# Economics Easy Questions Assignment | Buy assignments online

QUESTION 1

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
1. The table below describes the output and price for a one-good economy over a 6 year period. Use the blank table you downloaded from the Quiz 3 Resources spreadsheet in the COURSE DOCUMENTS section to fill in the blanks for questions 7 through 12. Go ahead and fill in your table now before moving on to the next set of questions (8-12) because this table will not appear in those questions. Do not use percentage signs or decimals for this series of blanks. Don’t forget to put in a minus sign where appropriate. For answers that require a decimal point, carry the answer out to one decimal place. For example if an answer were 5.33333, just enter it as 5.3. Or, if an answer were 2.6666666, just enter it as 2.7. One other word of warning — most students lose points because they use the Output column when they should have used the Price column, and vice versa. Don’t let this happen to you — make sure you’re using the correct column, especially in computing the Price Index.
 Year Output (units of widgets) Price of Widgets (\$) 1 4 4 2 8 8 3 10 8 4 15 10 5 12 8 6 16 10

1. The percentage change in output from year 1 to year 2 is %
2. The percentage change in output from year 2 to year 3 is %
3. The percentage change in output from year 3 to year 4 is %
4. The percentage change in output from year 4 to year 5 is %
5. The percentage change in output from year 5 to year 6 is %

3.35 points

QUESTION 2

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
1. For this set of blanks, do not use dollar signs or decimals.
2. A) The nominal GDP for year 1 is
3. B) The nominal GDP for year 2 is
4. C) The nominal GDP for year 3 is
5. D) The nominal GDP for year 4 is
6. E) The nominal GDP for year 5 is
7. F) The nominal GDP for year 6 is

4.02 points

QUESTION 3

1. For this set of blanks, do not use percentage signs. For answers requiring a decimal, just use one decimal place. for answers that do not require a decimal, don’t use any decimal places. For example, if the answer to one of the blanks was 5, enter 5, not 5.0. If the answer were 3.3333 or 6.66666 enter 3.3 or 6.7, respectively. Use minus signs where appropriate.
2. A) The percent change in nominal GDP from year 1 to year 2 is
3. B) The percent change in nominal GDP from year 2 to year 3 is
4. C) The percent change in nominal GDP from year 3 to year 4 is
5. D) The percent change in nominal GDP from year 4 to year 5 is
6. E) The percent change in nominal GDP from year 5 to year 6 is

3.35 points

QUESTION 4

1. For this set of blanks, enter all numberswith one decimal place 1.0, 2.5 etc.

The price index for year 1 is

The price index for year 2 is

The price index for year 3 is

The price index for year 4 is

The price index for year 5 is

The price index for year 6 is

4.02 points

QUESTION 5

1. For this set of blanks do not use dollar signs or decimals.

The real GDP for year 1 is

The real GDP for year 2 is

The real GDP for year 3 is

The real GDP for year 4 is

The real GDP for year 5 is

The real GDP for year 6 is

4.02 points

QUESTION 6

1. For this set of blanks, do not use percentage signs. For those amounts requiring a decimal point, use only one decimal place, otherwise use no decimals. Don’t forget to put a minus sign where appropriate.

The percent change in real GDP from year 1 to year 2 is

The percent change in real GDP from year 2 to year 3 is

The percent change in real GDP from year 3 to year 4 is

The percent change in real GDP from year 4 to year 5 is

The percent change in real GDP from year 5 to year 6 is

3.35 points

QUESTION 7

1. Note that from year 4 to year 5, the rate of inflation was A) % (enter percentage as a whole number, no decimal points, enter minus sign if appropriate). This phenomenon is known as B)  (enter number from Word Bank, not the actual word).

4 points

QUESTION 8

1. Macroeconomists observe that in real life, markets don’t work quite as smoothly as indicated in chapter 3. That’s because in some markets, prices are A) and don’t adjust smoothly to surpluses or shortages.  One such example is the wage rate. Because the wage rate is not very flexible, the economy may go through significant periods of B)  – where the quantity of labor supplied exceeds the quantity of labor demanded.

4 points

QUESTION 9

1. The basic difference between microeconomics and macroeconomics is that micro considers choices made by A) consumers and producers while macro considers the B)  behavior of producers and consumers.

4 points

QUESTION 10

1. In measuring economic performance, we see that the macroeconomy experiences periods of rapid economic fluctuations. A rapid increase in aggregate output is referred to as an economic A) and a rapid decrease is an economic B) . Over the long run, however, despite the fluctuations in the business cycle, the trend line rises. This rising trend line of economic fluctuations is referred to as economic C) . The period of severe economic contraction which occurred during the 1930’s is known as the D) .

8 points

QUESTION 11

1. There are two basic causes or types of inflation. One type, called A) pull, occurs when there is too much B) . In such a case, the price level would rise but the C)  rate would be low. In the case of cost-push inflation, the level of economic activity (as measured by the D)  GDP) would go E)  and the unemployment rate would go F) .

2 points

QUESTION 12

1. In computing the GDP, only the value of A) goods are included, while the value of intermediate goods are excluded. If the value of intermediate goods were included, we’d be committing the error of B)

4 points

QUESTION 13

1. Because every cent that is spent will be received by somebody as income, we can compute the GDP by using the A) approach or the B)

4 points

QUESTION 14

1. Imagine an economy that produces only one good, say widgets. In year 1, it produced 10 widgets widget (which sold for \$10 each) and in year two  in produced 8 widgets (which sold for \$15 each).  From year one to year 2, that economy’s nominal GDP went A) (up/down – enter number from sheet, not the word) and it’s real GDP went B)  (up/down – enter number from sheet, not the word).

4 points

QUESTION 15

1. The GDP may actually understate the actual level of output in the economy by from five to thirty percent. That’s because people have an incentive to avoid taxes or produce illegal goods and services in the A)

2 points

QUESTION 16

1. Imagine a hypothetical economy with a population of 100 people, 80 of which over sixteen. Forty eight of these people who are working and twelve people who are willing, able and looking for work cannot find jobs. The unemployment rate in this economy is A) (enter percentage as a whole number, not a decimal, no percentage sign). Suppose that 10 of those unemployed people get discouraged and give up looking for work. Now, the unemployment rate is B) (enter percentage as a whole number, not a decimal, no percentage sign).

4 points

QUESTION 17

1. The short term unemployment that occurs when someone is between jobs is known as A)  The type of unemployment that is due to shifts in the economy like technological change or when a U.S. company moves its operations to a foreign country is known as B) unemployment. Because these types of unemployment are inevitable in a large, dynamic, technologically progressive, and diverse economy such as ours, the sum of these two rates is known as the C)  rate of unemployment. Although it is hard to estimate, the general consensus is that it’s probably somewhere between D) % and E) % (enter percentage as a whole number, not a decimal). The remainder of the actual unemployment rate (most of which is due to an economic contraction/recession) is called F)  unemployment – referring, of course to fluctuations in the business cycle.

12 points

QUESTION 18

1. Inflation is defined as the annual percentage change in the A) (enter actual acronym rather than a number from resource sheet). The government agency charged with compiling this index is B) .  (enter actual acronym rather than a number from resource sheet).

4 points

QUESTION 19

1. If the annual rate of inflation is greater than the increase in your nominal income for that year, your real income goes A) (up/down – enter number from sheet, not the word). Unanticipated inflation B)  (hurts/benefits – enter number from sheet, not the word)

4 points

QUESTION 20

1. Imagine a country whose population, in year 1, is 100 people and the real value of output is \$5,000. The per-capita level of output is A)\$ (enter dollar value, no decimals or dollar signs). Assume that between year 1 and year 5, its population has grown to 130 and the real value of its output has risen to \$6,000. Over this period, this country’s per-capita (i.e., per person) output has gone B)  (up/down – enter number from sheet, not the word). Over time, even though the economy goes through expansions and contractions, the long run trend line of the business cycle in the United States is going C)  (up/down – enter number from sheet, not the word). This phenomenon is known as economic D) .

Calculate the price
Pages (550 words)
\$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Homework Writing Services
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
History
GOOD WORK.
Customer 463001, June 21st, 2022
English 101
Looks really good, thanks
Customer 454425, June 16th, 2020
Excellent work!
Customer 463337, March 7th, 2023
Education
written to perfection. Thank you
Customer 463813, April 11th, 2023
Religious studies
Thank you this was supper
Customer 452763, March 17th, 2020
Psychology
Good journal.
Customer 459947, May 10th, 2022
ASCI 491: Operational Application in Aeronautics
Good focus.
Customer 457731, April 3rd, 2022
Nursing
thank you so much
Customer 453933, January 25th, 2020
Military
excellent work
Customer 456821, November 1st, 2022
Education
Great job
Customer 463647, January 10th, 2023
Cultural and Ethnic Studies
Well done; it is greatly appreciated.
Customer 452763, March 15th, 2023
Retail
Excellent work!
Customer 463463, December 12th, 2022
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat