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CHAPTER 1 Figure 2 1 1 PPC ABCDE is bowed out from the origin because A The marginal benefit of pizzas declines as more pizzas are consumed B The curve gets steeper as we move from E to A C It reflect.

CHAPTER 1

Figure 2.1

1 PPC ABCDE is bowed out from the origin because:

A The marginal benefit of pizzas declines as more pizzas are consumed

B The curve gets steeper as we move from E to A

C It reflects the law of increasing opportunity costs

D Resources scare

2 The marginal opportunity cost of the second unit pizza is:

A 2 units of robots

B 3 units of robots

C 7 units of robots

D 9 units of robots

3 The total opportunity cost of 7 units of robots is:

A 1 unit of pizza

B 2 units of pizza

C 3 units of pizza

D 4 units of pizza

4 All points on this production possibilities curve necessarily represent:

A Society’s optimal choice

B Less than full use of resources

C Unattainable levels of output

D Full employment

Figure 2.2

1 The resource market is the place where:

A Households sell products and businesses buy products

B Businesses sell resources and HH sell products

C HH sell resources and B buy resources (or the services of resources)

D B sell resources and HH buy resources (or the services of resources)

2 Which of the following would be determined in the product market

A A manager’s salary

B The price of equipment used in a bottling plant

C The price of 80 acers of farmland

D The price of a new pair of athletic shoes

3 In this circular flow diagram

A A money flows counterclockwise

B Resources flow counterclockwise

C Gs and Ss flow clockwise

D HH are on the selling side of the product market

4 In this circular flow diagram

A HH spend income in the product market

B Firms sell resources to HH

C HH receive income through the product market

D HH produce goods

a Macro

b Micro

c Macro

d Marco

e Micro

f Macro

CHAPTER 2

1 Which of the following transactions would count in GDP?

a Kerry buys a new sweater to wear this winter

b Patricia receives a Social Security check

c Roberto gives his daughter $50 for her birthday

d Latika sells $1,000 of General Electric stock

e Karen buys a new car

f Amy buys a used car

 Answer: a, e

2 Which of the following are usually intermediate goods and which are usually final goods?

a Running shoes: final goods

b Cotton fibers: intermediate goods

c Watches: final goods

d Textbooks: final goods

e Coal: intermediate goods

f Sunscreen lotion: final goods

g Lumber: intermediate goods

3 Tina walks into Ted’s sporting goods store and buys a punching bag for

$100 That $100 payment counts as for Tina and

_ for Ted

a Income; expenditure

b Value added; multiple counting

c Expenditure; income

d Rents; profits.

1 Suppose that this year a small country has a GDP of $100 billion Also

assume that Ig = $30 billion, C = $60 billion, and Xn = − $10 billion How

big is G?

a $0

b $10 billion

c $20 billion

d $30 billion

2 Suppose GDP is $16 trillion, with $10 trillion coming from consumption, $2 trillion coming from gross investment, $3.5 trillion coming from

government expenditures, and $500 billion coming from net exports Also suppose that across the whole economy, depreciation (consumption of fixed capital) totals $1 trillion From these figures, we see that net domestic

product equals:

a $17.0 trillion

b $15.5 trillion

c $16.0 trillion

d None of the above

3 Suppose GDP is $15 trillion, with $8 trillion coming from con-sumption,

$2.5 trillion coming from gross investment, $3.5 tril-lion coming from government expenditures, and $1 trillion coming from net exports Also suppose that across the whole economy, personal income is $12 trillion If the government collects $1.5 trillion in personal taxes, then disposable

income will be:

a $13.5 trillion

b $10.5 trillion

c $12.0 trillion

d None of the above

CHAPTER 3

CHAPTER 4

1 If real GDP grows at 7 percent per year, then real GDP will double in approximately years

a 70

b 14

c 10

d 7

2 In 1820 living standards in various places around the globe were _ they are today

a More widely varying than

b Just as widely varying as.

c Less widely varying than

3 True or False: Countries that currently have low real GDPs per capita are destined to always have lower living standards than countries that currently have high real GDPs per capita

 False

4 Suppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2 What is the growth rate of its real GDP? 4%

5 Assume that population is 100 in year 1 and 102 in year 2 What is the growth rate of real GDP per capita? 2%