Macro exam 2 example #46443

Economists use the term inflation to describe a situation in which

True or False: The consumer price index is used to measure the quantity of goods and services that the economy is producing.

True or False: The CPI is better than the GDP deflator at reflecting the goods and services bought by consumers.

If 2002 is the base year, then the inflation rate in 2005 equals

True or False: Countries that have had higher output growth per person have typically done so without higher productivity growth.

True or False: Malthus argued that charity and government aid was an effective way to reduce poverty.

Each day Sonja works 8 hours and produces 8 units of goods and services. Emma works 10 hours each day and produces 9 units of goods and services. It follows that

Other things the same, if a country raises its saving rate, when is productivity growth higher?

A rapid increase in the number of workers, other things the same, is likely in the short term to

The traditional view of the production process is that capital is subject to

The catch-up effect refers to the idea that

Two countries are the same, except one is poorer. Assuming the traditional assumption about the production function is made there are

Institutions that help to match one person's saving with another person's investment are collectively called the

In a closed economy, what remains after paying for consumption and government purchases is

Two of the economy's most important financial intermediaries are

Which of the following expressions must be equal to national saving for a closed economy?

Which of the following is a way to compute GDP?

General Motors built $500 million worth of cars in 2015, but consumers only bought $470 million of them. How much did this increase to the 2015 GDP?

Buyers and sellers who have no influence on market price are referred to as

Social Security payments are