ECO 302 Week 3 Quiz Strayer Question  1 0 out of 5 points � � �   If nominal GDP is 300 and the implicit price level is 0.75, then real GDP Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  2 5 out of 5 points � � �      The consumer price index (CPI): Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  3 5 out of 5 points � � �        If real GDP is 120 and nominal GDP is 180, then the implicit price level is: Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  4 5 out of 5 points � � �   If real GDP equals 400 and the implicit price level is 1.25, then nominal GDP Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  5 5 out of 5 points � � �      The consumer price index is constructed from: Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  6 5 out of 5 points � � �      Net national product (NNP) is gross national product (GNP): Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  7 5 out of 5 points � � �   When the quality of a product changes over time, real GDP Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  8 5 out of 5 points � � �   The chain-weighted measure of GDP Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  9 5 out of 5 points � � �   Seasonal adjustment to macroeconomic data corrects mostly for Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  10 5 out of 5 points � � �   A pottery shop buys clay and other materials for $20.  Workers use the materials to make 5 bowls that are sold for $250 total.  The value added by the pottery shop equals Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  11 5 out of 5 points � � �      Disposable personal income is personal income: Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  12 5 out of 5 points � � �      Personal income is national income: Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  13 5 out of 5 points � � �      If there are 120 machines in an economy and the depreciation rate is 5% per year, then: Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  14 0 out of 5 points � � �      In the production function Y = A “� F(K,L),  Y is: Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  15 5 out of 5 points � � �      Economists use the term poverty to identify people who Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  16 0 out of 5 points � � �   Data from recent decades show that economic growth led to Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  17 0 out of 5 points � � �      The Solow growth model assumes unemployment is: Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  18 5 out of 5 points � � �        The marginal product of labor is: Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  19 5 out of 5 points � � �      If a country has a population of 300 million and a labor force of 200 million, then its labor force participation rate is: Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  20 0 out of 5 points � � �      For the production function Y = A “� F(K,L) constant returns to scale means: Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  21 5 out of 5 points � � �      In a closed economy with no government sector, the change in the capital stock is equal to: Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  22 0 out of 5 points � � �      Data from recent decades show that economic growth led to Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  23 0 out of 5 points � � �   In the steady state for the Solow growth model, the saving per worker Answer � � � � �     � � � � � � � � � � � � � � � � � � Question  24 5 out of 5 points � � �   A bakery with a production function exhibiting constant returns to scale has 2 mixers and 4 workers, who produce 10 cakes per day.  If the bakery owner adds 2 more mixers and 4 more workers, then production would most likely Answer

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