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ECO 202 Final Questions, Answers, Rationales
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ECO 202 Final Questions, Answers, Rationales
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ECO 202 FinalStudy online at https://quizlet.com/_g1jw9o
1. The purchase by a household in China of a CD pro- Net exports
duced in the United States is included in US
2. Refer to Table 8-3. Consider the data above (in billions $1,100
of dollars) for an economy: Gross domestic product
(in billions of dollars) for this economy equals
3. The demand for loanable funds is downward sloping lower, greater,
because the _________ the interest rate, the ________ greater
the number of profitable investment projects a firm
can undertake, and the ________ the quantity de-
manded of loanable funds.
4. The nominal interest rate will be less than real interest the rate of inflation
rate when is negative
5. Which of the following is likely to increase measured Marijuana be-
GDP? comes legal to
grow and sell
6. "Household production" refers to goods and ser-
vices people pro-
duce for them-
selves
7. Table 8-11. Consider the following data for Tyrovia, a $690
country that produces only two products: guns and
butter.
Real GDP for Tyrovia for 2013 using 2005 at the base
year equals
8. In periods when prices are falling, on average, real GDP will grow
faster than nomi-
nal GDP
9. An inflation rate of 5% between 2013 and 2014 would 260; 273
be implied by a change in the GDP deflator from
______ in 2013 to ________ in 2014.
10. 8.6%
1/9
, ECO 202 Final
Study online at https://quizlet.com/_g1jw9o
Table 8-20. Given the following information, calcuate
the rate of increase in the price level from 2012 to
2013.
11. The value of what a U.S.-owned McDonald's produces GNP; GDP
in South Korea is included in the U.S. ______ and the
South Korean _______.
12. Which of the following would increase GNP in the An increase in
United States? the production of
U.S.-owned Gen-
eral Motors cares
made in Mexico
13. The Bureau of Labor Statistics would categorize a employed
person as ________ is they were temporarily away
from their job because they were ill.
14. Which of the following describes a situation in which A person who is
the person is hurt by inflation? paid a fixed in-
come during an in-
flationary period
15. The cost to firms of changing prices is called a menu
cost
16. If the number of unemployed workers is 19 million, the 475 million
number in the working-age population is 500 million,
and the unemployment rate is 4%, how many workers
are in the labor force?
17. Full employment is not considered to be zero unem- people do not
ployment because find jobs instanta-
neously
18. Table 9-2. Assume the market basket for the consumer 116
price index has two products - bread and milk - with
the following values in 2006 and 2013 for price and
quantity: the Consumer Price Index for 2013 equals
2/9
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