ECO 372T Wk 1 - Practice: Knowledge Check

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ECO 372T Wk 1 - Practice: Knowledge Check

Gross Private Domestic Investment      $46

Exports of the U.S.       9

Disposable Income190

Personal Saving     10

Government Purchases   84

Net Foreign Factor Income    10

Consumption of Fixed Capital      52

Dividends       13

Imports of the U.S.       12

Taxes on Production and Imports  22

Personal Taxes       38

Social Security Contributions       23

Statistical Discrepancy   0

Refer to the accompanying data. All figures are in billions of dollars. Personal income is

Multiple Choice

•      $184.
•      $221.
•      $149.
•      $228.

If real GDP falls from one period to another, we can conclude that

Multiple Choice

•      deflation occurred.
•      inflation occurred.
•      nominal GDP fell.
•      none of these necessarily occurred.

Real gross domestic product

Multiple Choice

•      is a measure of inflation.
•      will increase if the price level increases.
•      will increase if the level of output increases.
•      can change from one year to the next even if there is no change in output.

GDP measured using current prices is called

Multiple Choice

•      nominal GDP.
•      real GDP.
•      constant GDP.
•      deflated GDP.

Personal income will equal disposable income when

Multiple Choice

•      corporate profits are zero.
•      personal taxes are zero.
•      transfer payments are zero.
•      Social Security contributions are zero.

Which of the following statements best describes price flexibility in the economy?

Multiple Choice

•      Prices tend to be sticky in the short run and stuck in the long run.
•      Prices tend to be just as sticky in the short run as in the long run.
•      Prices tend to be sticky in the short run but become more flexible over time.
•      Prices tend to be flexible in the short run but become more sticky over time.