ECO 105 Week 4 Quiz | Assignment Help | Wilmington University
Week 4 Quiz
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.
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.
An increase without inflation adjustment is called:
o a real increase.
o a nominal increase.
o a net increase.
o a inflationary increase.
Between 1997 and 2007, which of the following experienced a negative inflation rate?
o College tuition
o Medical care
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.
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.
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.
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.
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.
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.
Gross Domestic Product does NOT include:
o personal consumption.
o intermediate inputs.
o residential investment.
o net exports.
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.
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.
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
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.
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.
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.
Since the 1950s, non-residential investment has:
o changed, as we invest more in software and computers than buildings.
o not changed.
o decreased substantially.
The BEA is the:
o Bureau of Educational Administration.
o Bureau of Economic Alliances.
o Bureau of Economic Analysis.
o Bureau of Educational Analysis.
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.
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.
The underground economy includes:
o self-employed workers.
o babysitters paid in cash.
o babysitters on a payroll.
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.
Unanticipated inflation tends to damage _______ most.
o chocolate makers
o weapons manufacturers
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
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
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
Which of the following countries has not experienced recent bouts of hyperinflation?
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
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