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Econ Final Review

53 Questions  I  By Sarah3gibson
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1.  Inward-oriented policies 
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B.
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D.
2.  When the price of peanuts falls,
A.
B.
C.
D.
3.  The substitution bias in the consumer price index refers to the
A.
B.
C.
D.
4.  Institutions in the economy that help to match one person's saving with another person's investment are collectively called the
A.
B.
C.
D.
5.  Which of the following DOES NOT affect the quantity demanded of a product?
A.
B.
C.
D.
6.  If a technological advance makes it possible to produce bananas at a lower cost,
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B.
C.
D.
7.  People make decisions at the margin by
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B.
C.
D.
8.  The two loops of the circular flow diagram represent the flow of 
A.
B.
C.
D.
9.  Suppose that people expect that the price of orange juice will rise next month. We could predict that the equilibrium quantity of orange juice will ______ and the equilibrium price of range juice will ______ this month.
A.
B.
C.
D.
10.  Most spells of unemployment are
A.
B.
C.
D.
11.  New products are invented every year. Consequently, real GDP growth
A.
B.
C.
D.
12.  Suppose that a new advertising campaign extolling the virtues of apple juice is unsuccessful, and a major freeze destroys half the country's apple crop. What happens to the price and quantity of apple juice?
A.
B.
C.
D.
13.  Suppose that tea and coffee are normal goods and that the price of coffee rises. If the income effect outweighs the substitution effect, we would predict that people will consume _____ coffee and _____ tea.
A.
B.
C.
D.
14.  Which of the following contributes to low growth of real GDP per person?
A.
B.
C.
D.
15.  Suppose that demand for pizza is given by Q=40-3p and the supply of pizza is given by Q=P-8. The equilibrium price of pizza is _____ and the equilibrium quantity of pizza is _____.
A.
B.
C.
D.
16.  The primary reason that U.S. living standards are higher today than a century ago is that
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B.
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D.
17.  An organization that tries to encourage the flow of investment to poor countries is the
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B.
C.
D.
18.  Hops are used to produce beer. If the price of hops increases
A.
B.
C.
D.
19.  Over the last few decades Americans have chosen to cook less at home and eat more at restaurants. This change in behavior, by itself, 
A.
B.
C.
D.
20.  Property rights refer to 
A.
B.
C.
D.
21.  Which of the following is adverse selection?
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B.
C.
D.
22.  Suppose that consumers expect the price of a product to decrease in the future. The result is that
A.
B.
C.
D.
23.  Scarcity exists when
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B.
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D.
24.  The CPI is a measure of the overall cost of
A.
B.
C.
D.
25.  Which of the following is an example of "brain drain"?
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B.
C.
D.
26.  A person who is NOT counted as unemployed by the BLS is
A.
B.
C.
D.
27.  In 2002 real GDP in Oceania was 561 billion and the population was 2.2 million. In 2001 real GDP was 500 billion and the population was 2 million. What was the approximate growth rate of real GDP per person?
A.
B.
C.
D.
28.  Suppose that in October the price of a cafe latte was $1.50 and 400 lattes were consumed. In November the price of a latte was $2.00 and 200 lattes were consumed. What might have caused this change?
A.
B.
C.
D.
29.  Assume that chicken and beef are substitutes. When the price of beef increases,
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B.
C.
D.
30.  Which of the following is generally an opportunity cost of investment in human capital?
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B.
C.
D.
31.  Which of the following is the correct definition of GDP?
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B.
C.
D.
32.  Without trade
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D.
33.  In the circular flow diagram, 
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B.
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D.
34.  Which of the following would NOT be considered physical capital?
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B.
C.
D.
35.  Which of the following is the correct way to measure productivity?
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B.
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D.
36.  Suppose that in 1996, 12 million cars were purchased at $15,000 each, while in 1997, 10 million cars were purchased at $12,000 each. What might have caused this change?
A.
B.
C.
D.
37.  Human capital is
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C.
D.
38.  If nominal GDP is $10 trillion and real GDP is $8 trillion, the GDP deflator is
A.
B.
C.
D.
39.  In 2000 in Japan, the unemployment rate was about 4.8 percent, the labor force participation rate was about 62 percent, and the adult population was about 108 million. How many people were employed and how many were unemployed?
A.
B.
C.
D.
40.  Peaches and cream are complements. When the price of peaches rises, and the price of raw milk (used to make cream) falls,
A.
B.
C.
D.
41.  Suppose that steak is a normal good. When income decreases, the equilibrium quantity of steak will _____ and the equilibrium price of steak will _____.
A.
B.
C.
D.
42.  If the nominal interest rate is 8 percent and the rate of inflation is 3 percent, the real interest rate is
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C.
D.
43.  A supply curve is defined as the relationship between 
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B.
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D.
44.  Rick loses his job and immediately begins looking for another. Ceteris paribus, the unemployment rate
A.
B.
C.
D.
45.  An inferior good is defined as a good for which demand increases when 
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B.
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D.
46.  If the equilibrium price of a good increases and the equilibrium quantity of the good decreases, we can conclude that
A.
B.
C.
D.
47.  Unemployment insurance
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B.
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D.
48.  The average amount of goods and services produced from each hour of a worker's time is called
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D.
49.  If the government's expenditures exceeded its receipts, it would likely
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D.
50.  A perpetuity is distinguished from other bonds in that it
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B.
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D.
51.  A transfer payment is
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B.
C.
D.
52.  When opening a restaurant you need to buy ovens, freezers, tables and cash registers. Economists call these expenditures 
A.
B.
C.
D.
53.  Real GDP per person 
A.
B.
C.
D.
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