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Econ Unit 4 Review

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					Econ Unit 4 Review

CORRECT ANSWERS ARE
    UNDERLINED
  Macroeconomics is the study of
    the economy as a whole?
1. True                 50%   50%
2. False




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     The total sum of goods and
    products produced in the past
1. GNP     twelve months 25% 25% 25%
                      25%
2. GDP
3. CPI
4. DPI




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                                       DP
                                CP
                          GD
                    GN
 GDP excludes the value of these
            items
1. Intermediary                  25% 25% 25% 25%
   goods
2. Secondhand
   goods
3. Underground
   goods
4. All of these




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        GDP is not as useful for
     comparison to previous years as
1.   Current GDP                   25% 25% 25% 25%

2.   Future GDP
3.   Real GDP
4.   Crankin’ that
     Soulja Boy




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   To adjust GDP for population,
  one should use GDP per capita
1. True                 50%   50%
2. False




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                              Fa
     The total sum of all things
    produced in the past twelve
1. GDP         months25% 25% 25%       25%
2. GNP
3. CPI
4. DPI


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                                CP
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                          GN
     You can determine GNP by
          taking GDP and
1. + foreign spending                 25% 25% 25% 25%

2. + foreign
   purchases
3. + foreign spending
   – foreign
   purchases
4. + foreign

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     How often is a census taken in
          the United States
1.   Every year                     25%          25% 25%                              25%

2.   Every four years
3.   Every five years
4.   Every ten years




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 Which of the following predictions
 of population growth is not true?
1. Americans are                                 25% 25% 25% 25%
   getting older
2. Americans are
   living longer
3. Americans are
   more fertile
4. Americans are




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   The business cycle flows in this
               order
1. Expansion, peak,                                       25% 25% 25% 25%
   recession, trough
2. Expansion,
   recession, peak,
   trough
3. Expansion, trough,
   recession, peak



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4. To the left, to the




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   the right
     The increase in prices over time
                is called
1.   Normal                    25%        25%        25%             25%
2.   Inflation
3.   Deflation
4.   Constipation




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     CPI is used to measure
             inflation
1. True               50%   50%
2. False




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 This describes the products used
         to determine CPI
1.   GDP               25%    25%           25%            25%

2.   GNP
3.   Market basket
4.   None of these



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 This describes inflation in excess
          of 500%/year
1.   Creeping inflation                     25% 25% 25% 25%

2.   Normal inflation
3.   Hyperinflation
4.   Insane inflation




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       In order to be considered
        unemployed, you must
1. Be trying to find a                        25% 25% 25% 25%
   job
2. Be working a paid
   job for less than
   one hour a week
3. Be 16 or older
4. All of these




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    The difference between what
   could be produced and what is
1. Real GDPbeing produced 25% 25% 25%
                       25%
2. GDP gap
3. Misery Index
4. 32




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 This monetary system requires a
   double coincidence of wants
1.   Barter system                      25% 25% 25% 25%

2.   Monetary system
3.   System of a Down
4.   Traditional system



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   This definition of money supply
   refers to its use as a medium of
1. M1           exchange 25% 25% 25% 25%
2. M2
3. M ‘n’ Ms
4. MMM MMM MMM
   MMM (that weird
   song by Crash
   Test Dummies)

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 This definition of money refers to
    its use as a storer of value
1.   M1               25%   25%        25%    25%
2.   M2
3.   eMineM
4.   eMMys



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 Money that is backed only by the
   word of a country is called
1.   Fiat money          25%       25%        25%          25%
2.   Flat money
3.   Flag money
4.   Slag money



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 This is the government insurance
       for your bank accounts
1.   FCDI            25%     25%    25%   25%
2.   FDCI
3.   FIDC
4.   FDIC




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     Chicago is the capital of
             Illinois
1. True                 50%   50%
2. False




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    Chicago has seven letters
1. True                50%   50%
2. False




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