Quiz 1
Due Feb 10 at 11:59pm
Points 20
Questions 20
Available Feb 10 at 12am - Feb 10 at 11:59pm about 24 hours
Time Limit 50 Minutes
Instructions
You can take this quiz at any time on Wednesday, 02/10/2021. There are 20 questions on this quiz
and all questions are equally weighted.
You have 50 minutes to finish the quiz which must be completed at one seating.
Good luck.
This quiz was locked Feb 10 at 11:59pm.
Attempt History
LATEST
Attempt
Time
Score
Attempt 1
50 minutes
13.47 out of 20
Score for this quiz: 13.47 out of 20
Submitted Feb 10 at 7:03pm
This attempt took 50 minutes.
Question 1
1 / 1 pts
Use the information for Economy X in the table to answer the question
below.
Year CPI
2015 512.6
2016 526.4
2017 543.2
2018 556.7
2019 571.5
Did Economy X experience stagflation in 2018?
Correct!
Economy X may have experienced stagflation in 2018, but more
information is needed to know for sure.
Question 2
0 / 1 pts
Which of the following outcomes would not be possible for an economy
in a single year?
Correct Answer
None of the other choices correctly answers this question; that is, they
are all possible for an economy in a single year.
You Answered
Nominal GDP decreased and real GDP increased.
Question 3
1 / 1 pts
Use the information for Economy X in the table to answer the question
below.
Year CPI
2015 512.6
2016 526.4
2017 543.2
2018 556.7
2019 571.5
A person in Economy X earned $60,000 in 2015. How much would the
person have to earn in 2019 to adjust for inflation?
Correct!
$66,894
Question 4
1 / 1 pts
Use the information for Economy X in the table to answer the question
below.
Year CPI
2015 512.6
2016 526.4
2017 543.2
2018 556.7
2019 571.5
An employee in Economy X received a pay increase of 3% in 2018.
Which of the following statements is correct?
Correct!
The employee’s nominal pay increased and the real pay increased.
Question 5
1 / 1 pts
Whirlpool (a U.S. company) produces a refrigerator in 2019 in Mexico
which it holds in inventory and sells in 2020 in Mexico. Which of the
following statements is correct?
Correct!
The refrigerator would be counted in the Mexican GDP of 2019.
Question 6
1 / 1 pts
Use the information for Economy X in the table to answer the question
below.
Year CPI
2015 512.6
2016 526.4
2017 543.2
2018 556.7
2019 571.5
What was the rate of inflation in Economy X in 2017?
Correct!
3.19%
Question 7
0 / 1 pts
Which of the following lists the parts of a business cycle in a correct
order?
You Answered
Correct Answer
expansion, peak, trough, recession
trough, expansion, peak, recession
Question 8
It is not possible for an economy to have inflation and deflation
simultaneously.
Correct!
True
1 / 1 pts
Question 9
1 / 1 pts
The GDP deflator is calculated by taking _______ and dividing by
_______. It is a measure of _______.
Correct!
None of the choices listed is correct.
Question 10
0 / 1 pts
Which of the following statements are true regarding the U.S.
economy? There is more than one answer to this question. You must
mark all of the correct answers to receive full credit for this question.
Correct!
The most commonly used measure of the price level is the consumer
price index which is calculated monthly by the Bureau of Labor
Statistics.
You Answered
A recession refers to a decrease in nominal GDP that lasts for at least
six months.
Correct Answer
It is normal in the long run for real GDP to increase, even when adjusted
for population changes.
Question 11
1 / 1 pts
The only thing that can cause changes in real GDP is changes in the
actual output of an economy.
Correct!
True
Question 12
1 / 1 pts
Which entity is responsible for determining if the U.S. economy has a
recession?
Correct!
the National Bureau of Economic Research
Question 13
1 / 1 pts
Use the information for Economy X in the table to answer the question
below.
Year CPI
2015 512.6
2016 526.4
2017 543.2
2018 556.7
2019 571.5
In which year did Economy X in have deflation?
Correct!
None of the other answers listed is correct.
Question 14
0.8 / 1 pts
Which of the following has occurred in the U.S. in the last 50 years?
There is more than one answer to this question. You must mark all of
the correct choices to receive full credit for this question.
Correct!
Correct!
Correct!
Correct Answer
Correct!
disinflation
inflation
deflation
stagflation
recession
Question 15
1 / 1 pts
Which of the following statements is correct and is relevant when doing
cross-country comparisons of welfare based on GDP? There is more
than one correct answer to this question. You must mark all of the
correct answers to receive full credit for this question.
Correct!
GDP statistics are not adjusted for population differences between
countries.
Correct!
GDP statistics in different countries capture different amounts of actual
economic activity.
Correct!
GDP statistics are not adjusted to reflect differences in the cost of living.
Correct!
GDP statistics are not adjusted for differences in leisure time.
Question 16
1 / 1 pts
Use the information for Economy X in the table to answer the question
below.
Year CPI
2015 512.6
2016 526.4
2017 543.2
2018 556.7
2019 571.5
Which year is the base year for this CPI information?
Correct!
None of the other answers listed is correct.
Question 17
0.67 / 1 pts
In assessing the overall health of a macro economy, what are the
primary measures that are considered? There is more than one correct
answer to this question. You must mark all of the correct answers to
receive full credit for this question.
Correct!
Correct!
Correct!
You Answered
a measure of change in the cost of living
a measure of how many people are working/not working
a measure of output
the amount a country exports to other countries
Question 18
0 / 1 pts
Assume that an economy’s actual output decreased from one year to
the next and it also had deflation. Which of the following statements is
correct?
Correct Answer
The economy’s real GDP decreased, and its nominal GDP also
decreased.
You Answered
The economy’s real GDP decreased, but its nominal GDP increased.
Question 19
0 / 1 pts
Use the information for Economy X in the table to answer the question
below.
Year CPI
2015 512.6
2016 526.4
2017 543.2
2018 556.7
2019 571.5
In which year did Economy X in have disinflation?
You Answered
Correct Answer
None of the other answers listed is correct.
2018
Question 20
0 / 1 pts
GDP is the money value of all newly produced final goods sold in an
economy in the course of a year transacted through organized markets.
You Answered
Correct Answer
True
False
Quiz Score: 13.47 out of 20