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Chapter5-poblem+set.doc

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Department
Economics
Course
ECON 102
Professor
Richard Ennis
Semester
Summer

Description
Chapter 5Measuring a Nations IncomeProblem set 1Which of the following headlines would be most closely related to what macroeconomists studyaUnemployment rate rises from 5 percent to 55 percentbThe price of gold grows by 31 percent in the third quartercThe number of tourists visiting Canadian national parks has declineddThe price of oranges rises after an early frost2Which of the following topics are studied in macroeconomicsanational output the inflation rate and the trade deficitbthe price of Cisco stock wage differences between genders and antitrust lawscdifferences in market structure and how consumers maximize utilitydthe effect of trade tariffs on prices and patterns of international trade3Which of the following statistics is the best single measure of an economys wellbeingathe unemployment ratebthe inflation ratecGDPdthe trade deficit4If GDP rises what happensaIncome and expenditure must both risebIncome and expenditure must both fallcIncome must rise but expenditure may rise or falldExpenditure must rise but income may rise or fall5In a simple circularflow diagram how are total income and total expenditure interrelatedaThey are seldom equal because of the dynamic changes that occur in an economybThey are equal only when all goods and services produced are soldcThey are always equal because every transaction has a buyer and a sellerdThey are always equal because of accounting rules6In an economy consisting of only households and firms how can GDP be computedaby adding up the total expenditures of households and subtracting savingsbby adding up the income paid by firms only in exchange for labourcby adding up either total income paid by firms or total expenditures of households but not bothdby adding up both the total expenditures of households and total income paid by firms7Which of the following is the correct definition of GDP
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