Which of the following best describes the Consumer Price Index (CPI)?
ECON202 Midterm Practice

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Jonathan Leonardo
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A measure of nominal interest rates
The total value of goods produced by a country’s citizens
The unemployment rate adjusted for inflation
A weighted average of prices for a fixed basket of goods
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the marginal propensity to consume (MPC) is 0.8, the spending multiplier is:
1.25
3.2
1.8
5
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Frictional unemployment is best described as:
Being unemployed due to a downturn in the economy
Being replaced by automation
Being underemployed in part-time work
Being between jobs while seeking new employment
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which component is not included in the investment part of aggregate demand (I)?
New factory equipment
Construction of a home
Business software purchases
Purchase of existing stocks and bonds
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An appreciation of the domestic currency will likely:
Boost exports and reduce imports
Reduce both exports and imports
Increase net exports
Reduce exports and increase imports
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a limitation of using GDP as a measure of national well-being?
It excludes government spending
It includes only transfer payments
It includes inflation-adjusted figures
It ignores income inequality and non-market activity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If nominal GDP increases by 10% and prices increase by 6%, the approximate real GDP growth is:
2%
16%
6%
4%
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