Tuesday, January 11, 2011

Post 20:Quiz Corrections

Reviewing Facts: Matching
1) my answer: L (GNP), correct answer: H (National Income Accounting) because the GDP is not a tracking process, it's a total.
2) my answer: B (real GDP), correct answer: A (nominal GDP) because real GDP is adjusted for price changes and not expressed in current prices.
4) my answer: A (nominal GDP), correct answer: L (Gross National Product) because nominal GDP is the current GDP
7) my answer: F (lagging indicators), correct answer: G (coincident indicators) because lagging indicators happen after, coincident indicators tell economists that an upturn or downtown has occurred
8) my answer: G (Coincident indicators), correct answer: F (lagging indicators) because of the keyword duration, meaning current status and how long it will stay like that

Identifying Ideas: Fill in the blanks
2) my answer: business cycle, correct answer: product market personal consumption, gross investment, government purchases and net exports are not the business cycle

Understanding Ideas: Multiple Choice
3) my answer: C, correct answer: D because calculate index numbers for other years is only one step in this three step process.
4) my answer: D, correct answer: A because gathering the data is a slow and time-consuming process
8) my answer: B, correct answer: A because stock prices in a leading indicator, not lagging

Matching Part Two:
1) my answer: K (Gross Domestic Product), correct answer: D ( National Income Accounting) because GDP is not a tracking process
2) my answer: T (real GDP per capita), correct answer: B (nominal GDP) because it has to do with the current prices being measured
12) my answer: E (personal consumption expenditures), correct answer: C ( capital-to-labor ratio) because it's the amount of goods available per worker

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