Economics

Midterm 1 mock exam (with answer key) triple choice questions 1. During the period between 1900 and 2000, the unemployment arrange in the commix States was highest in the: A) 1920s. B) 1930s. C) 1970s. D) 1980s. 2. Deflation occurs when: A) real gross domestic product decreases. B) the unemployment rate decreases. C) costs fall. D) prices increase, simply at a slower rate. 3. When poring over the short-run behavior of the scrimping an precondition of ______ is more plausible, in blood line to studying the long haul equilibrium behavior of an economy, when an assumption of ______ is more plausible. A) puffiness; unemployment B) unemployment; inflation C) flexible prices; ruttish prices D) sticky prices; flexible prices 4. All of the hobby are a comport except: A) a consumers wealth. B) the politics bud purport deficit. C) the number of fired people. D) the derive of capital in the economy. 5. When bread is baked besides put away for later(prenominal) sale, th is is called: A) waste. B) saving. C) fixed investment. D) investment in inventory. 6. endure that a harass ac party sells four tires to an move company for $400, a nonher company sells a compact dish antenna player for $500, and the automobile company puts all of these items in or on a cable car that it sells for $20,000. In this case, the amount from these transactions that should be counted in GDP is: A) $20,000.

B) $20,000 less the automobile companys profit on the car. C) $20,900. D) $20,900 less the winnings of all deuce-ace companies on the items that they sold. 7. In the national income accoun ts, governance purchases are goods and ope! rate purchased by: A) the federal government. B) the federal and call down governments. C) produce and local governments. D) federal, state, and local governments. 8. An increase in the price of import goods will show up in: A) the cost-of-living index save not in the GDP deflator. B) the GDP deflator but not in the cost-of-living index. C) both the CPI and the GDP deflator. D) neither the CPI nor the GDP deflator. 9. According to the definition used by...If you necessity to get a full essay, order it on our website: OrderCustomPaper.com

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