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Scott
Scott, MIT Graduate
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Experience:  MIT Graduate (Math, Programming, Science, and Music)
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Nevermind.. Had to turn in assignment

Customer Question

The basic tools of supply and demand are (Points :1)
       useful only in the analysis of economic behavior in individual markets.
       useful in analyzing the overall economy, but not in analyzing individual markets.
       central to microeconomic analysis, but seldom used in macroeconomic analysis.
       central to macroeconomic analysis as well as to microeconomic analysis.


2. In the actual economy, goods and services are purchased by (Points :1)
       households, but not firms or the government.
       households and firms, but not the government.
       households and the government, but not firms.
       households, firms, and the government.


3. Social Security payments are (Points :1)
       included in GDP because they represent payments for work performed in the past.
       included in GDP because they represent potential consumption.
       excluded from GDP because they are not private pensions.
       excluded from GDP because they do not reflect the economy's production.


4. Suppose an economy produces only eggs and ham. In 2005, 100 dozen eggs are sold at $3 per dozen and 50 pounds of ham are sold at $4 per pound. In 2004, the base year, eggs sold at $1.50 per dozen and ham sold at $5 per pound. For 2005, (Points :1)
       nominal GDP is $400, real GDP is $500, and the GDP deflator is 80.
       nominal GDP is $400, real GDP is $500, and the GDP deflator is 125.
       nominal GDP is $500, real GDP is $400, and the GDP deflator is 80.
       nominal GDP is $500, real GDP is $400, and the GDP deflator is 125.


5. Suppose the government passes a law eliminating holidays and, as a result, the production of goods and services increases because people work more days per year (and thus enjoy less leisure per year). Based on this scenario, which of the following statements is correct? (Points :1)
       GDP would definitely increase, despite the fact that GDP includes leisure.
       GDP would definitely increase because GDP excludes leisure.
       GDP could either increase or decrease because GDP includes leisure.
       GDP could either increase or decrease because GDP excludes leisure.


6. For purposes of calculating the CPI, the food & beverages category of consumer spending includes the cost of (Points :1)
       food away from home.
       alcoholic beverages.
       both food away from home and alcoholic beverages.
       neither food away from home nor alcoholic beverages because these are included in the recreation category of consumer spending.


7. Categories of U.S. consumer spending, ranked from largest to smallest, are (Points :1)
       housing, food & beverages, education & communication, and transportation.
       education & communication, housing, food & beverages, and transportation.
       food & beverages, housing, transportation, and medical care.
       housing, transportation, food & beverages, and medical care.


8. Which of the following is not a widely acknowledged problem with using the CPI as a measure of the cost of living? (Points :1)
       substitution bias
       introduction of new goods
       unmeasured quality change
       unmeasured price change


9. Two alternative measures of the overall level of prices are (Points :1)
       the inflation rate and the consumer price index.
       the inflation rate and the GDP deflator.
       the GDP deflator and the consumer price index.
       the cost of living index and nominal GDP.


10. Scenario 24-2

The price tag on a golf ball in 1975 read $0.20, and the price tag on a golf ball in 2005 read $2.00. The CPI in 1975 was 52.3, and the CPI in 2005 was 191.3.

Refer to Scenario 24-2. In 1975 dollars, a 1975 golf ball cost $0.20 and a 2005 golf ball cost (Points :1)
       $0.55, so golf balls were cheaper in 1975.
       $0.55, so golf balls were cheaper in 2005.
       $7.32, so golf balls were cheaper in 1975.
       $7.32, so golf balls were cheaper in 2005.


11. Scenario 24-3

Grant Gant was a doctor in 1944 and earned $12,000 that year. His daughter, Gretta Gant, is a doctor today and she earned $210,000 in 2005. The price index was 17.6 in 1944 and 184 in 2005.

Refer to Scenario 24-3. In real terms, Gretta Gant's income amounts to about what percentage of Grant Gant's income? (Points :1)
       67 percent
       167 percent
       1045 percent
       1750 percent


12. In the United States in the late 1970s, nominal interest rates were high and inflation rates were very high. As a result, real interest rates were (Points :1)
       very high.
       high.
       low, but never negative.
       low, and in some years they were negative.


13. Which of the following countries had the highest level of real GDP per person in 2006? (Points :1)
       Germany
       United Kingdom
       United States
       Japan


14. What term do economists use to describe the relationship between the quantity of inputs used and the quantity of output produced? (Points :1)
       production function
       input function
       capital function
       returns to scale


15. Productivity (Points :1)
       is nearly the same across countries, and so provides no help explaining differences in the standard of living across countries.
       explains very little of the differences in the standard of living across countries.
       explains some, but not most of the differences in the standard of living across countries.
       explains most of the differences in the standard of living across countries.


16. Which of the following is a correct way to measure productivity? (Points :1)
       Divide the number of hours worked by the quantity of output.
       Divide the quantity of output by the number of hours worked.
       Divide the quantity of output by the quantity of physical capital.
       Divide the change in the quantity of output by the change in the number of hours worked.


17. Which of the following is human capital? (Points :1)
       textbooks
       hand held power tools
       understanding how to repair cars
       All of the above are correct.


18. Rapid population growth (Points :1)
       was hailed by Thomas Robert Malthus as the key to future economic growth.
       tends to lead to higher levels of educational attainment.
       is the main reason that less developed nations are poor.
       may depress economic prosperity by reducing the amount of capital which each worker has to work with.


19. Other things the same, if a country raises its saving rate, then in the long run (Points :1)
       both the level and growth rate of real GDP are unchanged.
       the level of real GDP is higher but the growth rate of real GDP is unchanged.
       both the level and growth rate of real GDP are higher.
       None of the above are correct.


20. Which of the following provide benefits to society at large and not just to the person(s) who pursues it? (Points :1)
       both technological knowledge that is a public good and education
       technological knowledge that is a public good, but not education
       education, but not technological knowledge that is a public good
       neither education, nor technological knowledge that is a public good
Submitted: 7 years ago.
Category: Homework
Expert:  Steve replied 7 years ago.

hi there,

when did you need this by?

Steve

Customer: replied 7 years ago.
Thank you but I already submitted the assignment.
Expert:  Steve replied 7 years ago.
ok