QUESTION 29 3.44 points Save Answer The following table illustrates hypothetical values of CPI for 2007-2013. What does CPI (2005=100) suggest? Year CPI (2005=100) 2007 106 2008 109 2013 115 CPI (2005=100) suggests that year 2005 is the base year. O CPI (2005=100) suggests that CPI in 2005 =$100. O CPI (2005=100) does not have any meaning. QUESTION 30 3.44 points Save Answer Your grandfather tells you that he earned a salary of $45,000 a year in 1980. Consumer price index (CPI) in 1980 was 82.4. If the CPI in 2019 is equal to, 255.9, how much is real value or purchasing power of your grandfather's salary of $45,000 earned in 1980 in 2019? O $120,500 $128,700 O $172,844 $139,779QUESTION 1 3.44 points Save Answer Which one of the following is the subject matter of Macroeconomics? O rising price of gasoline. growing poverty O rising costs of housing. rising unemployment. QUESTION 2 3.44 points Save Answer Business cycle refer to as the phases of contraction of an economy over time. phases of expansion and contraction of an economy over time. phases of expansion of an economy over time. none of the above. QUESTION 3 3.44 points Save Answer Recession is defined as declining real GDP or negative economic growth for two consecutive quarters. declining real GDP. rising inflation rate. growing unemployment rate.QUESTION 26 3.44 points Save Answer Indexing Social Security payments is done using: O the RPI. O the PPI. O the GDP deflator. O the CPI. QUESTION 27 3.44 points Save Answer Social Security payments: were originally adjusted for inflation, causing the real value to retirees to decrease over time. O were not originally adjusted for inflation, causing the real value to retirees to decrease over time. O were originally adjusted for inflation, causing the real value to retirees to increase over time. O were not originally adjusted for inflation, causing the real value to retirees to increase over time. QUESTION 28 3.44 points Save Answer The U.S. consumer price index was 195.3 in 2005 and 255.9 in 2019. Calculate average annual inflation rate in 2019 for the period 2005-19. O 2.01% 1.95% O 2.5% O 2.8%QUESTION 23 3.44 points Save Answer If you buy a case of French Wine marked made in France, which of the following price index would include the price of the French wine? O GDP deflator. Consumer price index. Producer price index. Google price index. QUESTION 24 3.44 points Save Answer A consumer price index of 114 means: every price in the economy has gone up by 12 percent. the production of each good in the economy has increased by 12 percent. the overall price level representing consumer purchases is 14 percent higher than in the base year. the overall price level is 12 percent higher than in the base year. QUESTION 25 3.44 points Save Answer The consumer price index: is always 1 in the base year. measures the increase in the cost of the market basket relative to the cost in a base year. is same as GDP deflator. All of these statements are true.QUESTION 4 3.44 points Save Answer Gross Domestic Product (GDP) is defined as the market value of all goods and services produced in an economy over a given time period. market value of all final goods and services produced in an economy over a given time period. market value of all goods and services produced by the citizens of a country over a given time period. market value of all final goods and services produced by the citizens of a country over a given time period. QUESTION 5 3.44 points Save Answer Which of the following is (are) an example(s) of final product? General Motors purchase of 1000 tires. Chick-fill a purchase of 100 lbs of chicken breast. Your purchase of 4 new tires for your car. All of these are examples of intermediate goods. QUESTION 6 3.44 points Save Answer Which of the following is (are) an example(s) of intermediate product? Buying a new car from a dealership. Chick-fill a purchase of 100 lbs of chicken breast. Your purchase of 4 new tires for your car. All of these are examples of intermediate goods.QUESTION 7 3.44 points Save Answer Which of the following is an example of transfer payment? Social Security payments O Clipboards at the Department of Motor Vehicles City fireworks displays on the Fourth of July Maintenance of government buildings QUESTION 8 3.44 points Save Answer Which one of the following is a non-market activity and not counted in GDP? House painted by the owner. Commission received by a dealer for selling a 2014 car. A certified electrician receive payment for wiring a house. A stock broker receives $5,000 in commission. QUESTION 9 3.44 points Save Answer Government spending $10 billion to increase hospital capacities across the country would directly increase GDP by $10 billions. directly increase GDP by less than $10 billions. directly decrease GDP by $10 billions. not change GDP.A local restaurant laid-off all its 100 workers for Corona Virus related economic slow-down. Laid-off workers at the restaurant would be referred to as real-wage unemployed. frictionally unemployed. O cyclically unemployed. structurally unemployed. 3.44 points Save Answer QUESTION 18 The unemployment rate: measures the percentage of the labor force is currently looking for a job and can't find one. can be zero. is measured by the number of people who are unemployed divided by size of the U.S. population. O All of these are true. 3.44 points Save Answer QUESTION 19 According to the April 3, 2020 BLS reports, number in the U.S. labor force stands at 161.36 millions and the number of unemployed stands at 7.1 millions. How much is the unemployment rate based on the data reported by the BLS? O 3.0% O 3.5% O 4.4% 4.6%QUESTION 10 3.44 points Save Answer Suppose, in March 2018, you purchased a 2014 Toyota Camry from a dealership for $10,000. The dealer received a 5% commission from this sale. How much of the values from this transaction would be included in 2018 nominal GDP? $1000 O $10,000, the sale value $500, a 5% commission. $10,500, sale value plus commission. QUESTION 11 3.44 points Save Answer The U.S. nominal and real GDP in 2019 was $21.43 trillions and $19.07 trillions respectively. What was the GDP deflator in 2019? 1.1238 112.38 100.00 150.00 QUESTION 12 3.44 points Save Answer If U.S. nominal GDP is $1.5 trillion and real GDP is $1 trillion in a given year. What is the GDP deflator in base year? O 1 O 1.5 O 100 O 150 QUESTION 13 3.44 points Save Answer If the U.S. real GDPs was equal to $91.07 trillion in 2019 and $18.64 trillion in 2018. What was the economic growth in 2019? O 5.0% O 1.5% 2.33%QUESTION 20 3.44 points Save Answer Susan lost her job on March 15, 2020 due to her employer closing the restaurant due to COVID-19 virus threat. She had searched for a suitable job until March 25 and since then has gavien up looking for a job. Sharon is considered as considered as structurally unemployed. considered as discouraged worker and not counted in the labor force. not counted in the labor force. considered as discouraged worker and is counted in the labor force. QUESTION 21 3.44 points Save Answer As of February 1, 2020, the Bureau of Labor Statistics reported 164.5 millions people were in the labor force while working-age population comprised of 259.5 millions. How much was the the labor force participation rate (LFPR) in the United States as of February 1, 2020? 60% 61.1% 62.2% 63.5% QUESTION 22 3.44 points Save Answer Suppose you are a recent undergraduate with a major in Finance. Also suppose that the current market salary for a new undergrad with finance major in the area is $45,000. You accept a job at a floor manager at Walmart. The job does not require an employee to be finance major. The salary you receive as a floor manager is $30,000. In the classification of employment, you would mostly likely be considered as O Fully employed. Underemployed. Discouraged worker. Structurally unemployed.3.44 points Save Answer QUESTION 14 If nominal GDP in current year =$1200 and real GDP in base year =$1000, then nominal GDP in base year is equal to $1000. O $1100 $1200. none of the above. 3.44 points Save Answer QUESTION 15 The U.S. nominal GDP in 2019 was equal to $21 trillions and the U.S. population was around 328 millions. The U.S. per capita income in 2019 was equal to: $60,100 O $64,024 $55,000. $58,823 3.44 points Save Answer QUESTION 16 The rule of 70 can be applied to calculate how long it will take you to double your income. Thus, if your current annual income is $25,000 and if you expect your income to grow at a constant rate of 5% each year, then how many years it would take your income to grow to double? O 7 years. 10 years. O 14 years. 6 years