Q3: Which of the following would be included in the US GDP: (1)

1. Clean up after fires caused by storms
2. Depositing checks at the local bank
3. A Chinese firm building train cars in Springfield, MA
4. Dividends earned on a preferred Amazon stock
5. An estate sale in a big city
6. B & D
7. C & D
8. All of the above

G

Q4: Using the graph below and assuming that the price ceiling is at $2.25, which of the following would be true? (1)

1. A surplus exists
2. Quantity demanded would exceed quantity supplied
3. Quantity demanded would exceed quantity supplied permanently
4. A shortage would exist
5. None of the above

A

Q5: Still working with the graph above as is, which of the following is true? (1)

1. At $4 a surplus of 20 units exists
2. At $4 supply exceeds demand
3. At $2 a shortage of 20 units exists
4. At $2 demand exceeds supply
5. A & C
6. B & D

Q6: During the years 2010-2014, the following is most likely true based on the graph below: (1)

1. A positive RGDP gap exists
2. A negative RGDP gap exists
3. Cyclical unemployment would be driving the actual UR to above 5%
4. Structural unemployment would be dropping
5. Inflation would be rising
6. Inflation would be cooling off and easing
7. B, C, D
8. A, C, F
9. All of the above

Q7: Full Employment exists only when: (1)

1. The UR is below 4.5%
2. Structural Unemployment is at zero
3. The UR is zero
4. When the percentage of the labor force which is employed is at 95.5% or higher
5. A & B
6. A & D
7. All of the above

Q8: Which of the following is not a public good? (1)

1. National Defense
2. Mall of America
3. Boston City Hall
4. Gillette Stadium
5. A & B
6. B & D

Q9: If the GDP is at 7.1% growth and the RGDP is at 2.2% growth, then what is the inflation rate? (1)

Answer:

Q10: If the RGDP is at 4.3 growth and inflation is at 1.9%, then what is the GDP rate? (1)

Answer:

Q11: If the inflation is at -.3% and the GDP is at 2.6%, then what is the RGDP change? (1)

Answer:

Q12: If median weekly earnings were $859 at a time when one receives a raise of 2.5% that coincides with inflation rate of 1.7%, then a) how much does one's paycheck increase by? And b) what is the real earnings increase? (1)

Answer:

Q13: If a haircut at the barber's were to increase from $22 to $25, then the following would be true: (1)

1. More haircuts would be offered, perhaps in the form of additional styles or longer hours
2. Some customers might order fewer services at the barber's
3. Some customers might switch barbers
4. A & C
5. All of the above

Q14: How is the business sector different from the foreign sector, and b) does the GDP account for both sectors or just one? (1)

Answer:

Q15: If median weekly earnings of $865 were to increase by .9%, at a time when the inflation rate were to drop by .4% (deflationary), then what would real income be? (1)

Answer:

Q16: What happens to one's real income should at a salary of $43,300, a raise of 2.4% gets off set by an inflation rate of 2.8%? (1)

Answer:

Q17: The link below identifies the fastest growing occupations in the US, according to the BLS. What do they have in common? https://www.bls.gov/ooh/fastest-growing.htm Copy and paste into Chrome if necessary. (1)

Answer:

Q18: Why are trade deficits not necessarily bad for an economy? (1)

Answer:

Q19: The link below lists 9 top highest paying jobs requiring only an associates degree. The link below explains in which states they're especially growing, in case you'd like to move. Would you consider any of them as career choices at this time? https://www.moneytalksnews.com/20-high-paying-jobs-2-year-degree/. Copy and paste into Chrome if necessary. (1)

Answer: