WorksheetsPhần 4 Introduction to Economics
Total questions: 50
Worksheet time: 38mins
Name
Class
Date
1.
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%?
a)
0.04
b)
0.06
c)
0.08
d)
0.03
2.
If the demand curve for BTS’ albums shifts rightward and the supply curve of BTS’ albums shifts rightward, the equilibrium
a)
Price of BTS’ albums definitely decreases.
b)
Price of BTS’ albums definitely increases.
c)
Quantity of BTS’ albums definitely decreases.
d)
Quantity of BTS’ albums definitely increases.
3.
If the demand for a good falls when income falls, the good is called a
a)
Luxury good
b)
Inferior good
c)
Normal good
d)
Necessity
4.
If the demand for green tea increases as income increases, green tea is a:
a)
Inferior good.
b)
Normal good.
c)
Complementary good.
d)
Substitute good.
5.
If the Fed expands the money supply, then 1/P
a)
Rises, so the value of money falls.
b)
Rises, so the value of money rises.
c)
Falls, so the value of money rises.
d)
Falls, so the value of money falls.
6.
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:
a)
$14 trillion
b)
$4 trillion
c)
$3.5 trillion
d)
$56 trillion
7.
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?
a)
There will be a shortage of coffee.
b)
Demand must eventually decrease so that the market will come into equilibrium at a price of $17.50.
c)
There will be a surplus of coffee.
d)
Supply must eventually increase so that the market will come into equilibrium at a price of $17.50.
8.
If the number of people employed is 150,000 and the labor force is 170,000, the unemployment rate is
a)
6.55%.
b)
11.76%.
c)
6.25%.
d)
2.5%.
9.
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:
a)
569.230.
b)
240500
c)
384615
d)
120.000.
10.
If the number of sellers in the market increases, the
a)
Supply in that market will decrease.
b)
Demand in that market will increase.
c)
Demand in that market will decrease.
d)
Supply in that market will increase.
11.
If the price of a good rises, consumers typically buy less of it. This reflects
a)
A change in supply
b)
A shift in the demand curve
c)
The law of demand
d)
An increase in demand
12.
If the price of chicken falls, then in the market for beef:
a)
The demand curve for beef shifts rightward.
b)
The demand curve for beef shifts leftward.
c)
There is a movement downward along the demand curve for beef.
d)
There is a movement upward along the demand curve for beef.
13.
If the price of coffee falls, the demand for tea (a substitute) will
a)
Stay the same
b)
Decrease
c)
Increase
d)
Shift to the right
14.
If the public holds $400 million in bank deposits and zero currency, banks have extended $380 million in loans and maintain only the reserves required. Due to uncertainty, banks opt to increase their reserves by $10 million. Assuming the Fed does not intervene, what happens to bank loans?
a)
They rise $220 million
b)
They rise $200 million
c)
They fall $200 million
d)
They fall $220 million
15.
If the public increases its preference for holding currency rather than deposits, the money supply
a)
Falls. The larger the reserve ratio is, the more the money supply falls.
b)
Rises. The larger the reserve ratio is, the less the money supply rises.
c)
Falls. The larger the reserve ratio is, the less the money supply falls.
d)
Rises. The larger the reserve ratio is, the more the money supply rises.
16.
If the quantity of textbooks supplied is 10,000 per year and the quantity of textbooks demanded is 12,000 per year, there is a ______ in the market and the price will ______.
a)
Shortage; fall
b)
Surplus; rise
c)
Surplus; fall
d)
Shortage; rise
17.
If the quantity of textbooks supplied is 10,000 per year and the quantity of textbooks demanded is 8,000 per year, there is a ______ in the market and the price will ______.
a)
Surplus; rise
b)
Surplus; fall
c)
Shortage; rise
d)
Shortage; fall
18.
If the value of net exports is negative, then
a)
exports exceed imports.
b)
imports are zero.
c)
imports exceed exports.
d)
exports equal imports.
19.
If velocity increases while the money supply remains unchanged, then
a)
P × Y must rise.
b)
P × Y must fall.
c)
P × Y must stay the same.
d)
The effect on P × Y is ambiguous.
20.
In a competitive market, the price of a product
a)
And the quantity produced are determined by both buyers and sellers
b)
Is determined by buyers, and quantity is determined by sellers
c)
Is determined by sellers, and quantity is determined by buyers
d)
None of the above
21.
In a market economy, economic activity is guided by
a)
Central planners.
b)
The government.
c)
Corporations.
d)
Self-interest and prices.
22.
In a market economy, scarce resources are allocated primarily through
a)
Government planning
b)
Relative prices
c)
Consumer choices
d)
Real interest rates
23.
In a market economy, supply and demand are important because they
a)
Can predict the impact on the economy of various events
b)
Determine how much of each good gets produced
c)
All are correct
d)
Play a critical role in the allocation of scarce resources
24.
In a market economy, supply and demand determine
a)
Both the quantity of each good produced and the price at which it is sold
b)
The quantity of each good produced but not the price at which it is sold
c)
The price at which each good is sold but not the quantity produced
d)
Neither the quantity produced nor the price
25.
In a market economy, who makes the decisions that guide most economic activity?
a)
Firms and households
b)
Households only
c)
Government
d)
Firms only
26.
In a money-market graph with the value of money on the vertical axis, an increase in the money supply shifts the supply curve to the
a)
Left, raising the price level.
b)
Right, lowering the price level.
c)
Right, raising the price level.
d)
Left, lowering the price level.
27.
In a real-life economy, GDP is used to
a)
calculate the trade balance of a country.
b)
measure the total value of all goods and services produced within a country's borders.
c)
determine the standard of living of a country.
d)
assess the total income of a country's residents.
28.
In accordance with Okun’s Law, if the real GDP growth rate is 3% and the unemployment rate is 6%, what would be the expected unemployment rate if the GDP growth rate decreases to 1%?
a)
0.06
b)
0.04
c)
0.07
d)
0.05
29.
In an economy with the following data: Non-durable goods: 300; Durable goods: 500; Services: 400; Net private domestic investment: 700; Government spending on goods and services: 950; Exports: 50; Imports: 150; Depreciation: 100 (Unit: Bil. USD). Calculate the GDP using the expenditure approach:
a)
2,100.
b)
3,050.
c)
2,750.
d)
2,850.
30.
In an economy with the following data: Non-durable goods: 300; Durable goods: 500; Services: 400; Net private domestic investment: 700; Government spending on goods and services: 950; Exports: 50; Imports: 150; Depreciation: 100; Taxes: 450 (Unit: Bil. USD). Calculate the value for private savings:
a)
2,100.
b)
800.
c)
-500.
d)
100.
31.
In an economy with the following data: Non-durable goods: 300; Durable goods: 500; Services: 400; Net private domestic investment: 700; Government spending on goods and services: 950; Exports: 50; Imports: 150; Depreciation: 100; Taxes: 450 (Unit: Bil. USD). Calculate the value for public savings:
a)
-500.
b)
100.
c)
800.
d)
1,200.
32.
In an economy with the following data: Non-durable goods: 300; Durable goods: 500; Services: 400; Net private domestic investment: 700; Government spending on goods and services: 950; Exports: 50; Imports: 150; Depreciation: 100; Taxes: 450 (Unit: Bil. USD). Calculate the value for foreign savings:
a)
800.
b)
1,200.
c)
100.
d)
-500.
33.
In an economy with the following data: Non-durable goods: 300; Durable goods: 500; Services: 400; Net private domestic investment: 700; Government spending on goods and services: 950; Exports: 50; Imports: 150; Depreciation: 100; Taxes: 450 (Unit: Bil. USD). Calculate the value for national savings:
a)
800.
b)
1,200.
c)
100.
d)
-500.
34.
In an economy with the following data: Non-durable goods: 350; Durable goods: 550; Services: 450; Net private domestic investment: 870; Government spending on goods and services: 990; Exports: 70; Imports: 180; Depreciation: 55; Indirect taxes: 160 (Unit: Bil. USD). Calculate the value of Gross Domestic Product (GDP) in billions of dollars.
a)
3,315.
b)
3,375.
c)
3,100.
d)
3,155.
35.
In an economy with the following data: Non-durable goods: 350; Durable goods: 550; Services: 450; Net private domestic investment: 870; Government spending on goods and services: 990; Exports: 70; Imports: 180; Depreciation: 55; Indirect taxes: 160; NFI: 500 (Unit: Bil. USD). Calculate the value of Gross National Product (GNP) in billions of dollars.
a)
3,155.
b)
3,655.
c)
3,100.
d)
3,315.
36.
In competitive markets, sellers
a)
Cannot control prices because other sellers offer similar products
b)
Usually charge the highest possible price
c)
Can influence the price by producing more
d)
Must set prices that buyers agree to
37.
In economics, the cost of something is:
a)
What you give up to get it.
b)
The dollar amount of obtaining it.
c)
Often impossible to quantify, even in principle.
d)
Always measured in units of time given up to get it.
38.
In recent years, the Federal Open Market Committee has concentrated on targeting
a)
The number of Treasury securities issued by the federal government.
b)
Total reserves of banks.
c)
The federal funds rate.
d)
M1 growth.
39.
In the base year, the GDP deflator is always
a)
0.
b)
-1.
c)
1.
d)
100.
40.
In the calculation of GDP, why are illegal goods not included in the final value?
a)
They are not consumed by the public
b)
They are produced without government approval
c)
They do not generate income for the country
d)
They are considered intermediate goods
41.
In the case of France, a country with a diverse population working across various industries globally, utilizing GNP as an economic indicator would emphasize
a)
the impact of international trade agreements.
b)
the total income earned by French residents worldwide.
c)
the importance of domestic consumption patterns.
d)
government investments in infrastructure.
42.
In the context of GDP calculation, why are self-sufficient goods not typically included in the final value?
a)
They do not contribute to economic growth
b)
They are used as intermediate goods in production
c)
They are considered illegal goods
d)
They are produced for personal use and not for market sale
43.
In the context of measuring economic activity, GNP differs from GDP in that it specifically considers
a)
exports and imports.
b)
income earned by residents abroad.
c)
household consumption.
d)
government spending.
44.
In the expenditure approach, what does “I” stand for in the formula GDP = C + I + G + (X-M)?
a)
Inflation
b)
Investment
c)
Income
d)
Interest
45.
In the income approach to calculating GDP, which of the following is excluded?
a)
Interest
b)
Investment
c)
Wages and salaries
d)
Rents
46.
In the simple circular-flow diagram,
a)
Households buy all the goods and services that firms produce.
b)
Households own the factors of production.
c)
Land, labor, and capital flow from households to firms.
d)
All of the answers are correct.
47.
In the United States, incomes have historically grown
a)
About 0.5 percent per year.
b)
About 4 percent per year.
c)
About 6 percent per year.
d)
About 2 percent per year.
48.
Individuals can lower the inflation tax by
a)
Increasing their income tax deductions.
b)
Reducing their savings.
c)
Holding less cash.
d)
None of the above is correct.
49.
Inflation is defined as
a)
A period of rising productivity in the economy.
b)
A period of rising income in the economy.
c)
An increase in the overall level of output in the economy.
d)
An increase in the overall level of prices in the economy.
50.
Inflation is measured by the
a)
Change in the consumer price index.
b)
Percentage change in the price of a specific commodity.
c)
Percentage change in the consumer price index.
d)
Change in the price of a specific commodity.
100 %
