Econ 100 (Macroeconomics) Final Exam – Questions
With A+ Solutions
Add to calendar
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (84)
if the price of a hot dog is $2 and the 15
price of a hamburger is $4, then 30 hot
dogs contribute as much to GDP as _____ 30x2 = 60
hamburgers. 60/4=15
Angus the sheep farmer sells $20 worth $80
of wool to Barnaby the knitter. Barnaby
makes two sweaters, each of which has
a market price of $40. Collete buys one
of them, while the other remains on the
shelf of Barnaby's store to be sold later.
What is GDP here?
which of the following does not add to the fed sends a social security check to your
US GDP? grandmother
(that's a transfer payment)
, An American buys a pair of shoes Net exports fall, GDP is unchanged.
manufactured in Italy. How do the US
national income accounts treat the When an American buys a good or service from abroad,
transaction? net exports falls BUT consumption also rises by the
same amount, therefore the net effect on GDP is 0 NO
CHANGE
what is the largest component of GDP Consumption
if quantities rise by 10%, and prices fall real GDP rises by 10% while nominal GDP is unchanged
by 10%, which of the following occurs?
Real GDP: measures production of goods at CONSTANT
prices.
the consumer price index measures the GDP deflator
approximately the same economic
phenomenon as both are measures of the overall price level
the largest component in a basket of housing
goods and services used to compute
the CPI is
if a PA gun manufacturer raises the price the GDP deflator but not the CPI
of rifles it sells to the US army, its price
hikes will increase CPI takes into account only goods and services
produced by the typical consumer, whereas GDP
deflator takes into account goods and services
purchased by the government
because consumers can sometimes CPI overstates inflation
substitute cheaper goods for those that
have risen in price,
if the consumer price index is 200 in year $900
1980 and 300 today, then 600 in 1980 has
the same purchasing power as
With A+ Solutions
Add to calendar
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (84)
if the price of a hot dog is $2 and the 15
price of a hamburger is $4, then 30 hot
dogs contribute as much to GDP as _____ 30x2 = 60
hamburgers. 60/4=15
Angus the sheep farmer sells $20 worth $80
of wool to Barnaby the knitter. Barnaby
makes two sweaters, each of which has
a market price of $40. Collete buys one
of them, while the other remains on the
shelf of Barnaby's store to be sold later.
What is GDP here?
which of the following does not add to the fed sends a social security check to your
US GDP? grandmother
(that's a transfer payment)
, An American buys a pair of shoes Net exports fall, GDP is unchanged.
manufactured in Italy. How do the US
national income accounts treat the When an American buys a good or service from abroad,
transaction? net exports falls BUT consumption also rises by the
same amount, therefore the net effect on GDP is 0 NO
CHANGE
what is the largest component of GDP Consumption
if quantities rise by 10%, and prices fall real GDP rises by 10% while nominal GDP is unchanged
by 10%, which of the following occurs?
Real GDP: measures production of goods at CONSTANT
prices.
the consumer price index measures the GDP deflator
approximately the same economic
phenomenon as both are measures of the overall price level
the largest component in a basket of housing
goods and services used to compute
the CPI is
if a PA gun manufacturer raises the price the GDP deflator but not the CPI
of rifles it sells to the US army, its price
hikes will increase CPI takes into account only goods and services
produced by the typical consumer, whereas GDP
deflator takes into account goods and services
purchased by the government
because consumers can sometimes CPI overstates inflation
substitute cheaper goods for those that
have risen in price,
if the consumer price index is 200 in year $900
1980 and 300 today, then 600 in 1980 has
the same purchasing power as
