ECO 302 Week 3 Quiz Strayer\tQuestion \u00a01\t0 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\tIf nominal GDP is 300 and the implicit price level is 0.75, then real GDP\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a02\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0 The consumer price index (CPI):\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a03\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0\u00a0\u00a0 If real GDP is 120 and nominal GDP is 180, then the implicit price level is:\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a04\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\tIf real GDP equals 400 and the implicit price level is 1.25, then nominal GDP\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a05\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0 The consumer price index is constructed from:\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a06\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0 Net national product (NNP) is gross national product (GNP):\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a07\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\tWhen the quality of a product changes over time, real GDP\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a08\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\tThe chain-weighted measure of GDP\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a09\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\tSeasonal adjustment to macroeconomic data corrects mostly for\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a010\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\tA pottery shop buys clay and other materials for $20.\u00a0 Workers use the materials to make 5 bowls that are sold for $250 total.\u00a0 The value added by the pottery shop equals\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a011\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0 Disposable personal income is personal income:\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a012\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0 Personal income is national income:\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a013\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0 If there are 120 machines in an economy and the depreciation rate is 5% per year, then:\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a014\t0 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0 In the production function Y = A “\ufffd F(K,L),\u00a0 Y is:\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a015\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0 Economists use the term poverty to identify people who\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a016\t0 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\tData from recent decades show that economic growth led to\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a017\t0 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0 The Solow growth model assumes unemployment is:\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a018\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0\u00a0\u00a0 The marginal product of labor is:\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a019\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0 If a country has a population of 300 million and a labor force of 200 million, then its labor force participation rate is:\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a020\t0 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0 For the production function Y = A “\ufffd F(K,L) constant returns to scale means:\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a021\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0 In a closed economy with no government sector, the change in the capital stock is equal to:\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a022\t0 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\t\u00a0\u00a0 Data from recent decades show that economic growth led to\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a023\t0 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\tIn the steady state for the Solow growth model, the saving per worker\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tQuestion \u00a024\t5 out of 5 points\t \ufffd \ufffd \ufffd \u00a0\tA bakery with a production function exhibiting constant returns to scale has 2 mixers and 4 workers, who produce 10 cakes per day.\u00a0 If the bakery owner adds 2 more mixers and 4 more workers, then production would most likely\tAnswer<\/p>\n","protected":false},"excerpt":{"rendered":"
ECO 302 Week 3 Quiz Strayer Question \u00a01 0 out of 5 points \ufffd \ufffd \ufffd \u00a0 If nominal GDP is 300 and the implicit price level is 0.75, then real GDP Answer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-210629","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/210629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=210629"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/210629\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=210629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=210629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=210629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}