ECN 220 ECN220 Week 5 Quiz Answers (Grand Canyon University)

ECN 220 ECN220 Week 5 Quiz Answers (Grand Canyon University)


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ECN 220 ECN220 Week 5 Quiz

  1. A nation's GDP is:
  2. Which of the following is treated differently in computations of GNP as compared with GDP?
  3. GDP per capita:
  4. If a nation has GDP of $12,500 billion and GDP per capita of $62,500, what is the nation's population?
  5. To avoid counting the same output more than once, the calculation of GDP includes:
  6. Real GDP is the:
  7. In periods of rising prices, percentage increases in nominal GDP will:
  8. According to the hypothetical economy above, between 1960 and 1970 real GDP declined but nominal GDP continued to rise. The increase in nominal GDP was due to:
  9. During the period between the early 1970s and 1980, real GDP grew at a faster rate than nominal GDP. This is an indication that:
  10. During the 1980-1990 time periods, real GDP was relatively constant but nominal GDP increased. This can be explained by:
  11. Jack graduated from college last month, but he has not yet started looking for a job. Jack is:
  12. According to Okun's Law, if unemployment rises by 5%, the economy will lose output equal to:
  13. If the population of a country is 250,000 people, its labor force consists of 145,000 people, 35,000 people are unemployed, 10,000 are unable to work, and 5,000 are unwilling to work, the unemployment rate is:
  14. Discouraged workers:
  15. Underemployment is characterized by which type of people?
  16. Inflation is:
  17. Relative price is:
  18. Which of the following explains why redistribution occurs during inflation?
  19. Inflation ________________ the purchasing power of money.
  20. Which of the following groups is protected from a sudden increase in inflation?

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