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macroeconomics principles

Questions and Answers of Macroeconomics Principles

Which of the following is counted in GDP? (LO7)a) Household productionb) Illegal productionc) Leisure timed) Government spending
If GDP rose from $6 trillion to $9 trillion and prices rose by 50 percent over this period, . (LO4)a) real GDP fell by 100 percentb) real GDP fell by 50 percentc) real GDP stayed the samed) real GDP
When there is infl ation . (LO4)a) real GDP increases faster than GDPb) GDP increases faster than real GDPc) GDP and real GDP increase at the same rated) there is no way of telling whether GDP or
Which one of these goes into the investment sector of GDP? (LO2)a) The purchase of a new factoryb) The purchase of 100 shares of Intel stockc) The purchase of a 10-year-old offi ce buildingd) The
Which is not counted in GDP? (LO2)a) A Social Security check sent to a retireeb) Government spending on highway buildingc) Money spent on an airline ticketd) Money spent by a company to build a new
The largest sector of GDP is . ( LO1 , 2 )a) investmentc) net exportsb) government spendingd) consumer spending
Which of the following statements is true? ( LO5 , 6 )a) The United States has the world’s largest GDP and per capita GDP.b) The United States has the world’s largest GDP, but not the world’s
In declining order of size, which of these is the proper ranking? (LO2)a) GDP, NDP, national incomeb) NDP, GDP, national incomec) National income, GDP, NDPd) National income, NDP, GDPe) GDP, national
Pirated CDs and videos are . (LO7)a) part of the underground economyb) sold only in other countriesc) sold by recording studios and Hollywood movie producersd) encouraged by the federal government
If Mexico had a GDP of 700 and depreciation of 100, while Italy had a GDP of 710 and a depreciation of 180, most economists would say that . (LO2)a) Italy had a better yearb) Mexico had a better
Which would be the most accurate statement? (LO7)a) There is almost no underground economy in the United States.b) Nearly half the goods and services that Americans consume are produced by the
Which equation is correct? (LO2)a) GDP 2 Depreciation 5 NDPb) NDP 2 Depreciation 5 GDPc) GDP 1 NDP 5 Depreciation
GDP may be found by . (LO2)a) adding together money spent on goods and services and incomes received by the factors of productionb) subtracting incomes received by the factors of production from the
Nearly all of our output is produced by. (LO1)a) the governmentb) private business fi rmsc) individual consumers
Practical Application: Make a list of the dollar value of everything you consume during the next seven days. Then fi gure out the percentage that isn’t counted in our GDP.Don’t forget home-cooked
If you were comparing the economic well-being of two countries and had a choice of using one of the following four measures, which one would you choose and why would you choose it?a. GDPb. Real GDPc.
Explain how GDP is affected by the sale ofa. a new house.b. an hour session with a physical trainer.c. 1,000 shares of AT&T.d. an antique rolltop desk.
Under what circumstances could real GDP for a given year be greater than GDP for that same year? For example, if 2015 were the base year and 2016 were the current year, how could real GDP in 2016
“Americans enjoy the highest standard of living in the world.” Discuss why this statement is not perfectly accurate.
GDP is not an ideal measure of national economic well-being. Make a list of all the things you would do to improve this concept. Include in your list the goods and services that GDP does not count.
If our GDP rose from 11,000 to 11,500, there could be a few different explanations.List each of these possibilities.
Suppose we want to compare this year’s GDP with those of previous years. As we go back in time—to 1980, to 1970, to 1960, and to still earlier years—what happens to the validity of these
Suppose that in the year 2012 C 5 $12 trillion, I 5$2 trillion, and G 5 $3 trillion. Which would be your estimate of GDP? (LO3)a) $16 trillionc) $18 trillionb) $17 trilliond) $19 trillion
Which statement would you agree with? (LO4)a) The exchange rate between the dollar and foreign currencies has no effect on our standard of living.b) The exchange rate between the dollar and foreign
Specialization and exchange can result in each of the following except . (LO4)a) a higher standard of livingb) free tradec) more outputd) more national self-suffi ciency
Which is the most accurate statement? (LO7)a) The agricultural subsidies paid to American and European farmers have benefi ted farmers in poorer countries as well.b) Agricultural subsidies have been
Which statement is true about the European Union? (LO6)a) It has not taken in any new member nations since its formation.b) All of its members must use the euro as its offi cial currency.c) It is
A characteristic of a modern economy is . (LO4)a) self-suffi ciencyb) specialization and exchangec) a high percentage of people who make their living as jacks-of-all-tradesd) a high proportion of
Which would be the most accurate statement? (LO1 , 6)a) Globalization has helped almost everyone and hurt almost no one.b) Aside from a few malcontents who turn up at demonstrations, there is almost
Of the policy actions by richer countries shown below, which one would be most favored by poor countries? (LO6)a) The elimination of agricultural subsidiesb) The elimination of tariffs on industrial
The main criticism Joseph Stiglitz levels at the IMF is that . (LO6)a) it provides too many loans that are not repaidb) it no longer promotes economic growth, but rather contractionc) it does not
Which statement is false? (LO2)a) During World War I and World War II, the sum of our imports and exports as a percent of GDP rose sharply.b) Foreign trade in goods is much more important to the
Which statement would best describe the situation of the American economy? (LO1 , 2 )a) We are more dependent on foreign trade than most other nations.b) We are much more dependent on foreign trade
Which was NOT an argument of the protesters against the IMF, WTO, and World Bank? (LO6)a) We are exploiting factory workers in poor countries.b) Our subsidized grain exports are sold below cost in
Which one of these statements best describes the complaints of the protesters at meetings of the WTO, IMF, and World Bank? (LO6)a) They opposed military aid to Third World dictatorships.b) They
The trading bloc that has eliminated all internal tariffs is . (LO6)a) the European Unionb) NAFTAc) Mercosurd) the World Trade Organization
Each of the following is a characteristic of the European Union EXCEPT that . (LO6)a) workers from any EU country can seek work in any other member countryb) the euro replaced the domestic currencies
Which one of these statements is true? (LO7)a) To save money, most colleges manufacture their own sweatshirts.b) Most college administrators are well informed about the pay and working conditions of
Statement I: The United States has a much less selfsuffi cient economy than those of countries in Western Europe.Statement II: Mexico sends the United States more than 80 percent of its exports.
Since the passage of NAFTA our trade defi cit with Mexico has gone and our trade defi cit with Canada has gone . (LO6)a) up, upc) up, downb) down, downd) down, up
In 2007 which number is closest to our balance of trade? (LO2)a) $700 billiond) 2 $350 billionb) $350 billione) 2 $700 billionc) 0
Statement I: Since the late 1990s, our negative balance of trade has become much larger.Statement II: The United States has the world’s largest negative balance of trade. (LO2)a) Statement I is
Which statement is true? (LO3)a) X n has always been positive.b) X n has always been negative.c) X n had been positive from the turn of the century until the 1970s.d) X n had been negative from the
Most economists and people in the business community supported the establishment of . (LO6)a) both NAFTA and GATTb) neither NAFTA nor GATTc) NAFTA but not GATTd) GATT but not NAFTA
Statement I: Our trade defi cit, although still high, is lower than it was fi ve years ago. (LO2)Statement II: Taken together, our imports and exports are over one-quarter of our GDP.a) Statement I
Statement I: The United States has a much larger population and GDP than the European Union.Statement II: The European Union has attained a higher degree of economic integration than NAFTA. (LO6)a)
The most-favored nation clause of the WTO agreement stipulates that . (LO6)a) no member nation may impose a tariff on the goods of any other member nationb) all member nations must offer all other
GDP 5 C 1 I 1 G 1 X n . If X n were not included, our GDP would be . (LO3)a) higherb) about the samec) lower
Adam Smith believed that . (LO1)a) people should never buy anything if they can make it themselvesb) what makes sense in the conduct of a private family’s economic endeavors also makes sense in
The basis for international trade is that. (LO1)a) a nation can import a particular good or service at a lower cost than if it were produced domesticallyb) we stand to gain if we can sell more to
Statement I: The European Union was formed as a trading counterweight to NAFTA.Statement II: Since the formation of NAFTA, the United States has lost millions of jobs to Mexico. (LO6)a) Statement I
In the 20th century our balance of trade was positive until the . (LO2)a) 1950sd) 1980sb) 1960se) 1990sc) 1970s
Since the early 1990s our trade defi cit has. (LO2)a) fallen substantiallyc) risen slightlyb) fallen slightlyd) risen substantially
Which is the most accurate statement? (LO2)a) Our trade defi cit has narrowed since 1995.b) We export more merchandise than services (in terms of dollars).c) The largest service purchase that
Which statement is true? (LO7)a) Offshoring is a type of outsourcing.b) Outsourcing is type of offshoring.c) Outsourcing and offshoring are identical concepts.d) Outsourcing is the opposite of
Today world trade is regulated by. (LO6)a) NAFTAc) WTOb) GATTd) EU
Practical Application: Should the United States pull out of NAFTA? Explain why we should or why we should not.
How would your life change if the United States were no longer the world’s leading exporter?
List the reasons why our trade defi cit has grown so quickly since the mid-1990s.What can we do to help bring it down?
Do you think we should have joined NAFTA? Try to argue this question from both sides.
How large a salary would you need to earn in order to be paying more in Medicare tax than in Social Security tax? (LO5 )
Caroline Krause earned a salary of $1,000,000.(a) How much Social Security tax did she pay?(b) How much Medicare tax did she pay? (c) What is her marginal tax rate on her federal personal income tax?
If Jack Swanson paid $1,000 in federal income tax, how much is his marginal tax rate and his total tax rate? (There is enough information for you to fi gure out the answer.) (LO4 )
If Cynthia Moore were the only working member of a family of a husband, wife, and their two children and earned $15,000, (a) approximately how much federal personal income tax would she pay? (b) How
Prove that a married person with three dependents(including himself) and an income of $12,000 pays more in Social Security tax than in federal income tax. (LO5 )
If Tanner Church earned $100,000, how much would he pay in Social Security tax and in Medicare tax? (LO5 )
The Speedy Delivery Service paid its 10 drivers$30,000 each. How much did the company owe in payroll tax? (LO5 )
If Terry Horn pays $5,000 on a taxable income of$40,000, how much is her average tax rate? (LO4 )
If Christian Collins’ taxable income rose from$30,000 to $40,000 and his tax bill rose from $4,500 to $7,000, how much is his marginal tax rate? (LO4 )
Suppose that Bill Gates’s income were to increase by$100 million. How much more personal income tax would he have to pay? (LO5 )
If Kyle Rollings Cavedo were in the lowest personal income tax bracket, how much personal income tax would he have to pay on $5,000 of taxable income? (LO5 )
If Alex Lawson Ballard earned an extra $1,000 and paid $150 in taxes on that income, how much would his marginal tax rate be? (LO4 )
If Mike DelMastro had a marginal tax rate of 28 percent and earned an extra $10,000, how much tax would he pay? (LO5 )
If Taryn Goulding had earned a taxable income of$20,000 and paid $1,000 in federal income tax, how much was her average tax rate? (LO4 )
If Haley My Hang Althaus earned $10,000 in 2008, how much Social Security tax did she pay? (LO5 )
If Cayden Noel earned $80,000 in 2008, how much Social Security tax did he pay? (LO5 )
Which is the most accurate statement about the federal personal income tax top MTR? (LO5 )a) It has been higher than 90 percent.b) It is now the lowest it has ever been.c) It is nearly the highest it
State and local taxes are basically (LO5 )a) progressive.b) proportional.c) regressive.
Gasoline taxes in the United States are than they are in other leading industrial nations. (LO5 )a) much higherb) a little higherc) a little lowerd) much lower
Major league baseball stars like Derek Jeter, Alex Rodriguez, and Pedro Martinez all pay. (LO5 )a) more Social Security tax than Medicare taxb) more Medicare tax than Social Security taxc) neither
Which statement is true? (LO6 )a) Americans pay the highest taxes in the world.b) Public goods are provided by private enterprise.c) The economic role of the federal government has shrunk over the
An example of a public good is . (LO1 , 6)a) a Honda Accordc) a Boeing 747b) a movie theaterd) a lighthouse
Adam Smith endorsed each of the following roles of government except . (LO6 )a) providing for defenseb) establishing a system of justicec) erecting a limited number of public worksd) guaranteeing a
Compared with the citizens of other rich countries, Americans are . (LO5 )a) much more heavily taxedb) somewhat more heavily taxedc) taxed at about the same rated) not as heavily taxed
The most important source of local tax revenue is the tax. (LO5 )a) propertyc) exciseb) incomed) sales
Taxes (including federal, state, and local) are about of our GDP. (LO5 )a) 10 percentc) 30 percentb) 20 percentd) 40 percent
Until 1981 the maximum marginal tax rate on the federal income tax was percent. (LO5 )a) 70c) 40b) 50d) 33
The most important source of federal tax revenue is the . (LO5 )a) personal income taxb) corporate income taxc) federal excise taxd) payroll tax
Which would be the most accurate description of the top marginal tax rate of the federal income tax? (LO4 )a) It is higher than it has ever been.b) It is lower than it has ever been.c) It is much
Which statement is true? (LO1 , 5 )a) There is no overlap between the duties of local government and private businesses.b) Medicare and Medicaid spending account for over 20 percent of the federal
In 2008 Brian Murray earned $300,000; he paid Social Security tax on . (LO5 )a) none of his incomeb) all of his incomec) nearly all of his incomed) less than half of his income
A tax with an average rate of 20 percent for the rich and 2 percent for the middle class is. (LO3 , 4 )a) progressivec) proportionalb) regressived) none of these
Which is true? (LO3 )a) The rich are hurt more than the poor by regressive taxes.b) The poor are hurt more than the rich by progressive taxes.c) The federal personal income tax is a regressive tax.d)
Each of the following is a direct tax except the tax. (LO3 )a) Social Securityc) corporate incomeb) federal personal incomed) federal excise
The most progressive tax listed here is the . (LO3 )a) Social Security taxb) federal personal income taxc) federal excise taxd) state sales tax
If Kathie Barnes earns $50,000 and Katie Harvey earns $500,000 a year, they both will pay Social Security tax . (LO5 )a) at the same average tax rateb) but Kathie Barnes will pay at a higher average
The largest federal government purchase of fi nal goods and services is . (LO1 )a) Social Securityb) defensec) interest on the national debtd) foreign aid
Compared to federal spending, state and local spending is . (LO1 )a) almost twice as largeb) about the samec) half as larged) one-quarter as large
Which statement is true? (LO5 )a) Bill Gates pays more Social Security tax than most American workers.b) The rich pay a higher proportion of their income in Social Security tax than in federal
Transfer payments to individuals are percent of the federal budget. (LO1 )a) 25c) 65b) 50d) 85

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