ECON202 Midterm Practice

ECON202 Midterm Practice

University

40 Qs

quiz-placeholder

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ECON202 Midterm Practice

ECON202 Midterm Practice

Assessment

Quiz

Other

University

Medium

Created by

Jonathan Leonardo

Used 1+ times

FREE Resource

40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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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