Economics Question
Quiz: Question 1: Suppose the civilian non-institutional population is 300, the number of employed is 160, and the number of unemployed is 11. The unemployment rate is less than 5%. True False Question 2: Suppose the civilian non-institutional population is 300, the number of employed is 160, and the number of unemployed is 11. The labor force participation rate is 57%. True False Question 3: The CPI for three consecutive years is 100,102.3, and 104.5. The inflation rate in the third year is 4.5%. True False Question 4 If your nominal income is $4,000 per month in 2022 and the CPI is 1.76 with 2011 as the base year, then the real value of your monthly income in constant 2011 dollars is less than $2,704.50. True False Question 5 If the nominal interest rate is 7% and the inflation rate is 2%, then real interest rates are 5%. True False Question 6 Households spend $3,000 on durable goods. • The federal government spends $5200 on final services. • U.S. employee compensation is $12,400. • State and local governments spend $1,600 on final durable goods. • New homes are constructed and sold for $1,300. • Businesses invest in new durable capital goods, spending $2,000. • U.S. rental income is $800. • Businesses add $900 worth of goods to their inventories. • Businesses sell $800 worth of goods from their inventories. • U.S. interest income is $1,200. • U.S. businesses sell $400 of durable goods to the rest of the world. • U.S. profit income is $4,000. • U.S. businesses purchase $800 of durable goods from the rest of the world. • U.S. taxes on production and imports are $2,500. • Households spend $1,200 on nondurable goods. • Households spend $7,000 on services. • New business construction amounts to $1,100. • Depreciation of the capital stock is $1,200. • Foreign citizens and businesses operating in the U.S. earn $700. • American citizens and businesses operating abroad earn $600. The total GDP in this economy is $22,100 True False Question 7 Households spend $3,000 on durable goods. • The federal government spends $5200 on final services. • U.S. employee compensation is $12,400. • State and local governments spend $1,600 on final durable goods. • New homes are constructed and sold for $1,300. • Businesses invest in new durable capital goods, spending $2,000. • U.S. rental income is $800. • Businesses add $900 worth of goods to their inventories. • Businesses sell $800 worth of goods from their inventories. • U.S. interest income is $1,200. • U.S. businesses sell $400 of durable goods to the rest of the world. • U.S. profit income is $4,000. • U.S. businesses purchase $800 of durable goods from the rest of the world. • U.S. taxes on production and imports are $2,500. • Households spend $1,200 on nondurable goods. • Households spend $7,000 on services. • New business construction amounts to $1,100. • Depreciation of the capital stock is $1,200. • Foreign citizens and businesses operating in the U.S. earn $700. • American citizens and businesses operating abroad earn $600. The total consumption in this economy is $4200 True False Question 8 If an analyst used nominal values to calculate GDP, that number would correct for the effects of inflation. True False
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