ECO 105 Week 4 Quiz | Assignment Help | Wilmington University
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- 02 Sep 2020
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ECO 105 Week 4 Quiz | Assignment Help | Wilmington University
Week 4 Quiz
Question 1
A record of your
father's wages in 1976 would be viewed today as:
o
real dollars.
o
nominal dollars.
o
inflationary dollars.
o
pure dollars.
Question 2
A relative price shift
occurs when:
o
The inflation rate of a good or service
remains unchanged.
o
The inflation rate of a good or service
is significantly higher or lower than the overall inflation rate.
o
The inflation rate of a good or service
matches the overall inflation rate.
o
Inflation exceeds the average revenue
per capita.
Question 3
An increase without
inflation adjustment is called:
o
a real increase.
o
a nominal increase.
o
a net increase.
o
a inflationary increase.
Question 4
Between 1997 and 2007,
which of the following experienced a negative inflation rate?
o
Gasoline
o
College tuition
o
Medical care
o
Appliances
Question 5
Certain behavior
associated with anticipated inflation can:
o
reduce inflation rates overall.
o
allow lenders to collect with more
valuable dollars.
o
allow borrowers to pay with more
valuable dollars.
o
actually increase the rate of inflation.
Question 6
Core inflation is
defined as:
o
inflation that takes energy and food
into account.
o
inflation that does not take energy and
food into account.
o
inflation that takes health care and
energy into account.
o
inflation that does not take health care
and energy into account.
Question 7
Disinflation is:
o
an decrease in prices.
o
an decrease in inflation rates.
o
the inflation rate minus inflation increase.
o
the inflation rate plus inflation
increase.
Question 8
GDP per capita means:
o
Gross Domestic Product per business.
o
Gross Domestic Product per employee.
o
Gross Domestic Product per person.
o
Gross Domestic Product per dollar in
revenue.
Question 9
Goods that are produced
but not immediately sold:
o
do not count in the GDP.
o
count in the GDP as inventory.
o
count in the GDP as intermediate input.
o
count in the GDP as private investment.
Question 10
Government consumption
includes all:
o
salaries paid to factory workers.
o
fuel for nuclear submarines.
o
cola served in a company cafeteria.
o
pencils bought by a private university.
Question 11
Gross Domestic Product
does NOT include:
o
personal consumption.
o
intermediate inputs.
o
residential investment.
o
net exports.
Question 12
If a foreign car
manufacturer builds a plant in the United States, the new plant will:
o
increase the GDP by the amount produced.
o
have no effect on the GDP, because it is
a foreign company.
o
decrease the GDP by the amount produced,
because of foreign ownership.
o
increase the GDP by the net exports of
the company.
Question 13
If you install
anti-lock braking on a vehicle, and that causes the price to increase $100, the
BLS:
o
counts that increase as part of the
inflation rate.
o
does not count that increase as part of
the inflation rate.
o
reduces the price increase from the
inflation rate by the value of the public good.
o
adds the price increase from the
inflation rate by the value of the public good.
Question 14
In a BLS study, the
average adult spends _______ per day on unpaid work.
o
1.5 hours
o
3.4 hours
o
0 hours
o
5 hours
Question 15
Money illusion occurs
when we compare dollar amounts:
o
Without adjusting for technology.
o
Without adjusting for inflation.
o
Between two years.
o
Between the CPI and the GDP.
Question 16
Net exports are:
o
total exports divided by population.
o
total exports minus marginal product.
o
total exports minus imports.
o
total exports minus debt.
Question 17
Relative price shifts
explain why:
o
the inflation rate of a particular good
or service shifts up or down over a period of time.
o
the deflation rate of a particular good
or service shifts up or down over a period of time.
o
the inflation rate of a particular good
or service does not change over a period of time.
o
the disinflation rate of a particular
good or service shifts up or down over a period of time.
Question 18
Since the 1950s,
non-residential investment has:
o
changed, as we invest more in software
and computers than buildings.
o
not changed.
o
declined.
o
decreased substantially.
Question 19
The BEA is the:
o
Bureau of Educational Administration.
o
Bureau of Economic Alliances.
o
Bureau of Economic Analysis.
o
Bureau of Educational Analysis.
Question 20
The Bureau of Labor
Statistics is responsible for:
o
regulating accounting standards.
o
counting various employment statistics.
o
the U.S. census.
o
calculating net marginal product for
private businesses.
Question 21
The main statistical
agencies in Washington are:
o
the FBI, CIA, BEA, and the NLRB.
o
the BEA, BLS, CB, and the FRB.
o
the NRA, AARP, NCAA, NAACP.
o
the USDA, FTC, FCC, and the FDA.
Question 22
The underground economy
includes:
o
self-employed workers.
o
babysitters paid in cash.
o
babysitters on a payroll.
o
landscapers.
Question 23
Unanticipated inflation
is:
o
the sudden deceleration of the rate of
inflation compared with expected inflation.
o
the sudden acceleration of the rate of
price increases above expected inflation.
o
the sudden acceleration of the rate of
price increases below expected inflation.
o
the sudden deceleration of the rate of
price increases above expected inflation.
Question 24
Unanticipated inflation
tends to damage _______ most.
o
borrowers
o
lenders
o
chocolate makers
o
weapons manufacturers
Question 25
Volunteers in the
workforce have what effect on the GDP?
o
None, they are not counted
o
Only hours actually volunteered are
counted
o
Hours are counted at 50%
o
Hours are counted as intermediate inputs
Question 26
What does the phrase
"owners equivalent rent" mean?
o
It is the measure of the price of five
years' worth of housing services
o
It is the measure of the price of a home
o
It is the measure of the value of a
year's worth of housing services
o
It is the measure of the value of three
years' worth of housing services
Question 27
What is deflation?
o
An increase in price levels that reduces
the GDP
o
An decrease in price levels
o
Inflation minus average net price equals
deflation
o
Inflation plus average net price equals
deflation
Question 28
Which of the following
countries has not experienced recent bouts of hyperinflation?
o
Norway
o
Brazil
o
Mexico
o
Bolivia
Question 29
Which of the following
does not count as personal consumption?
o
Gambling losses
o
Spending on education
o
Bequests to a hospital
o
Paying taxes
Question 30
Which of the following
is not an example of the underground economy?
o
Off-the-books babysitting
o
Illegal drug deals
o
Commissioned salespeople
o
Cash under the table businesses
USA 
India