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AGEC 217 Exam 1 - Practice Exam 1/24 Q’s and A’s
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AGEC 217 Exam 1 - Practice Exam 1/24 Q’s and A’s
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AGEC 217 Exam 1 - PracticeExam 1/24 Q’s and A’s
First divide the GDP deflator by 100, then divide nominal GDP by the result
to get real GDP, then take the percentage change in real GDP from one year
to rhe next - -To calculate real GDP growth rate,
- The average of the prices in the market basket are 4.5% higher this year
than last year - -An annual inflation rate of 4.5% would mean
- The difference between the riskier BAA corporate bond interest rate and
the less-risky AAA corporate bond interest rate. - -The corporate bond
interest rate spread shows
- The quantity of each product produced is multiplied by its price, and added
to GDP - -In the definition of Gross Domestic Product, the world "value"
means
- Tends to fall after recessions start, and tends to rise after expansions start
- -Over the business cycle, the inflation rate
- 1.2% which was less than the 56 year average of 3.8% - -In this
spreadsheet assignment we calculated the inflation rate for 2016
- 1.2% which was less than the 56 year average of 3.1% - -In this
spreadsheet assignment we calculated the Real GDP growth rate for the year
2016 as
- $14.50 - -The minimum wage was $7.25 in 2012. If the consumer price
index rose from 230 in 2012 to 460 in 2022. What must the minimum wage
be in 2022 to match its purchasing power in 2012?
- $3.35 - -If the minimum wage was $3.35 in 1983, and the consumer price
index was 100 in 1983, the real minimum wage in 1982-84 dollars would be
closest to
- Demand decreases - -Suppose recovery raises the incomes of consumers.
Which of the above diagram describes what will happen in the market for
ramen noodles which is an inferior good?
- Supply decreased - -Suppose a hurricane in the Gulf of Mexico causes oil
refineries to shut down. Which of the above diagrams shows what is likely to
happen in the market for gasoline?
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