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