UNT Economics 1110, Exam 1, Spring 2013

What is this statement associated with?Inflation and national unemployment rates in the 1970's.

An office workers computer is an example of what?

In the simple circular flow model:

"If you stand up at a soccer game, you may get a better view of the game. So if everyone stands up at the game, everyone will get a better view." This illustrates:

The study of economics is primarily concerned with:

Holly says that "the imposition of a tax on beer will raise it's price." Ben argues that "taxes should be imposed on beer because college students drink too much." We can conclude that:

The opportunity cost for using lumber to make billboards is:

What is not an essential element of a capitalist (market) economy?

Production possibilities frontiers (curves):

What would cause a rightward shift in the production possibilities curve?

A point under the production possibilities curve is considered:

The major macroeconomic policy goals of most industrialized nations are:

Going from an inefficient use of resources to an efficient use of resources would be illustrated by:

Opportunity cost

On a liner PPF curve what does it reflect?

An increase in the price of Spalding tennis balls, a substitute for Wilson will cause an increase or decrease in demand for Wilson tennis balls?

Ceteris paribius, an increase in the price of coffee causes:

Law of Supply

A decrease in the cost of manufacturing cell phones will increase or decrease the supply?

If drought conditions in the farm belt result in a decrease in the supply of wheat, what will happen to the equilibrium price and quantity of wheat (CP)?

How does a price adjustment eliminates a surplus?

Assume CDs represent a normal good. If consumer income decreases and there is a decrease in the number of CD sellers, we would expect:

When the economy is operating with full employment then:

Assuming the total population is 100 million, the labor force is 50 million, and 45 million workers are employed, the unemployment rate is:

Official unemployment statistics are more likely to understate the true unemployment problem when:

Suppose Bob Smith is a new collage graduate wiht a degree in engineering. Bob has had several job offers, but has chosen to remain unemployed while he continues to search for the 'ideal' job. Bob Smith is:

Sluggo Johnson, a painter on the General Motors assembly line who was recently replaced by a robot. What kind of unemployment is this?

Inflation

Suppose at the start of the year you receive an income increase of 3% from your employer. If the price of goods and services you typically purchase increase 6% during the year, you would find for the year you have experienced:

The consumer price index was 122.0 in 1988 and 135.7 in 1989. The inflation rate for 1989 was an approximation of:

As the price level falls the value of the dollar ___, and a _____ amount of money is required to purchase the same amount of output.

Gross Domestic Product (GDP) measures the:

Purchases by Mexico of the U.S. produced cars would be in the U.S. GDP?

The concept of value added refers to:

What is the best way to track economic growth?