02 Jun Question 25 Multiple Choice (6 points for each)
Question
25 Multiple Choice (6 points for each)
1. There is a surplus (excess supply) in a market for a product when:
A) the increase in supply is greater than the increase in demand.
B) the increase in demand is greater than the increase in supply.
C) quantity demanded is less than quantity supplied.
D) quantity demanded is greater than quantity supplied.
2. GDP in an economy is $12185 billion. Consumer expenditures are $8,735 billion, government purchases are $2,050 billion, and gross investment is $1,500 billion. Net exports are:
A) + $50 billion.
B) – $45 billion.
C) – $100 billion.
D) – $130 billion.
3. GDP excludes:
A) the market value of unpaid work in the home.
B) the production of services.
C) the production of nondurable goods.
D) positive changes in inventories.
4. Real GDP was $10,950 billion in Year 1 and $11,270 billion in Year 2. What was the approximate rate of economic growth from Year 1 to Year 2?
A) 1.6 percent
B) 2.9 percent
C) 3.5 percent
D) 4.1 percent
5. In the recession (contraction) phase of a business cycle:
A) the inflation rate decreases, but productive capacity increases.
B) the inflation rate and productive capacity decrease.
C) employment and output decrease.
D) employment and output increase.
6. A nation has a population of 320 million people. Of these, 90 million are retired, in the military, in institutions, or under 16 years old. There are 210 million who are employed and 20 million who are unemployed. What is the unemployment rate?
A) 5.2 percent
B) 6.0 percent
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