bbhostedcunyedu 1215 Take Test: Test 2 (Grade... v_.- Remaining Time: 1 hour, 41 minutes, 53 seconds. v Question Completion Status: QUESTION 1 10 points Save Answer In an imaginary economy, a typical consumer basket consists of 15 candles and 10 lighters. You are given the price of these two products in three subsequent years. Price of a Candle Prlce of a Lighter 2018 $11 $2 2019 $12 $3 2020 $13 $4 Find out the CPI for 2018, 2019, and 2020. Assume the base year is 2018. Note: Make sure to show all the steps. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I Q -5- Paragraph V Arial v 10pt v 35v Ev AV L" 1; 3' IE] Q ... P o WORDS POWERED BY TINY Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers bbhostedcunyedu 7%? Take Test: Tesl 2 (Grade... Remaining Time: 1 hour, 41 minutes, 42 seconds. v Question Completion Status: QUESTION 7 1 0 points Save Answer You are given the following information for an economy. Real GDP Population 201 8 $500,000 800 201 9 $540,000 900 From the infonnalion calculate the following: o Calculate the real GDP per person for 2018 and 2019 - Calculate the economic growth rate from 2018-19 Make sure to show the steps. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I L1 '5' Paragraph V Arial V 10pt V 35 V g; V AV LV .7; X rEl Q '\" P 0 WORDS POWERED BY TINY Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers bbhostedcunyedu 7%? Take Test: Test 2 (Grade... v_.- Remaining Time: 1 hour, 41 minutes, 36 seconds. v Question Completion Status: QUESTION 8 1 0 points Save Answer You are given the following information on an imaginary economy of their adult population. The number of people who are employed is 50,000 The number of people who are unemployed 5,000 The number of people who are not in the labor force is 18,000 Based on the above information calculate the following for this economy; a. Unemployment rate b. Labor Force Participation Rate Note: Make sun to show all the stops. Wmlngjust the answers I: not enough. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I Q '5 Paragraph V Arial V 10pt V 35V 5" AV LV .7; 3% Fl] Q "' P o WORDS POWERED BY TINY Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers bbhostedcunyedu st' Take Test: Test 2 (Grade... Remaining Time: 1 hour, 41 minutes, 29 seconds. v Question Completion Status: QUESTION 22 1 0 points Save Answer The table below gives the data for an economy. Price of a Quantities of Price of a Boat Quantities of Boat Lamp Lamps Paddle Paddles 2018 $60 130 $25 260 201 9 $62 150 $30 280 From the information given in the table above calculate the following: (Assume the base year is 2018) 0 Nominal GDP for 2018 and 2019 I Real GDP for 2018 and 2019 I GDP deator for 2018 and 2019 Note: Make sure to show all the steps. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BI 9-S- Paragraph v Arial V 10pt v SEVEEVAVLVL XEI-Q '\" P o WORDS POWERED BY TINY Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers bbhostedcunyedu 7le Take Test: Test 2 (Grade... v_.- Remaining Time: 1 hour, 41 minutes, 22 seconds. v Question Completion Status: QUESTION 2 3 points Cyclical unemployment is caused due to a. changes in the actual unemployment rate. 0 b. changes in the business cycles, c. changes in the number of workers looking for a job. cl. changes in the labor force. QUESTION 3 3 points Save Answer In a market, the equilibrium wage for the worker is $20 per hour. If a union try to set the wage at $25 per hour then a, the quantity of labor supplied will decrease, the quantity of labor demanded will increase and the unemployment will fall. b.the quantity of labor supplied will decrease, the quantity of labor demanded will increase and the unemployment will rise. c. the quantity of labor supplied will increase, the quantity of labor demanded will decrease and the unemployment will rise. d.the quantity of labor supplied will increase, the quantity of labor demanded will decrease and the unemployment will fall. QUESTION 4 3 points Who of the following would he included in the Bureau of Labor Statistics' \"unemployed\" category? 3. Joseph who applied for a job in a local bank two weeks ago. b. Pam who works part time in a doctors ofce. c. Nadia who applied for a job two months ago. 0 d. Subham who works in his family business but not getting paid. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers bbhostedcunyedu 7%? Take Test: Test 2 (Grade... Remaining Time: 1 hour, 41 minutes, 18 seconds. v Question Completion Status: QUESTION 5 3 points Save Answer Cyclical unemployment is a, the deviation of the frictional unemployment rate from the natural rate of unemployment. b.the deviation of the structural unemployment rate from the natural rate of unemployment, c. the deviation of the structural unemployment rate from the frictional rate of unemployment. d.the deviation of the actual unemployment rate from the natural rate of unemployment. QUESTION 5 3 points Save Answer Unions and minimum wages can cause unemployment a. when they are below the equilibrium wages. b.when they are above the equilibrium wages. c. when they are at the equilibrium wages. d. in any situation. QUESTION 7 10 points Save Answer You are given the following information for an economy. Real GDP Population 201 8 $500,000 800 201 9 $540,000 900 From the information calculate the followina: Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers bbhostedcunyedu 7le Take Test: Test 2 (Grade... v_.- Remaining Time: 1 hour, 41 minutes, 14 seconds. v Question Completion Status: QUESTION 9 3 points Save Answer Which of the following will be included in GDP? a. Purchase of a pre owned car. b. The rental value of owned occupied houses. c. A jewelery set bought from an antique store. d. Vegetables produced in the backyard for self consumption. QUESTION 10 3 points Save Answer Which of the following will is true about imported goods? Imported goods will be included in CPI if they are capital goods. Imported goods will be included in CPI if they are consumer goods. Imported goods will be included in CPI in both cases whether they are capital goods or consumer goods. Imported goods will never be included in CPI whether they are capital goods or consumer goods. QUESTION 1 1 3 points Save Answer John purchased a proowned motorcycle for $7,000 and spent $300 to replace new tires. The end result of these two transactions is a. U.S. consumption purchases increase by $300 and US. GDP increases by $300. b.U.S. consumption purchases increase by $7,000 and US. GDP increases by $7,300. c. U.S. consumption purchases increase by $300 and U.S. GDP increases by $7,000. d.U.S. consumption purchases increase by $7,300 and U.S. GDP increases by $7,300. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers bbhostedcunyedu 7%? Take Test: Test 2 (Grade... Remaining Time: 1 hour, 41 minutes, 10 seconds. v Question Completion Status: QUESTION 12 3 points Save Answer Which of the following are included in the consumption component of the GDP? Expenditure to buy food and clothing by Sam and his family. Purchase of a pre-owned car by Sam. Purchase of some old paintings from a local antique store by Sam's wife Anita. The purchase of a house by the family this year which was originally built in 1990. QUESTION 13 3 points Save Answer Which of the following is true? a, Capital goods are included in CPI but not GDP. b. Capital goods are included in GDP but not CPI. c. There is a xed basket of goods and services in GDP. d. Imported goods are included in GDP but not CPI. QUESTION 14 3 points Save Answer Which of the following will be included in human capital? The education gained by a person. The experience gained by a person over the years. Both the education and experience gained by the person. Neither education nor experience gained by a person Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers bbhostedcunyedu 7%? Take Test: Test 2 (Grade... Remaining Time: 1 hour, 41 minutes, 02 seconds. v Question Completion Status: QUESTION 15 3 points Save Answer In an imaginary economy, the CPI was 120 in 2015 and 130 in 2016. Based on this information, which statements seem to be correct? a. The economy experienced a rising price level between 2015 and 2016. b. The ination rate for the period 2015-16 was higher than the period 2014-15. C. The ination rate between 2015 and 2016 was 10 %. d. The base year is this situation will be 2010. QUESTION 16 3 polnts Save Answer An economy experienced a constant real GDP since last year but a rise in population of 2%. This will cause their real GDP per person to decrease. increase. slay the same. cannot be gured due to a lack of information. QUESTION 17 3 points Save Answer Which of the following is correct about nominal and real GDP? Nominal and real GDP both are calculated based on current year prices. Nominal and real GDP both are calculated based on base year prices. Nominal GDP is calculated based on current year prices and real GDP is calculated based on base year prices. Nominal GDP is calculated based on base year prices and real GDP is calculated based on current year prices. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers bbhostedcunyedu 7le Take Test: Test 2 (Grade... Remaining Time: 1 hour, 40 minutes, 59 seconds. v Question Completion Status: QUESTION 18 3 points Save Answer Which of the following is a determinant of productivity? a. Only technology. b. Only human capital per worker. c. Physical capital per worker, human capital per worker, and technology d. Only physical capital per worker. QUESTION 19 3 points Save Answer Apple company starts a new plant in Nepal and they manage and control the affairs of that business. This will be considered as Foreign Direct Investment for the U.S. Foreign Portfolio Investment for the Us. Foreign Direct Investment for Nepal. Foreign Portfolio Investment for Nepal. QUESTION 20 3 points Save Answer Which of the following is a substitution bias problem in calculating Consumer Price Index (CPI)? a. When a person buys a product which they did not have before. b. When a person buys a product that has better quality. c. When a person buys an alternative good which is cheaper. d. When a person no longer buys a particular product. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers bbhostedcunyedu 110' Take Test: Test 2 (Grade... Remaining Time: 1 hour, 40 minutes, 55 seconds. v Question Completion Status: QUESTION 20 3 points Save Answer Which of the following is a substitution bias problem in calculating Consumer Price Index (CPI)? a, When a person buys a product which they did not have before. b. When a person buys a product that has better quality. c. When a person buys an alternative good which is cheaper. d. When a person no longer buys a particular product. QUESTION 21 3 points Save Answer Below is the data for an economy in the year 2016. Gross Domestic Product = $25,000 Consumption expenditure = $15,000 Govemment purchases = $4,000 Exports = $1,500 Imports = $2,500 The investment expenditure for this economy would be? $10,000 $6,000 $7,000 $2,000 QUESTION 22 10 points Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers bbhostedcunyedu 7%? Take Test: Test 2 (Grade... Remaining Time: 1 hour, 40 minutes, 52 seconds. v Question Completion Status: r W QUESTION 23 3 points Save Answer Kendra owns a small rm producing quilts. She hires 4 workers and each of them works for 8 hours a day. In a day the rm produced 16 quilts. What would be this rm's productivity? 1/2 quilts per worker. 2 quilt per hour. 1/2 quilt per hour. 2 quills per worker. QUESTION 24 3 points Save Answer Ninnal purchased a house in 2004 for $215,000 and sold for $355,000 in 2019. What would be his 2004 dollar amount of house in 2019 dollar amount? Note: The CPI for 2004 was 188 and the CPI for 2019 was 255. Round the answers to a whole number. $291,622 $158,510 $481,516 $315,000 Click Save and Submit [a save and submit. Click Save All Answers to save all answers. Save All Answers