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MACROECONOMIC DATA AND VARIABLES, NATIONAL INCOME ACCOUNTING AND EQUILIBRIUM IN A KEYNESIAN ECONOMY
Questions 1-3 are based on the following information about an economy:
Consumer price index (2002) = 132
Consumer price index (2001) = 110
Nominal GDP (2002) = $60bn
Nominal GDP (2001) = $50bn
Population (2002) = 7mn
Population (2001) = 6mn
Net factor income from abroad (2002) = +$3bn
Net factor income from abroad (2001) = -$2bn
1. By how much has real GDP grown from 2001 to 2002?
2. By how much has per capita nominal GNP changed from 2001 to 2002?
3. Based on the above information, we can say that:
A. Poverty has fallen in the country
B. Per capita real GDP is falling
C. Income inequality has worsened
D. Real growth in the informal sector is 0%
4. In the circular flow of income, Keynesian equilibrium obtains when
A. All the individual sectors are in equilibrium: S=I, T=G, M=X
7. Which is the most volatile component of aggregate demand
A. Net exports
D. government spending
8. Which of the following is not an obvious or direct determinant of a country’s imports
A. real exchange rate
C. tariff rates
D. interest rate
9. When consumption is 650, income is 750; when consumption is 620, income is 700. Assuming there is no government, I=100, net exports are 10, what is the level of equilibrium income?
10. Which of the following is not true?
A. Starting from no growth, a positive output growth rate would be associated with even higher rates of investment (the accelerator effect)
B. Higher investment causes a multiplied increase in income
C. Such increases in income would continue to induce higher investment, which in turn would continue to cause multiplied increases in output.
D. All of the above.
11. In the equation C = a + bY, which describes the aggregate consumption function, 'a' stands for
A. the amount of consumption when income is zero.
B. the marginal propensity to consume.
C. the amount of consumption when income is Maximum.
D. the average consumption level.
12. Total consumption divided by total income gives us:
A. the average propensity to consume.
B. the marginal propensity to save.
C. the marginal propensity of expenditure.
D. the marginal propensity to consume.
13 Disposable income is the part of households' income left after the deduction of
A. pension contributions.
B. income tax and social security payments.
C. income tax.
14. As the MPS increases, the multiplier will
B. either increase or decrease depending on the size of the change in investment.
C. remain constant.
15. In macroeconomics, equilibrium is defined as that point at which
A. planned aggregate expenditure equals aggregate output.
B. planned aggregate expenditure equals consumption.
C. aggregate output equals consumption minus investment.
D. saving equals consumption.
thanks 4 sharing dear,
but its better if u add it in discussion..
to download ECO401 handouts click on the link below
plz upload all final term past papers 2018
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