Palomar College Final Exam: Principles of Macroeconomics 101 1. Noelle quits her $80,000-a-year job to stay home. What is the opportunity cost of her decision? a. zero, since she will no longer be earning a salary b. depends on the “going-rate” for stay-at-home spouses c. at least $80,000 d. the value she attributes to the joy of not working e. $80,000 2. Scarcity: a. stems from the incompatibility between limited resources and unlimited wants b. can be overcome by discovering new resources c. can be eliminated by rationing products d. is a bigger problem in market economies than in socialist economies e. is not experienced by the very wealthy 3. …show more content…
The unemployment rate, given these numbers, is: a. 0% b. 10% c. 12% d. 20% e. 50% 14. A type of unemployment in which the skills of the unemployed worker do not match the skill requirements of the vacant job is called: a. frictional b. seasonal c. cyclical d. structural Assume that the base year for the CPI is 1982. There are three goods in the market basket: A, B and C. The numbers are as follows: Base Year Quant. Base Year Prices Current Year Quant. Current Year Prices A 10 $10 10 $20 B 10 $10 10 $40 C 10 $10 10 $60 15. What is the Consumer Price Index (CPI) for the current year? a. 1200 b. 400 c. 4 d. 4000 e. 1333 16. If the nominal interest rate on an account is 1% and the inflation rate is 2%, the real interest rate is: a. ½% b. 1% c. 2% d. 3% e. -1% 17. Assume that the market for the Euro begins in equilibrium. Then, incomes rise very fast in Europe while the United States enters a recession. In the market for the Euro, a. the dollar appreciates and the Euro depreciates b. the dollar and the Euro both depreciate c. the dollar depreciates and the Euro appreciates d. the dollar and the Euro both appreciate 18. Which of the following would cause the aggregate demand curve to shift to the
Immediately after we are born, we start picking up sounds; the sound of our mother’s voice, the music playing in the elevator on the way to the car, and the happy cheers from a small child seeing their new sibling for the first time. We are always listening–picking up on conversations not meant for our ears, eavesdropping on the gossip of the adult world, and finding the meaning in the portentous silence. From all these auditory stimuli, we piece together the world around us to better understand what is happening to us, around us, and the secret happenings that were not for us to know. Great writers are the ones who listen and say nothing–who take it all in and save their classified information for a day when all the right words flow and form one epic story of the wondrous world we live in.
The second type of unemployment is also one that can be easily grasped by most people. This type of unemployment is frictional unemployment and is defined as, “the unemployment which exists in any economy due
The election to itemize is appropriate when total itemized deductions are less than the standard deduction based on the taxpayer’s filing status.
A case challenging a statute as violating a person's rights under the U. S. Constitution.
Question 35 Suppose a basket of goods and services has been selected to calculate the consumer price index (CPI) and 2002 has been chosen as the base year. In 2002, the basket’s cost was $76.00; in 2004, the basket’s cost was $79.50; and in 2006, the basket’s cost was $85.00. The value of
Paired comparisons may be from one individual – before and after samples - or from different individuals who have been matched for some characteristic, e.g. sex, age, height etc. In this question, we are looking at “healthcare workers”. The needle-stick observations of healthcare workers share a link that makes them similar to one another and allows the researcher to “compare” needle-stick injuries in various settings, e.g. “all healthcare facilities” including in community and tertiary-care hospitals.
In our second assumption, instead of using the cost of goods per cases in 1986, we try to use the percentage it counts in the total expenses which is 50.4% and to find the sales needed to break-even. The detail of the calculation is shown in the answer for questions d. The result is that 95,635, a little bit higher than the estimated sales of 90,000.
What is the relative humidity when the air temperature is 75 degrees Fahrenheit and the Wet Bulb temperature is 65 degrees Fahrenheit?
2.) Which curve(s) change and based on the lists in the text of what causes demand and supply to shift what are the causes of theses shifts? D1 changed moving leftward indicating a decrease in demand due to a technological change: a technological setback causes a decrease. This causes price to go down as well as the demand is lower.
Note: 1993 is the base year for your analysis in Questions 1a, 1b, and 1c
production and sales of Product A is 2,000 units and of Product B is 3,000 units. There are three activity cost
1) According to the Law of Demand, the demand curve for a good will A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward. Answer: C 2) An increase in the price of pork will lead to A) a movement up along the demand curve. B) a movement down along the demand curve. C) a rightward shift of the demand curve. D) a leftward shift of the demand curve. Answer: A 3) An increase in consumer incomes will lead to A) a rightward shift of the demand curve for plasma TVs. B) a movement upward along the demand curve for plasma TVs. C) a rightward shift of the supply curve for plasma TVs. D) no change of the demand curve for plasma TVs. Answer:
Midterm Instructions: Answer each question below in essay form, based on the principles and cases that we have reviewed so far this semester (i.e., Recognizing the Opportunity, Marshalling Resources).
17. Reducing the variations in our product or services is an important key to perceived quality TRUE
Rearranging terms, the real interest rate equals the nominal interest rate minus the expected inflation rate: