UMUC ECON201 Homework 1 2015

UMUC ECON201 Homework 1 2015Question 1 1 / 1 pointIn the ____________, households work and receive payment from firms.a) savings marketb) financial capital marketc) financial investment marketd) labor marketQuestion 2 1 / 1 pointIn a command economy, the __________ either makes most economic decisions itself or at least strongly influences how the decisions are made.a) governmentb) business sectorc) firmd) marketQuestion 3 1 / 1 pointWhich of the following is generally accepted as a valid criticism of the production of useful goods and services?a) environmental pollutionb) the black marketc) economic freedomd) government involvementQuestion 4 1 / 1 pointWhich of the following best describes a fiscal policy tool?a) household spendingb) bank lendingc) financial capital marketsd) government spendingQuestion 5 1 / 1 pointIn a discussion of economics, which of the following would exert the most influence on an individual firm’s decision to hire workers?a) wage levelsb) household incomec) the firm’s incomed) the macroeconomyQuestion 6 1 / 1 pointMacroeconomics:a) analyzes mergers and acquisitions between firms.b) is concerned with the expansion of a small business into a large corporation.c) is concerned with the expansion and contraction of the overall economy.d) is narrower in scope than microeconomics.Question 7 1 / 1 pointWhich of the following best describes a monetary policy tool?a) taxesb) household savingsc) government spendingd) interest ratesQuestion 8 0 / 1 pointEconomic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories.a) Specialization Modelb) financial capital marketc) financial investment marketd) circular flow diagramQuestion 9 1 / 1 pointBecause of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization?division of labourinternational tradeeconomies of scalecommand economyChapter 6 RandomQuestion 10 1 / 1 pointWhich of the following is true?a) During the contractionary phase of the business cycle, the rate of unemployment is generally quite low.b) A depression is a recession that is mild and relatively brief.c) The timing of business fluctuations is regular and therefore easily predictable.d) The expansions and contractions of real world business cycles last varying lengths of time and often differ in magnitude.Question 11 1 / 1 pointFinal goods or services used to compute GDP refer to:a) the factors of production used to produce output.b) the sum of all wages paid to laborers.c) goods and services purchased by the ultimate users.d) the value of outstanding shares of stock of manufacturing firms.Question 12 1 / 1 pointThe difference between nominal GDP and real GDP is:a) nominal GDP adjusts for inflationb) real GDP excludes imports and exportsc) real GDP adjusts for inflationd) nominal GDP measures actual productivityQuestion 13 1 / 1 pointMiddle-income countries, which include much of Latin America, Eastern Europe, and some countries in East Asia, have per capita GDP in the range of ___________.a) $6,000 to $12,000b) $60,000 to $120,000c) $600 to $1200d) $60 to $120Question 14 1 / 1 point___________ is a small category that refers to the goods produced by one business that have yet to be sold to consumers, and are either still sitting in warehouses and on store shelves.a) Durable goodsb) Servicesc) Inventoriesd) StructuresQuestion 15 1 / 1 pointFor most high-income countries of the world, GDP _________________ over time.a) has risen graduallyb) has declined slightlyc) has sharply risend) has proven to be stableQuestion 16 1 / 1 pointOn the demand side of GDP, consumption by _____________ is the largest component of GDP, accounting for about two-thirds of the GDP in any year.a) governmentb) householdsc) servicesd) businessesQuestion 17 1 / 1 pointOn the supply side of the GDP, Structures account for around __________ of U.S. GDP.a) 37%b) 7%c) 17%d) 57%Question 18 1 / 1 pointConsumption in the United States is about ____________ of GDP, and it moves relatively little over time.a) 10%b) 90%c) 33%d) 68%Question 19 0 / 1 pointThe demand measure of GDP accounting adds together:a) wages and salaries, rent, interest, and profit.b) consumption, investment, government purchases, and trade balance.c) consumption, interest, government purchases, and trade balance.d) consumption, government purchases, wages and salaries, and trade balance.Question 20 1 / 1 pointConsumption is the purchase of goods and services by:a) government.b) foreign buyers.c) households.d) business firms.Question 21 1 / 1 pointWhich of the following are most likely classified by economists as consumer durable goods?a) automobiles, furnitureb) stocks, bondsc) drugs, toys, magazines, booksd) food, clothingQuestion 22 1 / 1 pointTo compare the GDP of two different countries with different currencies, it is necessary to use _________________________.a) currency ratesb) foreign currencyc) an exchange rated) per capita GDPQuestion 23 1 / 1 point_________ are now the largest single component of the supply side of GDP, representing over half of GDP.a) Nondurable goodsb) Structuresc) Servicesd) Durable goodsChapter 6 ProblemsQuestion 24 1 / 1 pointIn 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) 45.4%b) 120%c) 219%d) 128%Question 25 0 / 1 pointIn 1990, the GDP of Canada was $680 billion as measured in Canadian dollars, and the exchange rate was that $1 Canadian was worth 85 U.S. cents. In 2000, the GDP of Canada was $1000 billion as measured in Canadian dollars, and the exchange rate was that $1 Canadian was worth 69 U.S. cents. By what percentage did the GDP of Canada increase from 1990 to 2000 in Canadian dollars?a) 19.4%b) 47%c) 68%d) 147%We are ready to write this paper for you from scratch.Place an order for this assignment or any other paper with us. We guarantee that the paper will be delivered within the specified deadline. We also have a personalized customer support and you will be able to communicate with your writer throughout the order preparation process. Thank you for choosing us.