I need someone with very good macro knowledge to help me with some questions.
The attachments are questions similar to that; but those questions aren't what I need help with.
Econ Macros Exam 2
1. Efficiency means that
2. Which of the following is a normative statement?
3. Suppose that a decrease in the price of X results in less of good Y sold. This would mean that X and Y are
4. A situation where people have unlimited wants but face limited resources is known as _____________.
5. Matt graduated from the College with a degree of education last year. He is not working now but still actively looking for a job. He is hoping to stay in the Rockville, Maryland, where his girl friend for 10 years resides, which is the reason he still cannot find a job yet.
The current economy is considered "normal", which the total unemployment is around the average natural rate of unemployment.
Matt is categorized by the government as ________.
6. What is the order of stages for a typical business cycle?
7. The term inflation is used to describe a situation in which
8. If the consumer price index was 100 in the base year and 107 in the following year, then the inflation rate was
9. How many unemployment rates do we have in the USA and what is the official one among them?
10. Refer to Figure 2. If the demand curve shifts from D1 to D, then
11. The branch of economics that focuses on the study of output, inflation, and unemployment is known as __________.
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12. One of the widely acknowledged problems with using the consumer price index as a measure of the cost of living is that the CPI |
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13. A steel company sells some steel to a bicycle company for $150. The bicycle company uses the steel to produce a bicycle, which it sells for $250. Taken together, these two transactions contribute
14. In a simple circular-flow diagram,
15. Gross domestic product measures two things at once:
16. Refer to Figure 1. The movement from point A to point B on the graph shows
17. GDP does not reflect
18. Refer to Figure 4. At a price of $35,
19. A recession has traditionally been defined as a period during which
20. A price floor
21. When new goods are introduced, consumers have more variety from which to choose. As a result, each dollar is worth
22. Refer to Figure 5. Which panel(s) best represent(s) a binding rent control in the short run?
23. Which of the following is NOT a determinant of demand according to the Model of Supply & Demand?
24. In computing the consumer price index, a base year is chosen. Which of the following statements about the base year is correct?
25. The consumer price index and the GDP deflator are two alternative measures of the overall price level. Which of the following statements about the two measures is correct?
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Who is not included in the labor force? |
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26.
27. If an economy’s GDP falls, then it must be the case that the economy’s
28. People make decisions at the margin by
29. The average length of time people are unemployed rises during a recession because
30. For an economy as a whole,
31. Anna, a U.S. citizen, works only in Germany. The value she adds to production in Germany is included
32. Economists include only final goods and services when measuring GDP for a specific year because
33. The consumer price index was 225 in 2006 and 236 in 2007. The nominal interest rate during this period was 6.5 percent. What was the real interest rate during this period?
34. The CPI is a measure of the overall cost of
35. The unemployment rate is the
36. College-age athletes who drop out of college to play professional sports
37. Refer to Figure 3. The movement from S to S1 is called
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38. Making decisions "at the margin" means that people |
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39. In 2009, an economy experienced an annual unemployment rate of 12%.
We also know structural unemployment rate was 3% and frictional unemployment rate was 2% for the same year.
If we also know the total adult population who are unemployed was 10 million. What is the number of total labor force in 2009 (round up)?
40. Henry decides to spend two hours playing golf rather than working at his job which pays $8 per hour. Henry's tradeoff is