Economics Review Game: Question Preview (ID: 14494)


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What is the formal for finding Real GDP
a) Nominal GDP- inflation b) 100(Nominal GDP)(Price Index) c) 100(Nominal GDP)/(Price Index) d) Change in Nominal GDP + Price Index
What is the difference between GDP Deflator and CPI
a) CPI includes only the typical consumers goods, GDP includes all goods b) CPI is inflation and GDP is a ratio of change c) CPI includes all goods, GDP includes only the typical consumer's goods d) None of the above
Which of the following is not included in GDP
a) Housework done as chores b) investment in future technology c) government purchase of a plane d) Purchase of a house
The Supply Curve shifts to the right due to new technology, while the Demand curve shifts to the left because a substitute good costs less, what does this do to the quantity eq.
a) Increases Quantity b) Decreases Quantity c) Shifts to the left d) Ambiguous
Which does not affect Supply
a) Increase on the tax of the good b) The consumer\'s income rises c) The number of other suppliers decreases d) Another good they can make will bring more revenue
Which way will the Supply curve of bagels if the price of yeast decreases
a) To the right b) Up c) No shift in supply curve d) To the left
Which of the following does not shift the Demand for ice cream to the left
a) The price for Frozen Yogurt decreases b) There is a great emigration of people out of the United States to Paris, France c) The consumer\'s income decreases d) The price of sprinkles decreases
The price of hot dogs rises greatly what is the effect on the demand of ketchup
a) There is no effect b) The demand decreases c) The demand increases d) The supply of ketchup increases
What is the Law of Demand?
a) There is a negative relationship between price and quantity demanded b) There is a positive relationship between price and quantity demanded c) There is no relationship between price and quantity demanded d) To Demand in great amounts is illeagal
What are the components of GDP
a) Consumption and Net Exports b) Consumption, Government Spending, Investment, and Net Exports c) Consumer Spending, Government Spending, Investment, and Net Exports d) Consumer selling, Government Taxes, Inflation, and Net Exports
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