ECON 2301 Week 2 Quiz

ECON 2301 Week 2 Quiz | Assignment Help | Central Texas College

•           Review Test Submission: Quiz 4

Question 1

Beth, an American citizen, travels to Italy on vacation and buys an espresso machine to bring home.  Her purchase increases                          

Question 2

If in some year nominal GDP was $18 billion and the GDP deflator was 120, what was real GDP?                                 

Question 3

For an economy as a whole, income must equal expenditure because                                  

Question 4

According to the circular-flow diagram GDP                             

Question 5

Changes in nominal GDP reflect                          

Question 6

When the consumer price index rises, the typical family                                

Question 7

Harry spent $39,000 in 2009 and $42,000 in 2014 on goods and services. The consumer price index was 220 for 2009 and 231 for 2014. Harry’s 2014 spending in 2009 dollars is about                           

Question 8

If the consumer price index was 100 in the base year and 106 in the following year, then the inflation rate was                            

Question 9

Table 24-10

The table below shows the prices of baseballs and baseball bats for three years. Assume the typical consumer’s basket consists of 6 baseballs and 2 baseball bats.

Refer to Table 24-10. If 2008 is the base year, then the consumer price index was                        

Question 10

From 2013 to 2014, the CPI for medical care increased from 150 to 159. What was the inflation rate for medical care?