Aggregate Output, Prices, and Economic Growth
This post lesson quiz is to help anchor what you have just learnt and to give you some practise. The questions may not be structured like the kind you are likely to get in the exam.
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Question 1 of 10
1. Question
Introduction to GDP
Which of the following is the LEAST accurate description of GDP?
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Question 2 of 10
2. Question
Introduction to GDP
The nominal GDP and GDP deflator for an economy is as shown. Calculate the real GDP growth from 2016 to 2017.
2016 2017 Nominal GDP $32B $38B GDP Deflator 133.4 137.1 CorrectIncorrect -
Question 3 of 10
3. Question
Components of GDP
Data for Wonderland in 2018:
Account Amount($B) Net Exports -42 Domestic Investments 88 Consumption 345 Government Spending 72 National Income 431 Given that there is no statistical discrepancy between the income and expenditure approach, the Capital Consumption Allowance for Wonderland is closest to:
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Question 4 of 10
4. Question
Aggregate Demand and Aggregate Supply
Which of the following statements regarding Aggregate Supply curves is LEAST accurate?
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Question 5 of 10
5. Question
Shifts in Aggregate Demand and Supply
A stronger domestic currency will LEAST likely:
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Question 6 of 10
6. Question
Shifts in Aggregate Demand and Supply
Which of the following is LEAST likely to cause the SRAS to shift right?
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Question 7 of 10
7. Question
Macroeconomic Equilibrium
An economist noticed that the economy is operating at less than full-employment GDP, but prices are going up. This is most indicative of a/an:
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Question 8 of 10
8. Question
When SRAS increases and aggregate demand decreases simultaneously, the most likely outcome is:
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Question 9 of 10
9. Question
Economic Growth and Sustainability
The labour force of Wonderland is expected to grow 3% per year for the long term, and labour productivity is expected to grow 4% per year. Physical capital is expected to grow 2% per year.
The long-term sustainable growth rate for Wonderland is closest to:
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Question 10 of 10
10. Question
Economic Growth and Sustainability
For developed economies, the growth in _____________ is most likely the most significant contributor to GDP growth.
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