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ECO 561T Week 6 Practice Knowledge Check
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ECO 561T Week 6 Practice Knowledge Check

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ECO 561T Week 6 Practice Knowledge Check 1)How is real output per person calculated? 2)Y/POP=Y/N xN/POP is an: 3)The most important factor for long run economic growth is: 4)If the share of the population employed is unchanged and real output per person increases by 20 percent,then it means that: 5)In the last 50years,the share of population employed in the U.S. has increased because: 6)If Y/N equals $3,000/person and N/Pop equals 0.9,then real output per person is: 7)An open economy is characterized by: 8)Who are the suppliers in the saving and investment market of an open economy? 9)In the following figure,the equilibrium interest rate is ------ and the equilibrium saving investment is ----- compared to a closed economy 10)The introduction of new a technology in an economy implies: 11)The introduction of new technologies in the given figure will shift which curve and in which direction? 12)In either an open or a closed economy,the introduction of new technologies ------ the domestic interest rate and --------- the equilibrium saving investment 13)Average labor productivity times the proportion of the population employed equals: 14)Growth of real GDP per person is totally determined by the growth of average: 15)A nation’s standard of living as measured by real GDP per person,increases: 16)If the share of population employed in two countries is the same,average living standards will be higher in the country with: 17)If average labor productivity in two countries is the same, average living standards will be lower in the country with: 18)If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals: 19)Return to questionItem 6Item 6 0.33 points If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals: 20)In Macroland, 500,000 of the 1 million people in the country are employed. Average labor productivity in Macroland is $20,000 per worker. Real GDP per person in Macroland totals: 21)The growth of real GDP per person in the United States between 1960 and 2016 was the result of: 22)Assume that the share of population employed in all countries is 50 percent. Based on the information in the table, which country has the smallest real GDP per capita? Country Population (millions) Average Labor Productivity ($) A 100 2,000 B 150 10,000 C 75 25,000 D 250 50,000 E 95 60,000 23)Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the highest real GDP per capita? Country Population (millions) Share of Population Employed (%) A 100 60 B 150 55 C 75 50 D 250 45 E 95 40 24)Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the smallest real GDP per capita? Country Population (millions) Share of Population Employed (%) A 100 60 B 150 55 C 75 50 D 250 45 E 95 40 25)Suppose that average labor productivity in Country C is $5,000, and that Countries C and E have the same real GDP per capita. Based on the information in the table, what must be the average labor productivity in Country E? Country Population (millions) Share of Population Employed (%) A 100 60 B 150 55 C 75 50 D 250 45 E 95 40 26)In the long run, increases in output per person arise primarily from: 27)Long-run increases in living standards, as measured by real GDP per person, are primarily the result of increases in: 28)Privately-owned firms that accept deposits from individuals and businesses and use those deposits to make loans are called: 29)Banks help savers find productive uses for their funds because banks are specialized in: 30)Financial intermediaries, such as commercial banks, provide benefits to: 31)Savers may prefer to use financial intermediaries rather than lending directly to borrowers because financial intermediaries: 32)The interest rate promised when a bond is issued is called the: 33)The coupon rate on newly issued bonds is usually higher for bonds with ______ terms and ______ risk that the borrower will go bankrupt. 34)Fred purchases a bond, newly issued by the Big Time Corporation, for $10,000. The bond pays $400 to its holder at the end of the first, second, and third years and pays $10,400 upon its maturity at the end of four years. The principal amount of this bond is ___, the coupon rate is ____, and the term of this bond is _____. 35)Fred purchases a bond, newly issued by the Big Time Corporation, for $20,000. The bond pays $1,000 to its holder at the end of the first, second, and third years and pays $21,000 upon its maturity at the end of four years. The principal amount of this bond is ___, the coupon rate is ____, and the term of this bond is _____. 36)The rate of return that financial investors require to hold a risky asset minus the rate of return on a safe asset is called the: 37)An increase in the perceived riskiness of Company A stock ______ the risk premium investors require to purchase Company A stock and ______ the price of Company A stock. 38)A decrease in the perceived riskiness of Company A stock ______ the risk premium investors require to purchase Company A stock and ______ the price of Company A stock. 39)An increase in interest rates results in a(n) ______ in the required rate of return to hold stocks and ______ current stock prices. 40)ou expect a share of EconNews.Com to sell for $65 a year from now. If you are willing to pay $65.74 for one share of the stock today, and you require a return of 8 percent, what dividend payment must you expect to receive from the stock? 41)Stock prices increase when expected future dividends ____, interest rates _____, and/or the risk premium ______. 42)Shares of stock are:

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