ECN 211 Final (Exams 1, 2, 3) ASU Douglas UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Which of the following is included in GDP? C. medical marijuana purchased from a government-run pharmacy by a glaucoma
A. recreational marijuana purchased from a drug dealer patient.
by a college student?
B. Recreational marijuana purchased and consumber by a
man in his attic.
C. medical marijuana purchased from a government-run
pharmacy by a glaucoma patient.
D. All of the above
you know a candy bar cost five cents in 1962. You also C. five cents * (Today's CPI/ 1962 CPI)
know the CPI for 1962 and the CPI today. Which of the
following would you use to compute the price?
A. five cents today's CPI- five cents CPI in 1962
B.Five cents *(1962 CPI/ Today's CPI)
C. five cents * (Today's CPI/ 1962 CPI)
D. five cents * (today's CPI - 1962 CPI)/1962 CPI
Discouraged workers are included in... D. none of the above
A. Frictional Unemployment
B.The number of unemployed
C. the labor force
D. none of the above
, when a country has a comparative advantage in D. None of the above
producing a certain good,
A. The country should produce just enough of that good
for its own consumption.
B. the country should import that good.
C. The country's opportunity cost of that good is high
relative to other countries' opportunity costs of the same
good.
D. None of the above
The unemployment rate is computed as the number of C. divided by the number of employed, all times 100
unemployed
A. times the labor-force participation rate, all times 100.
B. divided by the adult population, all times 100
C. divided by the number of employed, all times 100
D. Divided by the labor force, all times 100.
In the economy of Talikastan in 2015, exports were $500, A. $2000
GDP was $6400, Government Purchases were $1700,
Imports were $400, and investment was $1800. What was
Talikastan's consumption in 2015?
A. $2000
B. $3800
C. $2800
D. $3000
Sheri, a U.S. Citizen, works only in Germany. The value she A. in German GDP, but is not included in U.S. GDP
adds to the production in Germany is included..
A. in German GDP, but is not included in U.S. GDP
B. in U.S. GDP, but is not included in German GDP
C. in both German GDP and U.S. GDP.
D. in neither German GDP nor U.S. GDP.
Transfer payments are: A. not included in GDP because they are not payments for currently produced
A. not included in GDP because they are not payments goods or services.
for currently produced goods or services.
B. Included in GDP because they eventually will be spent
on consumption.
C. Included in GDP because they represent income to
individuals.
D. not included in GDP because taxes will have to be
raised to pay for them.
Cyclical unemployment refers to D. short-run fluctuations around the natural rate of unemployment.
A. Changes in unemployment due to changes in natural
rate of unemployment.
B. The portion of unemployment created by job search.
C. The portion of unemployment created by wages set
above the equilibrium level.
D. short-run fluctuations around the natural rate of
unemployment.
CORRECT ANSWERS
Which of the following is included in GDP? C. medical marijuana purchased from a government-run pharmacy by a glaucoma
A. recreational marijuana purchased from a drug dealer patient.
by a college student?
B. Recreational marijuana purchased and consumber by a
man in his attic.
C. medical marijuana purchased from a government-run
pharmacy by a glaucoma patient.
D. All of the above
you know a candy bar cost five cents in 1962. You also C. five cents * (Today's CPI/ 1962 CPI)
know the CPI for 1962 and the CPI today. Which of the
following would you use to compute the price?
A. five cents today's CPI- five cents CPI in 1962
B.Five cents *(1962 CPI/ Today's CPI)
C. five cents * (Today's CPI/ 1962 CPI)
D. five cents * (today's CPI - 1962 CPI)/1962 CPI
Discouraged workers are included in... D. none of the above
A. Frictional Unemployment
B.The number of unemployed
C. the labor force
D. none of the above
, when a country has a comparative advantage in D. None of the above
producing a certain good,
A. The country should produce just enough of that good
for its own consumption.
B. the country should import that good.
C. The country's opportunity cost of that good is high
relative to other countries' opportunity costs of the same
good.
D. None of the above
The unemployment rate is computed as the number of C. divided by the number of employed, all times 100
unemployed
A. times the labor-force participation rate, all times 100.
B. divided by the adult population, all times 100
C. divided by the number of employed, all times 100
D. Divided by the labor force, all times 100.
In the economy of Talikastan in 2015, exports were $500, A. $2000
GDP was $6400, Government Purchases were $1700,
Imports were $400, and investment was $1800. What was
Talikastan's consumption in 2015?
A. $2000
B. $3800
C. $2800
D. $3000
Sheri, a U.S. Citizen, works only in Germany. The value she A. in German GDP, but is not included in U.S. GDP
adds to the production in Germany is included..
A. in German GDP, but is not included in U.S. GDP
B. in U.S. GDP, but is not included in German GDP
C. in both German GDP and U.S. GDP.
D. in neither German GDP nor U.S. GDP.
Transfer payments are: A. not included in GDP because they are not payments for currently produced
A. not included in GDP because they are not payments goods or services.
for currently produced goods or services.
B. Included in GDP because they eventually will be spent
on consumption.
C. Included in GDP because they represent income to
individuals.
D. not included in GDP because taxes will have to be
raised to pay for them.
Cyclical unemployment refers to D. short-run fluctuations around the natural rate of unemployment.
A. Changes in unemployment due to changes in natural
rate of unemployment.
B. The portion of unemployment created by job search.
C. The portion of unemployment created by wages set
above the equilibrium level.
D. short-run fluctuations around the natural rate of
unemployment.
