Which of the following is a determinant of productivity?

*
1 điểm

a. human capital per worker

b. physical capital per worker
c. natural resources per worker
d. All of the above are correct.

1.20.7. Average income in some East Asian countries, as

measured by real GDP per person, has recently grown at an
average annual rate that implies income will double about
every*
1 điểm

a. 10 years.
b. 15 years.
c. 20 years.
d. 25 years.
Q1.16.12. Cyclical unemployment*
1 điểm

a. has a different explanation than does the natural rate of unemployment.

b. refers to the year-to-year fluctuation in unemployment around an economy’s
natural rate of unemployment.
c. is closely associated with short-run ups and downs of economic activity.
d. All of the above are correct.
Q1.19.6. Over the last century, U.S. real GDP per person grew
at a rate of about*
1 điểm

a. 2 percent per year, so that it is now 2 times as high as it was a century ago.
b. 2 percent per year, so that it is now 8 times as high as it was a century ago.
c. 4 percent per year, so that it is now 2 times as high as it was a century ago.
d. 4 percent per year, so that it is now 8 times as high as it was a century ago.
Q1.18.20. Olga owns her own business. Sven is an unpaid
worker in his family’s business. Who is included in the Bureau
of Labor Statistics’ “employed” category?*
1 điểm

a. only Olga
b. only Sven
c. both Olga and Sven
d. neither Olga nor Sven
1.3.125. Tesla builds a new vehicle, and completes it in
December 2015. It sells the vehicle in January 2016. The
value of this vehicle affects U.S. GDP*
1 điểm

a. for 2015 only, since it was completed in December of 2015.

b. for both 2015 and 2016.
c. for 2016 only, when it is sold to the buyer.
d. for neither year if it is sold to a citizen of Canada.
Q1.17.16. Who in the adult population is counted as
“employed” in U.S. labor statistics?*
1 điểm

a. people who are temporarily absent from their job and people who work without pay
in a family member’s business
b. people who are temporarily absent from their job but not people who work without
pay in a family member’s business
c. people who work without pay in a family member’s business but not people who
are temporarily absent from their job
d. neither people who are temporarily absent from their job nor people who work
without pay in a family member’s business

Q1.1. 10. GDP

*

1 điểm
a. is used to monitor the performance of the overall economy but is not the single
best measure of a society’s economic well-being.
b. is used to monitor the performance of the overall economy and is the single best
measure of a society’s economic well-being.
c. is not used to monitor the performance of the overall economy but is the single
best measure of a society’s economic well-being.
d. is not used to monitor the performance of the overall economy and is not the single
best measure of a society’s economic well-being.
Q1.22.11. Productivity*
1 điểm

a. is nearly the same across countries, and so provides no help explaining

differences in the standard of living across countries.
b. explains very little of the differences in the standard of living across countries.
c. explains some, but not most of the differences in the standard of living across
countries.
d. explains most of the differences in the standard of living across countries.
Q1.4.121. Which of the following measures includes the
effects of taxes?*
1 điểm

a. Net national product.

b. Gross national product.
c. National income.
d. Personal income.
Q1.2.31. For an actual economy, total expenditures on goods
and services by households does not equal GDP because*
1 điểm

a. household spending exceeds their incomes.

b. household expenditures on goods and services falls short of GDP, since
household save for the future.
c. household expenditures include only goods, since services are intangible and
cannot be measured accurately.
d. household expenditures on goods and services are made using borrowed funds.

Q1.5. 15. Which of the following statements is correct?*

1 điểm

a. The CPI can be used to compare dollar figures from different points in time.
b. The percentage change in the CPI is a measure of the inflation rate, but the
percentage change in the GDP deflator is not a measure of the inflation rate.
c. Compared to the consumer price index (CPI), the GDP deflator is the more
common gauge of inflation.
d. The GDP deflator better reflects the goods and services bought by consumers
than does the CPI.

Q1.24.27. Miller’s Dairy produces 960 gallons of milk per day.

Each milker at the dairy works 8 hours per day and produces
the same number of gallons of milk per hour. If the Dairy’s
productivity is 12 gallons of milk per hour of labor, then how
many milkers does the shop employ?*
1 điểm

a. 8
b. 10
c. 80
d. 120

Q1.6.14. The CPI is more commonly used as a gauge of

inflation than the GDP deflator is because*
1 điểm

a. the CPI is easier to measure.

b. the CPI is calculated more often than the GDP deflator is.
c. the CPI better reflects the goods and services bought by consumers.
d. the GDP deflator cannot be used to gauge inflation.
Q1.14.18. The natural rate of unemployment*
1 điểm

a. varies less than the measured unemployment rate.

b. cannot be changed by government policy.
c. is closely associated with the ups and downs in economic activity.
d. is set by the Federal Reserve.
Q1.21.13. Which of the following is a good gauge of economic
progress?*
1 điểm

a. the level of real GDP per person, but not the growth rate of real GDP per person
b. the level of real GDP per person and the growth rate of real GDP per person
c. the growth rate of real GDP per person, but not the level of real GDP per person
d. neither the level nor the growth rate of real GDP per person

Q1.23.19. Hit-It produces 320 baseball bats per day using 2

workers who each work 8 hours per day. What is Hit-It’s
productivity?*
1 điểm

a. 320 baseball bats

b. 160 baseball bats per hour
c. 20 baseball bats per hour
d. None of the above is correct.
Q1.15.15. The natural rate of unemployment

(i) is the economy’s desirable level of unemployment.

(ii) cannot be affected by economic policy.

(iii) is typically constant over time.

*

1 điểm

a. (i) and (ii) only

b. (iii) only
c. (i), (ii), and (iii)
d. None of the above is correct.