UMUC ECON201 Quiz 1 December 2015 (Perfect Answer) - 95223

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Question Chapter 1 Random Question 1 1 / 1 point The circular flow diagram of economic activity is a model of the: a) flow of goods, services, and payments between households and firms. b) role of unions and government in the economy. c) interaction among taxes, prices, and profits. d) influence of government on business behaviour. Chapter 1 random definitions Question 2 1 / 1 point Which of the following best characterizes the circular flow of income? a) Businesses buy resources from the government, and households buy goods and services from businesses. b) Households buy factors of production from businesses, and businesses buy goods and services from households. c) The government purchases resources from businesses and households and then sells goods and services to businesses and households. d) Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses. Question 3 1 / 1 point In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of: a) producers and input suppliers. b) producers and government planning committees. c) all consumers. d) buyers and sellers. Question 4 1 / 1 point If macroeconomics looks at the economy as a whole, it focuses on which of the following? a) unemployed people b) business firms c) households d) the division of labor Chapter 6 Random Question 5 1 / 1 point GDP is: a) the value of all final goods and services produced by a government. b) the sum of all currency and coins in circulation. c) the value of all final good and services produced anywhere in the world by a nation's firms. d) the value of all final goods and services produced domestically. Chapter 6 random easy Question 6 1 / 1 point A business cycle reflects changes in economic activity, particularly real GDP. The stages of a business cycle are: a) trough, expansion, recession, peak b) expansion, trough, recession, peak c) expansion, peak, recession, trough d) contraction, recession, expansion, boom Question 7 1 / 1 point _______________, which can be approximated by the growth of gross domestic product, ultimately determines the prevailing standard of living in a country. a) Trade balance b) Education c) Inflation d) Economic growth Question 8 1 / 1 point The gap between exports and imports in a nation's economy is called the ___________. a) trade surplus b) trade balance c) trade inventory d) trade deficit Chapter 6 Problems Question 9 1 / 1 point In 1980 Denmark had a GDP of $70 billion (measured in U.S. dollars) and a population of 5.1 million. In 2000, Denmark had a GDP of $160 billion (measured in U.S. dollars) s and a population of 5.3 million. By what percentage did Denmark’s GDP per capita rise between 1980 and 2000? a) 219% b) 128% c) 45.4% d) 120% Chapter 7 Problems Question 10 1 / 1 point Country Alpha and Country Beta initially have the same real GDP per capita. Country Alpha experiences no economic growth, while Country Beta grows at a sustained rate of 5 percent. In 14 years, Country Alpha's GDP will be approximately _________ that of Country Beta. a) triple b) one-half c) one-fourth d) double Chapter 7 Random Question 11 1 / 1 point Increased investment alone will guarantee economic growth. a) This is a true statement, because growth occurs only with savings. b) This is a false statement, because economic growth hinges on the quality and type of investment as well as the human capital and improvements in technology. c) This is a true statement, because money is the only resource needed for growth. d) This is a false statement, because an economy must rely on capital injections from abroad. Question 12 1 / 1 point Which of the following is unlikely to affect the rate of economic growth? a) the quantity of available resources b) technological change c) the level of government spending d) the quality of available resources Question 13 0 / 1 point A nation's prosperity is sometimes measured in terms of ___________. a) economic output b) GDP per capita c) GDP d) GNP Chapter 8 Random Question 14 1 / 1 point If the unemployment rate is 8 percent, then this means: a) 8 percent of the labor force is unemployed. b) 8 percent of the population age over sixteen is unemployed. c) 8 percent of the population is unemployed. d) the number of unemployed persons equals 8 percent of the employed persons. Question 15 1 / 1 point A welder who quits his job and moves from Pittsburgh to Madison to try to get a better welding job is said to be: a) structurally unemployed. b) frictionally unemployed. c) cyclically unemployed. d) underemployed. Question 16 1 / 1 point The type of unemployment that occurs because of a recession is called: a) frictional unemployment. b) seasonal unemployment. c) cyclical unemployment. d) the natural rate of unemployment. Chapter 9 random Question 17 1 / 1 point The situation where the buying power of money in terms of goods and services increases is called: a) inflation. b) deflation. c) hyperinflation. d) stationary pricing. Question 18 1 / 1 point In the 1970s and 1980s, labor unions commonly negotiated wage contracts that had _______________________ which guaranteed that their wages would keep up with inflation. a) cost of living adjustments b) wage protection clauses c) inflation protection plans d) inflation ceiling guarantees Chapter 8 and 9 Problems Question 19 1 / 1 point If the price index moves from 107 to 110, the rate of inflation is: a) 2.8% b) 30% c) 3% d) 28% Question 20 0 / 1 point The unemployment rate in a town in which 65,400 persons are employed and 11,000 are unemployed equals: a) 11%. b) 16.8%. c) 20.2 %. d) 14.4%.
Solution Description

Question

Chapter 1 Random

Question 1 1 / 1 point

The circular flow diagram of economic activity is a model of the:

a) flow of goods, services, and payments between households and firms.

b) role of unions and government in the economy.

c) interaction among taxes, prices, and profits.

d) influence of government on business behaviour.

Chapter 1 random definitions

Question 2 1 / 1 point

Which of the following best characterizes the circular flow of income?

a) Businesses buy resources from the government, and households buy goods and services from businesses.

b) Households buy factors of production from businesses, and businesses buy goods and services from households.

c) The government purchases resources from businesses and households and then sells goods and services to businesses and households.

d) Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses.

Question 3 1 / 1 point

In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of:

a) producers and input suppliers.

b) producers and government planning committees.

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