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Chris M., M.S.W. Social Work
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1. Explaining the large variation in living standards around

Resolved Question:

1. Explaining the large variation in living standards around the
world is straightforward. According to your textbook, the
explanation can be summarized in what single word?
A. Competition C. Politics
B. Productivity D. GDP
2. If the nominal interest rate is 10 percent and the rate of inflation
is 5 percent, the real interest rate is
A. 15 percent. C. 50 percent.
B. 2 percent. D. 5 percent.
3. Why is the base year for the CPI updated?
A. So that every change in consumer purchases can be
immediately included
B. To provide work for government economists
C. Because the CPI always uses the current year as the
base year
D. Because the pattern of consumer purchases changes
over time
4. According to your textbook, property rights refer to
A. the ability of people in a democracy to buy and sell property.
B. the ability of people to exercise authority over the resources they own.
C. the ability of government to exercise authority over property owners.
D. a document stating the rights of ownership that accompany owning property.
5. Which of the following is one of the 10 principles of economics?
A. A country’s standard of living depends on its ability to develop new technology.
B. A country’s standard of living depends on its ability to produce goods and services.
C. A country’s standard of living depends on its ability to promote the general welfare.
D. A country’s standard of living depends on its government’s ability to redistribute
the wealth.
6. The market value of all final goods and services produced within a country in a given
period of time is
A. gross domestic product.
B. gross national product.
C. the measure of both gross domestic product and gross national product.
D. neither gross domestic product nor gross national product.
7. Assume that the price of grains used primarily for animal consumption increases.
This increase is most likely to cause
A. the U.S. consumer price index to increase more than the GDP deflator.
B. the U.S. consumer price index to increase less than the GDP deflator.
C. the U.S. consumer price index and GDP deflator to increase by the same percentage.
D. no change in either the consumer price index or the GDP deflator.
8. A Texas freight company buys a new truck made in California by a Japanese company.
What happens as a result?
A. U.S. investment and GDP increase, but Japanese GDP is unaffected.
B. U.S. investment and Japanese GDP increase, but U.S. GDP is unaffected.
C. U.S. investment, U.S. GDP, and Japanese GDP are unaffected because trucks
are intermediate goods.
D. U.S. investment, U.S. GDP, and Japanese GDP all increase.
Examination, Lesson 4 79
9. Which of the following statements about real and nominal interest rates is correct?
A. Real and nominal interest rates always move closely together.
B. Real and nominal interest rates never move closely together.
C. When inflation stays low over time, real and nominal interest rates move
closely together.
D. When inflation is variable, real and nominal interest rates move closely together.
10. Which of the following is a correct description of human capital?
A. The stock of equipment and structures used to produce goods and services
B. Land, rivers, and mineral deposits
C. Technological knowledge
D. The knowledge and skills that workers acquire through education, training, and
experience
11. The Conservation Reserve Program (CRP) specifies that the U.S. government will
pay farmers a certain amount per acre for each year that marginal land is taken out
of production and used for wildlife habitat. How are payments made to farmers under
this program?
A. The payments will be included as part of GDP because the land is increasing the
production of wildlife.
B. The payments will be included as part of GDP because the payments represent
income to farmers.
C. The payments won’t be included as part of GDP because the payments don’t
represent purchases of final goods or services.
D. The payments won’t be included as part of GDP because wildlife is less valuable
than agricultural crops.
12. What is the GDP deflator?
A. The ratio of nominal GDP to real GDP
B. The ratio of nominal GDP to real GDP multiplied by 100
C. The ratio of real GDP to nominal GDP
D. The ratio of real GDP to nominal GDP multiplied by 100
13. The price of lumber increases and consumers begin purchasing houses incorporating
steel studs instead of wooden studs. This situation best represents which problem in the
construction of the CPI?
A. Substitution bias C. Unmeasured quality change
B. Introduction of new goods D. Cost of living
4
CHRIS IS EXAM 05065400 OF PENNFOSTER.(INTRODUCTION TO MACROECOMICS0 BUT IAM UNABLE TO PASTE IT COMPLETELY. COULD YOU HELP ME WITH THE ANSWER? THANKS.
Submitted: 3 years ago.
Category: Homework
Expert:  Chris M. replied 3 years ago.
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Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2479
Experience: Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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