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WorksheetsMacro Study
Total questions: 66
Worksheet time: 10hrs 24mins
How do you calculate the LABOR FORCE?
(a)
How do you calculate the UNEMPLOYMENT RATE?
(a)
How do you calculate the LABOR FORCE PARTICIPATION RATE?
(a)
How do you calculate the EMPLOYMENT POPULATION RATIO?
(a)
Horse carriage makers who lose their jobs as consumers switch from horses to cars in the early 20th century is an example of which of the following?
Cyclical Unemployment
Structural Unemployment
Natural Unemployment
Frictional Unemployment
How many types of Unemployment are there?
Four
Short-term unemployment that arises from the process of matching workers with jobs:
Structural Unemployment
Frictional Unemployment
Cyclical Unemployment
Unemployment that arises from a persistent mismatch between the skills and attributes of workers and the requirements of jobs:
Structural Unemployment
Frictional Unemployment
Cyclical Unemployment
Unemployment causes by a business cycle recession:
Structural Unemployment
Frictional Unemployment
Cyclical Unemployment
The CPI for the US is 78 in January 1980 and 296.761 in September 2022. Calculate the INFLATION RATE over this period.
280%
150%
210%
320%
How do you calculate the price of basket goods in a year?
Price of basket goods in a base year / Price of basket goods in a year * 100
Price of basket goods in a year / Price of basket goods in a base year * 100
Which of the following undermines inflation calculations using CPI?
Consumers may change their purchasing habits away from goods that have increased in price.
Difficult to separate improvement in quality from increase in price, say in cars or computers.
The basket of goods changes only every 10 years. There is a delay to including new goods like cell phones.
Taxes on nominal returns reduce the profitability of investments.
CPI uses full retail price, but many people now buy from discount stores or online.
How do you calculate real growth rate?
(a)
In 2012, real GDP growth was 2.3%
In 2013, real GDP growth was 2.2%
In 2014, real GDP growth was 2.4%
Calculate the average growth rate.
(a)
The real GDP of the US in 2020 was $18.509 trillion. In 2021 it was $19.609 trillion. Calculate the real growth rate.
(a)
How many years will it take for the economy to double at an annual rate of 2.5%?
(a)
Which factors affect labor productivity growth?
Property rights
Technological change
Income redistribution
Increases in capital per hour worked
What is the effect of an increase in savings on the economy?
More business loans are issued
A recession occurs
Inflation increases
Capital accumulation falls
Which of the following does determine today's potential GDP?
Interest rates
Technology
Physical capital
Labor supply
Which examples of increase shift the SUPPLY curve of the loanable funds market?
Tax benefits for saving
Government budget deficit
The desire of households to consume
Corporate taxes
Which examples of increase shift the DEMAND curve of the loanable funds market?
Expected future profits
Tax benefits for svaing
Government budget deficit
Corporate taxes
An increase in tax benefits for saving will shift the _______ of loanable funds curve to the ______, causing the real interest rate to ________ and investment to ________.
(a)
An increase in corporate taxes will shift the _______ for loanable funds curve to the ______, causing the real interest rate to ________ and investment to ________.
(a)
An increase in the government's budget deficit will shift the _______ of loanable funds curve to the ______, causing the real interest rate to ________ and investment to ________.
(a)
An increase in the desire of households to consume today will shift the _______ of loanable funds curve to the ______, causing the real interest rate to ________ and investment to ________.
(a)
An increase in expected future profits will shift the _______ for loanable funds curve to the ______, causing the real interest rate to ________ and investment to ________.
(a)
What affect does government deficit spending have on the loanable funds market?
Interest rates ______, quantity of loans ________
(a)
What affect does corporate tax decrease have on the loanable funds market?
Interest rates ______, quantity of loans ________
(a)
Which is true:
GDP: All Econ activity that takes place in the USA
GNP: All American citizen activity out of the USA
GDP: All Econ activity that takes place in the USA
GNP: All American citizen activity
GDP: All American citizen activity
GNP: All Econ activity that takes place in the USA
They are the same
What is the formula for GDP?
(a)
What does "C" stand for in the GDP formula?
Cost
Consumers
Citizens
Consumption
What does "G" stand for in the GDP formula?
Gross income
Government
Goods and services
Goods
What does "I" stand for in the GDP formula?
Investments
Inflation
Intellectual property
Inflation rates
What does "NX" stand for in the GDP formula?
(a)
Choose all that are under consumption:
Services
Real estate
Nondurable goods
Durable goods
Choose all that are under investments:
Durable investments
(cars, furniture, etc.)
Business fixed investments (factories, office buildings, etc.)
Residential investments (new houses)
Changes in business investments
Choose all that are under government purchases:
Spending by federal, state, and local government's
transfer payments
Calculation for net exports:
(a)
What are nondurable goods?
Which are durable goods?
Appliances
Cars
Furniture
Which are nondurable goods?
Food
Clothing
Medicine
What are durable goods?
When calculating the GDP, you use the base years (a) .
Calculate the real GDP for 2020 using 2019 as a base year.
(a)
Calculate the real GDP for 2021 using 2019 as a base year.
(a)
Calculate the nominal GDP for 2021.
(a)
Calculate the nominal growth rate of the economy from 2019 to 2020.
(a)
Calculate the real GDP for 2021 using 2019 as a base year.
(a)
The formula for CPI is:
(a)
savings = (a)
In a market for loanable funds, what was the supply line stand for?
savers
investors
banks
businesses
In a market for loanable funds, what was the demand line stand for?
savers
investors
firms
businesses
In 2017, the real GDP of the United States was $18,108 billion, and it was $18,638 billion in 2018, both in 2012 dollars. What was the growth rate between those two years?
(set it up)
(a)
Workers spend their income on consumption or savings. We can see consumption in the GDP equation, but which component includes savings, if any?
(a)
Do real interest rates increase or decrease when people save a larger proportion of their income? (draw)
(a)
What is the definition of a recession?
Who is harmed more by a recession: producers of durable or nondurable goods?
(a)
TFU: Inflation does not make anyone worse off because if the price level doubles, so do wages, and purchasing power stays the same.
(a)
TFU: Potential GDP is the total possible output if workers spend every waking hour working.
(a)
If households become more future-oriented and start saving a greater proportion of their income, how would this affect interest rates and the amount of money lent & borrowed in the loanable funds market?
(a)
If the corporate tax rate is increased, how would this affect interest rates and the amount of money lent & borrowed in the loanable funds market?
(a)
If the profitability of firms increases due to the computer revolution, how would this affect interest rates and the amount of money lent & borrowed in the loanable funds market?
(a)
Three main sources of economic growth:
Better means of organization and managing production
Better machinery and equipment
Increase in human capital
How do we grow capital generation?
Subsidizing profits
Subsidizing investment
Subsidizing education
Subsidizing research and development
Causes of lack of economic growth:
Low rates of saving and investment
Poor public education and health
Wars and revolutions
Failure to enforce the rule of law
Tradeoff of economic growth?
Increase in pollution
Depletion of natural resources
Diminishment of distinctive cultures
