Questions for Final Examination

Jul 23rd, 2016
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Multiple Choice Questions for Final Examination

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Economics 101Multiple Choice Questions for Final ExaminationMillerPLEASE DO NOT WRITE ON THIS EXAMINATION FORM.1. Which of the following statements is correct?a. Real GDP is the total market value of the final goods andservices produced in America for sale in a year valued in the prices of 1992.b. Your buying stock in the stock market is an example of investment spendingc. Potential Real GDP is always greater than Equilibrium Real GDPd. Social security and welfare are examples of spending on infrastructure.e. All of the above2. The period of the business cycle in which real GDP is increasing is called the:a. expansion b. peak c. recession d. trough e. stagflation3. Assume that, in the population, 95 million people worked for pay last week, 5 million peopledid not work for pay but had been seeking a job, 5 million people did not work for pay and hadnot been seeking a job for the past several months, and 45 million were under age 16. Theunemployment rate, given these numbers, is:a. 5% b. 8% c. 10% d. 20% e. 45%4. A type of unemployment in which workers are in-between jobs or are searching for new andbetter jobs is called _______ unemployment:a. frictionalb. cyclicalc. structural d. turnover5. Consider three consumer goods: 100 of Good A, 100 of Good B, and 100 of Good C. In thebase year, Good A sold at a price of $1, Good B sold at a price of $1, and Good C sold at a priceof $1. In the current year, Good A sold at a price of $3, Good B sold at a pric

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