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Econ 1022 Test 1 Review

2 Pages
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Department
Economics
Course Code
Economics 1022A/B
Professor
Bruce Hammond

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Ec1022-003 Test #1 Review 1. Household’s savings = 200 Government spending = 100 Firms’ borrowing = 250 Total income = 800 Government surplus = 50 Draw and complete a Circular Flow diagram of Income and Expenditures using the above information. https://www.dropbox.com/s/vk2fqtpw1ifsfzh/Screenshot%202014-02-04%2020.10.22.png 2. Calculate GDP using the following information: Wages, salaries and supplementary labour income $800 Subsidies -20 Farm income 80 Government expenditures on goods and services 240 Capital consumption (depreciation) 240 Gross private domestic investment 400 Income from non-farm unincorporated businesses 90 Personal income taxes net of transfer payments 140 Corporate profits 80 Indirect taxes 120 Net exports 80 Interest and miscellaneous investment income 100 GDP 1490 3. Complete the following table. YEAR CPI Annual Inflation Rate 2004 124.6 1.9 2005 127.3 2.17 2006 129.85 2.0 4. Complete the following table. Year Nominal GDP Real GDP GDP Deflator 2003 3,055 3250 94 2004 3170 3,170 100 2005 3,410 3,280 103.96 2006 3780 3,500 108 5. In a country with a working age population of 25 million, 15 million are employed, 10 million are not working of which 2 million aren’t looking for work, and 2 million of the employed are working part- time. Calculate the: Labour force size: 15 + 10 – 2 = 23 Labour force participation rate: 23/25 = 92% Unemployment rate: 8/23 = 34.8% (unemployed/labour force) Employment-to-population rate: 15/25 = 60% 6 Which of the following shifts the supply curve of Canadian dollars rightward? A) An increase occurs in
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