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Exam 2 - Flashcards

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Class:ECON 110 - Prin/Macroeconomics
Subject:Economics
University:Kansas State University
Term:Spring 2010
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Which of the following statistic if usually regarded as the best single measure of a society's economic well-being? gross domestic product
Gross domestic product is defined as: the market value of all final goods and service produced within a country in a given period of time
Which of the following statements is correct? The value of intermediate goods is included in GDP only, if those goods are added to firms' inventories to be used or sold at a later date
An American company operates a fast food restaurant in Romania. Which of the following statements is accurate? The value of the goods and services produced by the restaurant is included in Romanian GDP, but not in the US GDP
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GDP is equal to -the market value of all final goods and services produced within a country in a given period of time -Y - C+I+G+NX ALL OF THE ABOVE
When economists refer to intangible items, they are referring to such things as: consulting services and dental care, and the value of such items is included in GDP
In the economy of Wrexington in 2008, exports were $200, GDP was $2000, gov. purchases were $300, imports were $130 and investment was $400. What was Wrexington's consumption in 2008? $1230
The consumer price index is used to: monitor changes in the cost of living over time
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What basket of goods and services is used to construct the CPI? the goods and services that are typically bought by consumers as determined by gov. surveys
The inflation rate is calculated by determining the percentage change in the price index from the preceding period
The price index was 320 in one year and 360 in the next year. What was the inflation rate? 12.5%
An important difference between the GDP deflator and the consumer price index is that the GDP deflator reflects the prices of all final goods and services produced domestically, whereas the consumer price index reflects the prices of goods and services bought by consumers
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Over the past century in the US, real GDP per person has grown, on average, by about: 2% per year
In determining living standards, productivity plays a key role for both nations and individuals
Which of the following is a determinant of productivity? -human capital per worker -physical capital per worker -natural resources per worker ALL OF THE ABOVE
Human capital is the knowledge and skills that workers acquire through education, training, and experience
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Natural resources -inputs provided by nature -inputs such as land, rivers, and mineral deposits - take two forms:renewable and nonrenewable ALL OF THE ABOVE
Proprietary technology is knowledge that is known only by the company that discovered it
The logic behind the catch-up effect is that new capital adds more to production in a country that doesn't have much capital than in a country that already has much capital
When a country saves a larger portion of its GDP than it did before, it will have more capital and higher productivity
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Institutions that help to match one person's saving with another person's investment are collectively called the financial system
The economy's two most important financial markets are the bond market and the stock market
The length of time until a bond matures is called the term
The prices of stock traded on exchanges are determined by the supply of, and demand for, the stock
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Which of the following are financial intermediaries? both banks and mutual funds
Which of the following expressions must be equal to national saving for a closed economy? Y-C-G
The value of the housing services provided by the economy's owner-occupied houses is included in the GDP, and the estimated rental values of the houses are used to place a value on these housing services
Changes in nominal GDP reflect both changes in prices and changes in the amounts being produced
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Technological knowledge is a determinant of productivity
In countries that experience political instability, standards of living tend to be low because of lack of respect for property rights
The Dow Jones Industrial Average is now based on the prices of the stocks of 30 major US corporations
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 Which of the following statistic if usually regarded as the best single measure of a society's economic well-being?gross domestic product
 Gross domestic product is defined as:the market value of all final goods and service produced within a country in a given period of time
 Which of the following statements is correct?The value of intermediate goods is included in GDP only, if those goods are added to firms' inventories to be used or sold at a later date
 An American company operates a fast food restaurant in Romania. Which of the following statements is accurate?The value of the goods and services produced by the restaurant is included in Romanian GDP, but not in the US GDP
 GDP is equal to-the market value of all final goods and services produced within a country in a given period of time
-Y
- C+I+G+NX
ALL OF THE ABOVE
 When economists refer to intangible items, they are referring to such things as:consulting services and dental care, and the value of such items is included in GDP
 In the economy of Wrexington in 2008, exports were $200, GDP was $2000, gov. purchases were $300, imports were $130 and investment was $400. What was Wrexington's consumption in 2008?$1230
 The consumer price index is used to: monitor changes in the cost of living over time
 What basket of goods and services is used to construct the CPI?the goods and services that are typically bought by consumers as determined by gov. surveys
 The inflation rate is calculatedby determining the percentage change in the price index from the preceding period
 The price index was 320 in one year and 360 in the next year. What was the inflation rate?12.5%
 An important difference between the GDP deflator and the consumer price index is thatthe GDP deflator reflects the prices of all final goods and services produced domestically, whereas the consumer price index reflects the prices of goods and services bought by consumers
 Over the past century in the US, real GDP per person has grown, on average, by about:2% per year
 In determining living standards, productivity plays a key rolefor both nations and individuals
 Which of the following is a determinant of productivity?-human capital per worker
-physical capital per worker
-natural resources per worker
ALL OF THE ABOVE
 Human capital is the knowledge and skills that workers acquire through education, training, and experience
 Natural resources-inputs provided by nature
-inputs such as land, rivers, and mineral deposits
- take two forms:renewable and nonrenewable
ALL OF THE ABOVE
 Proprietary technology is knowledge that is known only by the company that discovered it
 The logic behind the catch-up effect is thatnew capital adds more to production in a country that doesn't have much capital than in a country that already has much capital
 When a country saves a larger portion of its GDP than it did before, it will havemore capital and higher productivity
 Institutions that help to match one person's saving with another person's investment are collectively called the financial system
 The economy's two most important financial markets are the bond market and the stock market
 The length of time until a bond matures is called the term
 The prices of stock traded on exchanges are determined by the supply of, and demand for, the stock
 Which of the following are financial intermediaries?both banks and mutual funds
 Which of the following expressions must be equal to national saving for a closed economy?Y-C-G
 The value of the housing services provided by the economy's owner-occupied houses is included in the GDP, and the estimated rental values of the houses are used to place a value on these housing services
 Changes in nominal GDP reflectboth changes in prices and changes in the amounts being produced
 Technological knowledgeis a determinant of productivity
 In countries that experience political instability, standards of living tend to be low because of lack of respect for property rights
 The Dow Jones Industrial Average is now based on the prices of the stocks of 30 major US corporations
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