Week 5 Quizzes – Eco/Gm 561

Week 5 Quizzes ECO/GM 561 Your Results for: â€Å"Readiness Assessment Quiz†Print this page Site Title:Economics UOP custom CW Book Title:UOP-custom course for Economics Book Author:Case Summary of Results 100% Correct of 7 Scored items: 7 Correct: 100% 0 Incorrect: 0% More information about scoring ________________________________________ 1. GDP includes all transactions in which money or goods change hands. Your Answer:False ________________________________________ 2. GDP is equal to the value of total sales in an economy. Your Answer:False _______________________________________ 3. I bought a record last year. I don't like it any more and am going to sell it to my cousin for $2. This sale should be included in GDP. Your Answer:False ________________________________________ 4. Consumption, investment, government purchases, and net exports are the four components of total expenditures. Your Answer:True ________________________________________ 5. Households have all of their p ersonal income to spend or save. Your Answer:False ________________________________________ 6. When economists calculate nominal GDP it means they are calculating GDP only approximately. Your Answer:False ________________________________________ 7. Per capital GDP is a country's GDP divided by its population. Your Answer:True ________________________________________ Your Results for: â€Å"Readiness Assessment Quiz†Print this page Site Title:Economics UOP custom CW Book Title:UOP-custom course for Economics Summary of Results 100% Correct of 8 Scored items: 8 Correct: 100% 0 Incorrect: 0% More information about scoring ________________________________________ . The twin evils of macroeconomics are unemployment and inflation. Your Answer:True ________________________________________ 2. Recessions last six months. Anything longer is called a depression. Your Answer:False ________________________________________ 3. To be considered employed a person must be working for pay for at least 20 hours per week. Your Answer:False ________________________________________ 4. You nee d to be 14 years old to be considered part of the labor force. Your Answer:False ________________________________________ . A discouraged worker is not actually working. Your Answer:True ________________________________________ 6. People typically are unemployed for at least six months. Your Answer:False ________________________________________ 7. Recessions have a good side to them because they help reduce inflation. Your Answer:True ________________________________________ 8. The consumer price index is based on a bundle of goods and services purchased yearly by the typical urban consumer. Your Answer:False ________________________________________