) 13% D) 20% E) 33%

Exam 2: Measurement

For the following question(s), suppose an economy produces only pens and pencils, and that the quantity and price data is given by this table: Pens Pencils Year 1 quantity 15 10 Year 1 price \ 12 \ 12 Year 2 quantity 17 12 Year 2 price \ 14 \ 15 -What is the real GDP in year 2 using base year 1?

Free

(Multiple Choice)

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Question 1

Correct Answer:

Verified

D

Significant problems with measuring real GDP and the price level include

Free

(Multiple Choice)

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Question 2

Correct Answer:

Verified

D

Government expenditures includes

Free

(Multiple Choice)

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Question 3

Correct Answer:

Verified

E

The employment/population ratio equals

(Multiple Choice)

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Question 4

An example of a stock would be

(Multiple Choice)

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Question 5

When there is rapid inflation

(Multiple Choice)

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Question 6

National savings must equal

(Multiple Choice)

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Question 7

List and discuss two reasons why national income accountants could make errors in measuring GDP.

(Essay)

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Question 8

Jim's Nursery produces and sells $1,100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes and pays $200 in interest on a loan. Jim's profit Is

(Multiple Choice)

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Question 9

For the following question(s), suppose that an economy produces only bread and computers. Assume that all production is consumed in each year, and that price and quantity data are given in the table below. -If Year 1 is the base year, the CPI for Year 2 is approximately

(Multiple Choice)

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Question 10

The unemployment rate equals

(Multiple Choice)

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Question 11

The participation rate equals

(Multiple Choice)

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Question 12

In 2017, consumption comprised approximately

(Multiple Choice)

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Question 13

An example of a flow would be the

(Multiple Choice)

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Question 14

Significant problems with measuring real GDP and the price level include

(Multiple Choice)

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Question 15

Jim's Nursery produces and sells $1,100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes and pays $200 in interest on a loan. Jim's Contribution to GDP is

(Multiple Choice)

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Question 16

Approaches to measuring GDP include

(Multiple Choice)

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Question 17

For the following question(s), suppose that an economy produces only food and clothing, and that price and quantity data are given in the table below. -Year 2 nominal GDP is

(Multiple Choice)

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Question 18

When an unemployed worker becomes discouraged and leaves the labour force

(Multiple Choice)

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Question 19

For the following question(s), suppose an economy produces only pens and pencils, and that the quantity and price data is given by this table: Pens Pencils Year 1 quantity 15 10 Year 1 price \ 12 \ 12 Year 2 quantity 17 12 Year 2 price \ 14 \ 15 -What is approximately the growth rate of real GDP using base year 1?

(Multiple Choice)

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(92)

Question 20

For the following question(s), suppose an economy produces only pens and pencils, and that the quantity and price data is given by this table: Pens Pencils Year 1 quantity 15 10 Year 1 price \ 12 \ 12 Year 2 quantity 17 12 Year 2 price \ 14 \ 15 -What is the real GDP in year 2 using base year 1?

Significant problems with measuring real GDP and the price level include

Government expenditures includes

The employment/population ratio equals

An example of a stock would be

When there is rapid inflation

National savings must equal

List and discuss two reasons why national income accountants could make errors in measuring GDP.

Jim's Nursery produces and sells $1,100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes and pays $200 in interest on a loan. Jim's profit Is

For the following question(s), suppose that an economy produces only bread and computers. Assume that all production is consumed in each year, and that price and quantity data are given in the table below. -If Year 1 is the base year, the CPI for Year 2 is approximately

The unemployment rate equals

The participation rate equals

In 2017, consumption comprised approximately

An example of a flow would be the

Significant problems with measuring real GDP and the price level include

Jim's Nursery produces and sells $1,100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes and pays $200 in interest on a loan. Jim's Contribution to GDP is

Approaches to measuring GDP include

For the following question(s), suppose that an economy produces only food and clothing, and that price and quantity data are given in the table below. -Year 2 nominal GDP is

When an unemployed worker becomes discouraged and leaves the labour force

Introduction

Business Cycle Measurement

Consumer and Firm Behavior: the Workleisure Decision and Profit Maximization

A Closed-Economy One-Period Macroeconomic Model

Search and Unemployment

Economic Growth: Malthus and Solow

Income Disparity Among Countries and Endogenous Growth

A Two-Period Model: the Consumptionsavings Decision and Credit Markets

Credit Market Imperfections: Credit Frictions, Financial Crises, and Social Security

A Real Intertemporal Model With Investment

Money, Banking, Prices, and Monetary Policy

Business Cycle Models With Flexible Prices and Wages

New Keynesian Economics: Sticky Prices

Inflation: Phillips Curves and Neo-Fisherism

International Trade in Goods and Assets

Money in the Open Economy

Money, Inflation, and Banking: a Deeper Look

Filters