Q: Suppose the nominal GDP of a country in 2022 is $$\20$ trillion and the real GDP is $$\$$18$$ trillion. What is the GDP deflator for 2022?

$$\frac{20}{18} \times 100 = 111.1$$

Q: A country’s real GDP grew from $$\1$$,000$$ billion to $$\$$1,100$$ billion in one year. What is the real GDP growth rate?

$$\frac{1,100 - 1,000}{1,000} \times 100 = 10\%$$

Q: If the required reserve ratio is $$10\%$$, and a bank receives a new deposit of $$\1$$,000$, what is the maximum amount the banking system can increase the money supply?

$$1,000 \times \frac{1}{0.1} = \10$$,000$

Q: A country’s CPI was $$120$$ last year and $$126$$ this year. What is the inflation rate?

$$\frac{126 - 120}{120} \times 100 = 5\%$$

Q: If a country’s population is $$200$$ million, the labor force is $$120$$ million, and $$12$$ million people are unemployed, what is the unemployment rate?

$$\frac{12}{120} \times 100 = 10\%$$

Question 1

Suppose the nominal GDP of a country in 2022 is $$\20$ trillion and the real GDP is $$\$$18$$ trillion. What is the GDP deflator for 2022?

Accepted Answer

$$\frac{20}{18} 	imes 100 = 111.1$$

Question 2

A country’s real GDP grew from $$\1$$,000$$ billion to $$\$$1,100$$ billion in one year. What is the real GDP growth rate?

Accepted Answer

$$\frac{1,100 - 1,000}{1,000} 	imes 100 = 10\%$$

Question 3

If the marginal propensity to consume (MPC) is $$0.8$$, what is the fiscal multiplier?

Accepted Answer

$$\frac{1}{1-0.8} = 5$$

Question 4

Which of the following would NOT be included in the calculation of a country’s GDP?

Accepted Answer

The value of illegal drug sales

Question 5

If the required reserve ratio is $$10\%$$, and a bank receives a new deposit of $$\1$$,000$, what is the maximum amount the banking system can increase the money supply?

Accepted Answer

$$1,000 	imes \frac{1}{0.1} = \10$$,000$

Question 6

A country’s CPI was $$120$$ last year and $$126$$ this year. What is the inflation rate?

Accepted Answer

$$\frac{126 - 120}{120} 	imes 100 = 5\%$$

Question 7

Which of the following would shift the aggregate demand (AD) curve to the right?

Accepted Answer

An increase in government spending

Question 8

If a country’s population is $$200$$ million, the labor force is $$120$$ million, and $$12$$ million people are unemployed, what is the unemployment rate?

Accepted Answer

$$\frac{12}{120} 	imes 100 = 10\%$$

Question 9

Which of the following is an example of a positive economic statement?

Accepted Answer

An increase in the minimum wage will lead to higher unemployment among teenagers.

Question 10

If the price of coffee (a substitute for tea) increases, what is likely to happen to the demand curve for tea?

Accepted Answer

The demand curve for tea will shift to the right.

Question 11

A country’s GDP per capita is $$\50$$,000$$ and its population grows at 2$$\%$$ per year. Using the Rule of 70, how many years will it take for GDP per capita to double if the growth rate of GDP per capita is 3$$\%$ per year?

Accepted Answer

$$\frac{70}{3} \approx 23.3$$ years

Question 12

Which of the following is a proximate cause of economic growth according to macroeconomic theory?

Accepted Answer

An increase in physical capital

Question 13

If the U.S. dollar depreciates relative to the euro, what is the likely effect on U.S. net exports (NX)?

Accepted Answer

U.S. net exports will increase

Question 14

Which of the following is NOT a characteristic of ‘good’ money?

Accepted Answer

It is a liability of the government

Question 15

A business is considering an investment that will pay $$\10$$,000$$ in two years. If the interest rate is 5$$\%$, what is the present value of this investment?

Accepted Answer

$$\frac{10,000}{(1 + 0.05)^2$} = \9$$,070$

Question 16

Which of the following is an example of a free rider problem?

Accepted Answer

A person who listens to public radio without donating

Question 17

If the labor force is $$150$$ million and the population aged 16 and over is $$200$$ million, what is the labor force participation rate?

Accepted Answer

$$\frac{150}{200} 	imes 100 = 75\%$$

Question 18

Which of the following would cause a movement along the supply curve for wheat?

Accepted Answer

A change in the price of wheat

Question 19

If M1 is $$\2$ trillion, savings accounts are $$\$$1$$ trillion, and money market mutual funds are $$\0.5$ trillion, what is M2?

Accepted Answer

$$2 + 1 + 0.5 = \3.5$ trillion

Macroeconomics Final Exam Review: Key Concepts and Calculations

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