1
Suppose the demand for houses in the U.S. decreases because of rising mortgage rates (demand shifts left, but the supply of houses remain unchanged. What will happen to the price and quantity of houses sold?
2
A production possibilities frontier (PPF):
3
1) We can show economic inefficiency:
4
Suppose the United States and the United Kingdom both produce oil and fish oil at the same cost. Using the table above, who has the comparative advantage in producing oil?
5
Can the United States and the United Kingdom gain from trading oil and fish oil?
6
2) We can show economic efficiency:
7
The production possibilities frontier will shift outward:
8
If prices rise over time, then real GDP will be:
9
In an economy with rising prices, compared to the base year:
10
If the GDP deflator in 2012 has a value of 98.0, then:
11
When a significant fraction of domestic production takes place in foreign-owned facilities, a country's difference between GDP and GNP is as follows:
12
Which of the following do we subtract from GDP to obtain national income?
13
The extent of job creation and job destruction is:
14
Which of the following illustrates the law of supply?
15
Which of the following events would shift the supply of smartphones to the right?
16
If a surplus exists in a market, we know that the actual price is:
17
Figure 1 illustrates ____, and Figure 2 illustrates ____.
18
If a shortage exists in a market, we know that the actual price is:
19
In the circular flow of expenditure and income, why must the total value of production in an economy equal the total value of income?
20
The unemployment rate in the United States is usually ____ than the unemployment rates in most other high-income countries, partly because the United States has ____ requirements for the unemployed to receive government payments.
21
The computation of the Consumer Price Index (CPI) assumes that households purchase the same market basket of products each month. For this reason, which one of the following factors is not relevant in calculating the CPI?
22
Changes in the CPI overstate the true inflation rate due to four “biases.” If apple prices rise rapidly during the month while orange prices fall, consumers will likely reduce their apple purchases and increase their orange purchases. Which of the four biases is concerned with this behavior?
23
The BLS collects price statistics from traditional full-price retail stores, which do not reflect the prices some consumers pay by shopping at discount stores or on the Internet. This is a description of which bias?
24
The income you would have needed in 2020 to have had the same purchasing power that Fitzgerald's $36,000 had in 1924 is approximately: if CPI in 1974 is 17, in 2020 is 259.
25
If the CPI was 207 in 2009 and 225 in 2013, what wage would someone who earned a $60,000 income in 2013 have earned in 2009 to keep purchasing power constant?
26
In the inflation rate is 6% and the nominal interest rate is 4%, then the real interest rate is:
27
If income rises more slowly than the rate of inflation, purchasing power will rise.
28
To avoid the cost of the purchasing power of paper money decreasing with inflation, workers and firms will try to hold as much paper money as possible.
29
In inflation is unexpectedly high, borrowers will benefit, and lenders will be harmed.
30
When the demand curve shifts to the right,
31
What is the unemployment rate?
32
What is the labor force participation rate?
33
What is the employment-population ratio?
34
Using the table (base year = 2012) and treating cotton as an intermediate good (exclude it from GDP), what is real GDP for 2022?
35
Using the table (base year = 2012) and excluding cotton, what is real GDP for 2023?
36
What is the annual growth rate of real GDP in 2023 (based on your answers above), rounded to two decimals?
37
If the demand for gasoline in the U.S. stays the same but oil refineries increase production capacity (supply shifts to the right), what will likely happen to the price and quantity of gasoline?
38
The demand for electric vehicles (EVs) in the U.S. is increasing because of government subsidies. At the same time, EV battery manufacturers become more efficient, reducing production costs (supply shifts to the right). What will likely happen to the equilibrium quantity of EVs sold?
39
Suppose the demand for hamburgers in the U.S. increases while the supply of beef decreases due to a drought. What is most likely to happen to the equilibrium price of hamburgers?
40
The demand for iPhones in the U.S. decreases (demand shifts to the left) because of a major recession, while Apple simultaneously increases production (supply shifts to the right). What is most likely to happen to the equilibrium price of iPhones?
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