Phần 4 Introduction to Economics

If the current real GDP growth rate is 5% and the unemployment rate is 4%, based on Okun’s Law, what should the unemployment rate be if the real GDP growth rate increases to 7%?

• 0.04
• 0.06
• 0.08
• 0.03

If the demand curve for BTS’ albums shifts rightward and the supply curve of BTS’ albums shifts rightward, the equilibrium

• Price of BTS’ albums definitely decreases.
• Price of BTS’ albums definitely increases.
• Quantity of BTS’ albums definitely decreases.
• Quantity of BTS’ albums definitely increases.

If the demand for a good falls when income falls, the good is called a

• Luxury good
• Inferior good
• Normal good
• Necessity

If the demand for green tea increases as income increases, green tea is a:

• Inferior good.
• Normal good.
• Complementary good.
• Substitute good.

If the Fed expands the money supply, then 1/P

• Rises, so the value of money falls.
• Rises, so the value of money rises.
• Falls, so the value of money rises.
• Falls, so the value of money falls.

If the government reports that GDP in the third quarter was $14 trillion at an annual rate, the amount of income and expenditure during quarter three was:

• $14 trillion
• $4 trillion
• $3.5 trillion
• $56 trillion

If the market price of coffee is $20.00 per pound but the government will not allow coffee growers to charge more than $15.00 per pound of coffee, which of the following will happen?

• There will be a shortage of coffee.
• Demand must eventually decrease so that the market will come into equilibrium at a price of $17.50.
• There will be a surplus of coffee.
• Supply must eventually increase so that the market will come into equilibrium at a price of $17.50.

If the number of people employed is 150,000 and the labor force is 170,000, the unemployment rate is

• 6.55%.
• 11.76%.
• 6.25%.
• 2.5%.

If the number of people employed is 250,000, the labor force is 370,000 and EAR is 65%, the percentage of people who are in working age is about:

• 569.230.
• 240500
• 384615
• 120.000.

If the number of sellers in the market increases, the

• Supply in that market will decrease.
• Demand in that market will increase.
• Demand in that market will decrease.
• Supply in that market will increase.