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Liberty University ECON 214 Exam 1

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Liberty University ECON 214 Exam 1

ECON 214 Exam 1

·         Question 1

2 out of 2 points

You are offered two jobs, one in Chicago paying $67,000 and one in Philadelphia paying $79,000. The price index in Chicago is 110.8, and in Philadelphia it is 126.5. If real wages are the only consideration, then:

 

·         Question 2

0 out of 2 points

Use the following table to answer the questions that follow:



According to the table, the employment rate in this economy is equal to:

 

·         Question 3

2 out of 2 points

Which of the following statements about structural unemployment is true?

 

·         Question 4

2 out of 2 points

Assume tuition at the University of Virginia cost $2,962 (per semester) in 2004 and $11,584 in 2012. If the price index was 184 in 2004 and 226 in 2012, then we could say:

 

·         Question 5

2 out of 2 points

During normal economic times, unemployment in France and Germany tends to be ____________ than in the United States mainly because of ____________.

 

·         Question 6

0 out of 2 points

Consider the following data, where GDP values are measured in millions of dollars, to answer the questions that follow.



What was the growth rate of real GDP from 2011 to 2012?

 

·         Question 7

2 out of 2 points

A company sells 100 boxes of chocolate, yet it only produced 90 boxes of chocolate during the year. Which of the following is true?

 

·         Question 8

2 out of 2 points

The best measure of the average living standards of people in the country is:

 

·         Question 9

2 out of 2 points

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012.



What was the GDP deflator in 2013?

 

·         Question 10

2 out of 2 points

Education typically composes about:

 

·         Question 11

2 out of 2 points

The housing crisis has some roots in inflation because:

 

·         Question 12

2 out of 2 points

Michael Chang buys only tennis rackets during a particular year. During the year in question, the price of all goods rises by 10% on average, but the price of tennis rackets remains the same. Which statement is correct?

 

·         Question 13

0 out of 2 points

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the questions that follow: Assume that the base year is 2012.



What was the real GDP in 2013?

 

·         Question 14

2 out of 2 points

In the 1970s, the government attempted to regulate prices to control inflation; this attempt was unsuccessful. The most likely reason was that:

 

·         Question 15

2 out of 2 points

Structural, frictional, and cyclical are all types of:

 

·         Question 16

2 out of 2 points

Net exports can be defined as:

 

·         Question 17

2 out of 2 points

The sum of the number of unemployed and the number of employed is:

 

·         Question 18

2 out of 2 points

Use the following table to answer the questions that follow:



According to the table, the unemployment rate in this economy is equal to:

 

·         Question 19

2 out of 2 points

An unemployment rate that is above the natural rate indicates ____________, and we say that the economy is producing at ____________.

 

·         Question 20

2 out of 2 points

Daniel, Steven, and Chris work as engineers in Connecticut. The demand for engineers starts to decline as their company’s profits start to decrease during a recession. As a result, Daniel and Steven are laid off from their jobs. Daniel and Steven would be classified as:

 

·         Question 21

2 out of 2 points

A member of the labor force is defined as:

 

·         Question 22

2 out of 2 points

Nominal GDP is equal to:

 

·         Question 23

2 out of 2 points

If the relevant population is 268 million people and the number of people in the labor force is 148 million, the labor force participation rate is:

 

·         Question 24

2 out of 2 points

The signing of long-term wage and price agreements and the relationship to inflation most likely raises the issue of:

 

·         Question 25

2 out of 2 points

Zero unemployment:

 

·         Question 26

0 out of 2 points

Inflation is not a problem:

 

·         Question 27

0 out of 2 points

Let’s say a company invents a very popular device called a Zorgon, which allows you to send small items via a transporter from one place to another. This would affect the consumer price index (CPI) in the sense that the CPI:

 

·         Question 28

2 out of 2 points

Nominal GDP increased from $15.44 trillion to $15.75 trillion, and the price level increased from 116.5 to 122.3. Which of the following is true?

 

·         Question 29

2 out of 2 points

If nominal GDP is declining, then it must be the case that:

 

·         Question 30

2 out of 2 points

Labor force participation rates among teenagers are:

 

·         Question 31

2 out of 2 points

The Great Recession was most similar to which of the following downturns?

 

·         Question 32

0 out of 2 points

The definition of short-term unemployment is unemployment that lasts:

 

·         Question 33

2 out of 2 points

If the price index in 1922 was 17 and a unit of Nabisco Oreo cookies cost $0.32, and if the price index today is 220 and a unit of Nabisco Oreo cookies costs $2.99, then the inflation-adjusted price of Oreos is:

 

·         Question 34

2 out of 2 points

You have to pay costs for your business now but you also have to enter into long-term contracts to repay loans in the future. If inflation occurs, the best term for the problem that occurs in this case is:

 

·         Question 35

2 out of 2 points

The government can assist in reducing the level of structural unemployment by:

 

·         Question 36

2 out of 2 points

If the consumer price index (CPI) was 100 in the period of 1982–1984, then:

 

·         Question 37

2 out of 2 points

The investment spending category of GDP does NOT include:

 

·         Question 38

2 out of 2 points

If the goods producers buy change dramatically between years, then:

 

·         Question 39

2 out of 2 points

If the unemployment rate is 5.8% and the number of unemployed persons is 15 million, the number of people who are employed is approximately:

 

·         Question 40

2 out of 2 points

If everyone buys the same goods every year and the price of housing rises by 38%:

 

 

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ECON 214 Exam 1 • Question 1 2 out of 2 points You are offered two jobs, one in Chicago paying $67,000 and one in Philadelphia paying $79,000. The price index in Chicago is 110.8, and in Philadelphia i...
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