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1. The following table contains information about an economy that produces only Foods and cars. The base year is 2021. Year Price of Foods Quantity of Foods Price of car Quantity of car 2021 $5 200 $100 50 2022 $5 220 $120 70 2023 $7 230 $140 70 Required a. Calculate real GDP and nominal GDP 2021, 2022, 2023. b. In which year, the economy has higher economic growth rate. 2. The table below reports nominal and real GDP for the U.S. from 1929 to 1932. Year Nominal GDP Real GDP 1929 103.6 977 1930 91.2 892. 1931 76.5 834. 1932 58.7 725. a. Calculate the GDP deflator for the year in 1930 and 1931 b. Calculate inflation rate in 1931 and Calculate inflation rate in 1932 c. Calculate the growth rate of nominal GDP and real GDP in 1930. Which is the better gauge of economic well-being? 3. The table below pertains to Pieway, an economy in which the typical consumer’s basket consists of 10 bushels of peaches and 15 bushels of pecans. Year Price of Peaches Price of Pecans 2005 $11 per bushel $6 per bushel 2006 $9 per bushel $10 per bushel a. Calculate the costs of the basket in 2005 and 2006 b. Assume that 2005 is the base year. Calculate the CPI for 2005 and 2006 c. Assume that 2006 is the base year. Calculate the CPI for 2005 and 2006 d. Assume that 2005 is the base year. Calculate inflation in 2006 4. The table shows the prices and the quantities consumed in a country. The base year is 2021. Year Price of chicken Quantity of chicken Price of fish Quantity of fish 2021 $3.00 110 $1.50 120 2022 $3.50 100 $ 1.00 130 2023 $3.75 115 $1.20 150 a. Calculate the CPI of a country in 2021, 2022, 2023. b. In which year, the country has higher inflation rate.
5. The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2009. Prices and Quantities Year Price of Waffles Quantity of Waffles Price of Pancakes Quantity of Pancakes Nomina l GDP Real GDP
GDP
deflator Inflation 2008 $2.00 100 $1.00 100 2009 $2.00 120 $2.00 150 2010 $2.00 150 $3.00 200 2011 $4.00 180 $3.00 220 a. Calculate the country’s nominal GDP b. Calculate the country’s real GDP c. Calculate the country’s GDP deflator d. Calculate the country’s inflation
6. U.S. real GDP is substantially higher today than it was 10 years ago. We say that US citizens' well-being is much better than it was 10 years ago. True or False? Briefly explain your answer? 7. The table below pertains to Napandsnack, an economy in which the typical consumer’s basket consists of 2 pillows and 15 hotdogs. Year Price of a Pillow Price of a Hotdog 200 9
a. Suppose 2009 is base year. Calculate CPI and inflation. b. Suppose 2010 is base year. Calculate CPI and inflation for each year c. Suppose 2011 is base year. Calculate CPI and inflation for each year?
8. Which of the following best states economists' understanding of the facts concerning the relationship between natural resources and economic growth? a. A country with no or few domestic natural resources is destined to be poor. b . Differences in natural resources have virtually no role in explaining differences in standards of living. c. Some countries can be rich mostly because of their natural resources and countries without natural resources need not be poor, but can never have very high standards of living. d . Abundant domestic natural resources may help make a country rich, but even countries with few natural resources can have high standards of living.
Country GDP (Constant US$) GDP(Current US$) Population Germany 2,091,573 3,649,493 82. Japan 5,166,281 4,910,839 127. U.S. 11,513,872 14,093,309 304. Question: On the basis of this information, arrange these countries in terms of their standards of living, from highest to lowest
15. The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2009. Prices and Quantities Year Price of Waffles Quantity of Waffles Price of Pancakes Quantity of Pancakes 2008 $2.00 100 $1.00 100 2009 $3.00 125 $2.00 150 2010 $2.00 150 $3.00 200 2011 $4.00 180 $4.00 220
- Calculate nominal GDP in each year.
- Calculate real GDP in each year.
- Calculate GDP deflator in each year.
- Calculate inflation in each year. 16. The First Bank of Roswell Assets Liabilities Reserves $25,000 Deposits $150, Loans 125, Refer to Table 1. If the bank faces a reserve requirement of 10 percent, then the bank a. is in a position to make a new loan of $15,000. b . has fewer reserves than are required. c. has excess reserves of $10,000. d . None of the above is correct. Refer to Table 1. If the bank faces a reserve requirement of 10 percent, then the bank a. is in a position to make a new loan of $10,000. b has fewer reserves than are required.
c. has excess reserves of $12,500. d . None of the above is correct. Refer to Table 1. Suppose the bank faces a reserve requirement of 10 percent. Starting from the situation as depicted by the T-account, a customer deposits an additional $50,000 into his account at the bank. If the bank takes no other action, calculate the bank's excess reserves or short of reserves? Refer to Table 1. If the bank faces a reserve requirement of 20 percent, then calculate its excess reserves/short of reserves? Refer to Table 1. If the bank is holding $4,000 in excess reserves, then calculate the reserve requirement
17. Metropolis National Bank is currently holding 2% of its deposits as excess reserves. Metropolis National Bank Assets Liabilities Reserves $60,000 Deposits $500, Loans $440, Metropolis National Bank is currently holding 2% of deposits as excess reserves. What is the reserve requirement? Metropolis National Bank is currently holding 2% of deposits as excess reserves. Assuming that all banks have the same required reserve ratio, and then none want to hold excess reserves what is the value of the money multiplier? Metropolis National Bank is currently holding 2% of deposits as excess reserves. Assume that no banks in the economy want to hold excess reserves and that people only hold deposits and no currency. How much does the money supply ultimately increase when Metropolis National Bank lends out its excess reserves? Metropolis National Bank is holding 2% of its deposits as excess reserves. Assume that no banks in the economy want to maintain holdings of excess reserves and that people only hold deposits and no currency. The Fed makes open market purchases of $10,000. The person who sold bonds to the Fed deposits all the funds in Metropolis National Bank. If the bank now loans out all its excess reserves, by how much will the money supply increase? 18. Bank of America Assets Liabilities Reserves $19,200 Deposits $240, Loans 228,
c. rate at which a person can trade the currency of one country for another. d . the real exchange rate minus the inflation rate.
23. You are the CEO of a U.S. firm considering building a factory in Vietnam. If the dollar appreciates relative to the VND, then other things the same a. it takes fewer dollars to build the factory. By itself building the factory increases U.S. net capital outflow. b . it takes fewer dollars to build the factory. By itself building the factory decreases U.S. net capital outflow. c. it takes more dollars to build the factory. By itself building the factory increases U.S. net capital outflow. d . it takes more dollars to build the factory. By itself building the factory decreases U.S. net capital outflow. 24. You are the CEO of a U.S. firm considering building a factory in Vietnam. If the dollar appreciates relative to the VND, then other things the same a. it takes fewer dollars to build the factory. By itself building the factory increases U.S. net capital outflow. b. it takes fewer dollars to build the factory. By itself building the factory decreases U.S. net capital outflow. c. it takes more dollars to build the factory. By itself building the factory increases U.S. net capital outflow. d. it takes more dollars to build the factory. By itself building the factory decreases U.S. net capital outflow 25. Other things the same, if the exchange rate changes from 75 Algerian dinar per dollar to 72 Algerian dinar per dollar, the dollar has a. appreciated and so buys more Algerian goods. b. appreciated and so buys fewer Algerian goods. c. depreciated and so buys more Algerian goods. d. depreciated and so buys fewer Algerian goods. 26. If the exchange rate were 5 Egyptian pounds per U.S. dollar, a watch that costs $25 US dollars would cost a. 5 Egyptian pounds b. 125 Egyptian pounds c. 50 Egyptian pounds d. None of the above is correct. 27. If the exchange rate is .70 euro per dollar, the price of an iphone in Paris is 150 euros and the price of an iphone in the U.S. is $150, then what is the real exchange rate? 28. Exchange rates are 82 yen per dollar, 0.8 euro per dollar, and 10 pesos per dollar. A bottle of beer in New York costs 6 dollars, 820 yen in Tokyo, 7.2 euro in Munich, and 50 pesos in Cancun. Where is the most expensive and the cheapest beer in that order?
a. Cancun, New York b. New York, Tokyo c. Tokyo, Cancun d. Munich, New York
- A US citizen is planning a graduation trip to Vietnam. Other things the same, if the dollar appreciates relative to the VND, then a. the dollar buys fewer VND. Your purchases in VN will require fewer dollars. b . the dollar buys fewer VND. Your purchases in VN will require more dollars. c. the dollar buys more VND. Your purchases in VN will require fewer dollars. d . the dollar buys more VND. Your purchases in VN will require more dollars. 30. In the U.S. a digital camera costs $200. The same camera in London sells for 90 pounds. If the exchange rate were .50 pounds per dollar, then which of the following would be correct? a. The real exchange rate is greater than 1. A person in London with $200 could exchange them for pounds and have more than enough to buy the camera there. b. The real exchange rate is greater than 1. A person in London with $200 could exchange them for pounds but then wouldn’t have enough to buy the camera there. c. The real exchange rate is less than 1. A person in London with $200 could exchange them for pounds and have more than enough to buy the camera there. d. The real exchange rate is less than 1. A person in London with $200 could exchange them for pounds but then wouldn’t have enough to buy the camera. 31. The table below pertains to Wrexington, an economy in which the typical consumer’s basket consists of 20 pounds of meat and 10 toys. Year Price of Meat Price of a Toy 2004 $3 per pound $ 2005 $1 per pound $ 2006 $4 per pound $ a. Calculate the cost of the basket in each year. b. Select 2004 as the base year. Calculate CPI and inflation rate 32. What are the basic differences between bonds and stocks? 33. The actions taken by firms in response to interest rate hikes would be the interesting topic of a. Microeconomics b. Macroeconomics c. Development economics d. None of the above e. Both a and b
- Calculate inflation 37. The First Bank of Fairfield Assets Liabilities Reserves $20,000 Deposits $100, Loans 80,
- Calculate reserves requirement ratio.. Suppose the bank holds 3,000 excess reserves
- If $10,000 is deposited into the First Bank of Fairfield, and the bank takes no other actions, what would happen to its balance sheet? 38. Bank of China Assets Liabilities Reserves $19,200 Deposits $240, Loans 228,
- If the Bank of China has lent out all the money it can given its level of deposits, then what is the reserve requirement?
- Calculate the money multiplier
- If the Fed requires a reserve ratio of 6 percent, then what quantity of excess reserves does the Bank of China now hold? 39. Vietnam’s GDP a. Includes production of foreigners working in Vietnam and production by Vietnam’s residents working in foreign countries. b. Includes production of foreigners working in Vietnam but excludes production by Vietnam’s residents working in foreign countries. c. Excludes production of foreigners working in Vietnam but includes production by Vietnam’s residents working in foreign countries. d. Excludes production of foreigners working in Vietnam and production by Vietnam’s residents working in foreign countries. 40. The consumption component of GDP includes spending on a. durable goods and nondurable goods, but not spending on services. b. durable goods and services, but not spending on nondurable goods.
c. nondurable goods and services, but not spending on durable goods. d. durable goods, nondurable goods, and services.
41. If total spending rises from one year to the next, then which of the following could not be true? a. the economy is producing a smaller output of goods and services, and goods and services are selling at higher prices b . the economy is producing a larger output of goods and services, and goods and services are selling at lower prices c. the economy is producing a larger output of goods and services, and goods and services are selling at higher prices d . the economy is producing a smaller output of goods and services, and goods and services are selling at lower prices 42. The table below pertains to Iowan, an economy in which the typical consumer’s basket consists of 3 pounds of pork and 4 bushels of corn. Year Price of Pork Price of Corn 200 8 $20 per pound $12 per bushel 200 9 $25 per pound $18 per bushel a. Calculate the costs of the basket in 2008 and 2009 b. Assume that 2008 is the base year. Calculate the CPI for 2008 and 2009 c. Assume that 2009 is the base year. Calculate the CPI for 2008 and 2009 d. Assume that 2008 is the base year. Calculate the inflation rate in 2009 43. Vietnam's factory doldrums show limits of shift out of China 44. Which of the following best states economists' understanding of the facts concerning the relationship between natural resources and economic growth? a. A country with no or few domestic natural resources is destined to be poor. b . Differences in natural resources have virtually no role in explaining differences in standards of living. c. Some countries can be rich mostly because of their natural resources and countries without natural resources need not be poor, but can never have very high standards of living. d . Abundant domestic natural resources may help make a country rich, but even countries with few natural resources can have high standards of living.
