Economics Quiz

Real GDP per capita is found by

• wear and tear over time

• dividing real GDP by population

• convert federal reserve notes into gold

• deposits that can be withdrawn using ATMs

Which of the following is an asset to a bank

• deposits

• loans

• credit

• reserves

Paper dollars

• are fiat money and gold coins are commodity money.

• are commodity money and gold coins are fiat money.

• and gold coins are both commodity monies.

The inflation experienced in the US during the late 1960s as a result of the spending on the Vietnam War is an example of

• monetary inflation

• demand-pull inflation

When we want to measure and record economic value, we use money as the

• unit of account

• make loans

• steam engine

• wear and tear over time

Which of the following is a measure of economic growth that is most useful for comparing living standards?

• have no impact on the equilibrium price and quantity

• an increase in the quantity of money demanded

• increases in real GDP per capita

• the value of its liabilities plus net worth

A nation's real GDP was 250 billion in 2013 and was 265 billion in 2014. Its population was 122 million in 2013 and 125 million in 2014. What is the growth rate of real GDP per capita in 2014?

• 3.46%

• 5.00%

• 2.10%

• 1.25%

In 2004, Jamal lost his job as a shipbuilder. His shipbuilder never reopened, and his very specialized skills as a shipbuilder were no longer in demand. Jamal's unemployment is best classified as

• seasonal

• cyclical

• frictional

• structural

A decrease in the demand for a good generally implies that

• the consumer preferences have changed towards alternatives

• the price of substitutes has increased significantly

• the overall market supply for the good has decreased

• the demand curve for the good has shifted to the left

According to the law of demand, as the price of a good rises

• reduce a person's incentive to look for work

• convert federal reserve notes into gold

• the demand curve for the good has shifted to the left

• buyers purchase less of the good because their real income decreases with an increase in price