INTRODUCTION TO MACROECONOMICS (ECO 1102)

C. Théoret

Practice Exam #1

Answers on last page

Topics
• Macroeconomic principles
• Income metrics (Nominal and real): GDP, NDP, NI, PI and PDI; Deflators
• Cost of living (CPI and PPP)
• Economic growth

Sources

• D. Karlan, J. Morduch, R. Alam and A. Wong, Macroeconomics, McGraw-Hill

Ryerson, First Canadian Edition, 2017)
• N. Gregory Mankiw, R.D. Kneebone and K.J. McKenzie, Principles of Mac-
roeconomics by (5th Canadian Edition, 2011, Nelson,Toronto, Ontario).
• M. Parkin and R. Bade, Macroeconomics, Canada in the Global Environ-
ment, 4th edition, Addison Wesley Longman, Toronoto, 2000.

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A. Macroeconomic Principles
A1. Macroeconomics includes the study of topics such as
a. national output, the inflation rate, and the trade deficit.
b. the price of Cisco stock, wage differences between genders, and antitrust laws.
c. differences in market structure, and how consumers maximize utility.
d. None of the above is correct.

A2. In a simple circular-flow diagram, total income and total expenditures in an economy are
a. equal because firms are ultimately owned by
households.
b. equal only if there is no saving.
c. never equal because some people’s income is
not for production.
d. equal because every transaction has a buyer
and a seller.
e. none of the above is true

A3. Human capital refers to:

a. the skills that determine the productivity of workers.
b. the equipment that determines the productivity of workers.
c. the machinery that determines the productivity of workers.
d. All of these describe a facet of human capital.

A4. Which of the following statements best describes the study of economics?
a. economics studies how governments determine appropriate tax rates.
b. economics studies how the Bank of Canada handles fluctuation in business cycles.
c. economics studies how individuals and groups manage resources.
d. economics studies how people maximize returns in the stock market.

A5. Which of the following is not considered an economic resource?

a. cash
b. a personal relationship
c. real estate
d. these are all examples of a resource.

A6. Scarcity can best be defined as a situation in which:

a. consumers look for bargains.
b. people respond to incentives.
c. producers are selfish with resources.
d. all wants cannot be satisfied due to resource constraints.

A7. Trade-offs are:

a. can be avoided through economic planning.
b. do not exist if we receive something for free.
c. associated with every decision.
d. always result in market-failure.

A8. People choose to do something when they believe

a. equilibrium will be reached.
b. it won't harm anyone and will better themselves.
c. the costs outweigh the benefits of the decision.
d. the benefits outweigh the costs of the decision.
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A9. Which of the following is a positive incentive?
a. discover credit cards offer 0 percent balance transfer rates for someone to open an
account.
b. a school teacher decides to retire and focus on gardening.
c. a business decides to leave the industry.
d. McDonalds decides to offer a white chocolate mocha.

A10. Correlation and causation can be confused in which of the following ways?
a. Correlation without causation; b. Reverse causality; c. Omitted variables;
d. All of these.

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B. Income Metrics

B1. The existence of which one of the following is a reason for the fact that GDP gives an
underestimated value of total output in the economy?
a. environmental problems.
b. pollution.
c. underground economy.
d. capital consumption allowance.
e. market activities.

B2. In comparison to nominal GDP, real GDP refers to nominal GDP

a. corrected for price level changes.
b. minus the value of goods exported to foreign countries.
c. minus the inflation rate.
d. minus the value of intermediate goods.
e. corrected for the depreciation of capital.

B3. Nominal GDP will increase

a. if either the average level of prices or the quantity of goods and services
produced increases.
b. only if the unemployment rate rises.
c. only if the average level of prices rises.
d. only if the quantity of goods and services produced increases.
e. only if both the average level of prices rises and the quantity of goods and services
produced increases.

B4. Real GDP:

a. is useful in discerning if the changes in GDP are due to increased investment.
b. is calculated based on goods and services valued at constant prices.
c. uses a current year's prices (current at the time of production) for all years' calculation of
GDP.
d. is calculated based on goods and services valued at current prices (current at the time
of production).

B5. Mikey likes bagels, so he buys an old pizza shop for $150,000 and spends $10,000 in
stalling new equipment which will allow him to make bagels instead of pizza. How will
Mikey's recent purchases affect GDP?
a. Investment will increase $150,000 by, and consumption will increase $10,000.
b. Investment will increase by $160,000.
c. Consumption will increase by $150,000, and investment will increase $10,000.
d. Investment will increase by $10,000.

B6. If GDP rises,

a. income and expenditure must both rise.
b. income and expenditure must both fall.
c. income must rise, but expenditure may rise or fall.
d. expenditure must rise, but income may rise or fall.

B7. If nominal GDP increased by 11 percent during a year while real GDP increased by only 5
percent, then the
a. price level remained steady but real output fell by 6 percent.
b. unemployment rate must have fallen during the year.
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 c. price level must have increased by 6 percent.
d. price level must have increased by 16 percent.
e. price level must have decreased by 6 percent.

B8. Which of the following is the correct definition of GDP?

a. the market value of all goods produced within a country
b. the market value of all final goods and services produced by the citizens of a
country
c. the market value of all final goods and services consumed within a country over a
number of years.
d. the market value of all final goods and services produced within a country in a
given period of time.
e. None of the above is correct.

B9. Which of the following is excluded from GDP?

a. unpaid cleaning and maintenance of houses
b. services such as those provided by lawyers and hair stylists
c. illegal drugs
d. production of foreign citizens living in the Canada
e. both a and c are correct

B10. The GDP deflator measures inflation by using

a. only consumption goods purchased and using a base year basket.
b. all goods that are produced and using a base year basket.
c. only consumption goods purchased and using a current year basket.
d. all goods that are produced and using a current year basket.
e. none of the above.

B11. Kate and Louise are sharing household chores and think they have an even exchange.
Other things being the same, if they paid each other for the chores the other did, GDP would
a. fall.
b. rise.
c. be unaffected because paid or not, household chores are not included in GDP.
d. be unaffected because paid or not, household chores are included in GDP.

B12. If consumption is $6 billion, investment is $3 billion, government purchases are $1 billion,

and GDP is $12 billion, then net exports must equal
a. $2 billion; b. $12 billion; c. $22 billion; d. $10 billion.

B13. Canadian GDP increased from $1.5 trillion in 2009 to $1.97 trillion in 2009. This means that
a. people in Canada produced more goods and services in 2009 than in 2005.
b. the prices of all goods and services were lower in 2005 than in 2009.
c. Either a. or b. could be true.
d. Both a. and b. must be true.
B14. Which of the following equations will always represent GDP in an open economy?
a. S = I – G
b. I = Y - C + G
c. Y = C + I + G
d. Y = C + I + G + NX
B15. Which of the following equations most simply represents GDP in a closed economy?
a. Y = C + I + G + NX
b. S = I – G
c. I = Y - C + G
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 d. Y = C + I + G
B16. In a closed economy, what does (T – G) represent?
a. national saving
b. Investment
c. private saving
d. public saving
e. None of the above is correct.

B17. The difference between GDP and NDP is that

a. GDP is the value of production but NDP is the total products.
b. GDP includes the value of goods produced by Canadians, but NDP by Canadians and
non-Canadians living in Canada.
c. GDP includes capital consumption (depreciation), but NDP does not.
d. GDP does not include double counting.
e. GDP is always smaller than NDP.

Figure 1

B18. What is GDP in Figure 1?

a. 50.
b. 75.
c. 100.
d. 90.
e. Cannot be calculated from the information given.

B19. What is the size of the government deficit or surplus in Figure 1?

a. A surplus of 25.
b. 0.
c. A deficit of 30.
d. A surplus of 5.
e. A deficit of 5.

B20. What is household saving in Figure 1?

a. 10. b. 25. c. 75. d. 100. e. Cannot be calculated from the information given.

B21. What is aggregate income in Figure 1?

a. 75. b. 90. c. 100. d. 25. e. 50.

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B22. What is aggregate expenditure in Figure 1?
a. 50.
b. 90.
c. 75.
d. 100.
e. Not calculable with the information given.

B23. In a closed economy, what does (Y - T - C) represent?

a. national saving
b. Government tax revenue
c. public saving
d. private saving

B24. Suppose that in a closed economy GDP = 15,000, taxes = 2,500, consumption = 7,500, and
government expenditures = 3,000. What are private saving and public saving?
a. 6,000 and -600
b. 5,000 and -500
c. 5000 and 500
d. 6,000 and 600
e. None of the above is correct.
B25. The borders of country Xanada are closed. Its GDP is $20 billion. Its government purchases
$3 billion worth of goods and services each year, collects $3 billion in taxes, and provides $2
billion in transfer payments to households. If its private saving is $4 billion, what is Xanada’s
investment?
a. $4 billion
b. $3 billion
c. $2 billion
d. There is not enough information to answer the question.

B26. The income approach to measuring GDP is derived by adding together

a. the total expenditures of consumers, investors, net exporters, and purchases of all levels
of government.
b. the value added of each firm in the economy.
c. wages, salaries and supplementary labour income, corporate profits, interest and
miscellaneous investment income, farmers' income, and income of nonfarm
unincorporated businesses, plus indirect taxes less subsidies, plus depreciation.
d. the value added of each firm in the economy, indirect business taxes, and the capital
consumption allowance, and by subtracting subsidies paid by the government.
e. wages, salaries and supplementary labour income, corporate profits, interest and
miscellaneous investment income, farmers' income, subsidies paid by the
government, indirect taxes paid, and income of nonfarm unincorporated businesses.

B27. Is it possible for a country's nominal GDP to increase and real GDP to decrease from one
year to the next?
a. No, since prices are held constant and that would be mathematically impossible.
b. Yes, it would indicate a larger rise in output relative to a decrease in prices.
c. No, since output is held constant and that would be mathematically impossible.
d. Yes, it would indicate a larger rise in prices relative to a decrease in output.

B28. Intermediate goods can be defined as goods that are

a. used in the production of other goods and services.
b. sold to their ultimate user.
c. included directly in the measure of GDP.
d. always the same as capital goods.
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 e. purchased this year but consumed in future years.

B29. For any given year, the CPI is the price of the basket of goods and services in the
a. given year divided by the price of the basket in the base year, then multiplied by
100.
b. given year divided by the price of the basket in the previous year, then multiplied
by 100.
c. base year divided by the price of the basket in the given year, then multiplied by
100.
d. previous year divided by the price of the basket in the given year, then multiplied
by 100.

B30. When the quality of a good improves the purchasing power of the dollar
a. increases, so the CPI overstates the change in the cost of living if the quality
change is not accounted for.
b. increases, so the CPI understates the change in the cost of living if the quality
change is not accounted for.
c. decreases, so the CPI overstates the change in the cost of living if the quality
change is not accounted for.
d. decreases, so the CPI understates the change in the cost of living if the quality
change is not accounted for.

B31. Disposable personal income is the income that

a. households have left after paying taxes and non-tax payments to the government.
b. businesses have left after paying taxes and non-tax payments to the government.
c. households and noncorporate businesses have left after paying taxes and non-tax
payments to the government.
d. households and businesses have left after paying taxes and non-tax payments to
the government.

Questions B32 AND B33

GDP $200
Income Earned by Citizens Abroad $15
Income Foreigners Earn here $25
Depreciation $7
Indirect Business Taxes $12
Business Subsidies $4
Statistical Discrepancy $0
Retained Earnings $8
Corporate Income Taxes $10
Social Insurance Contributions $14
Interest Paid to Households by Government $6
Transfer Payments to Households from Government $20
Personal Taxes $35
Non-tax payments to Government $10

B32. GNP for this economy is

a. $185.
b. $215.
c. $193.
d. $207.
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 e. $200

B33. Disposable personal income for this economy is

a. $170.
b. $164
c. $154.
d. $129.
e. $119

Questions B34 AND B35

Year NGDP RGDP GDP Deflator
(2001=100)
2001 225 ? 100
2009 350 300 ?
2010 355 ? 120

B34. What is real GDP in 2010?

a. 296.
b. 158.
c. 118
d. 355.
e. Impossible to calculate without more information.

B35. What is the GDP deflator in 2009?

a. 117.
b. 133.
c. 225.
d. 156.
e. Impossible to calculate with the given information.

B36. Which of the following is not included in GDP?

a. unpaid cleaning and maintenance of houses
b. services such as those provided by lawyers and hair stylists
c. illegal drugs
d. production of foreign citizens living in the Canada
e. both a and c are correct

B37. Which of the following would not be considered physical capital?

a. a new factory building
b. a computer used to help Mercury Delivery Service keep track of their orders
c. on-the-job training
d. a desk used in an accountant's office

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 Questions B38 and B39

B38. GDP (M$) is

a. $800,000.
b. $1,350,000.
c. $1,050,000.
d. $850,000.

B39. Total value added (M$) is

a. $800,000.
b. not calculable with the given information.
c. $1,050,000.
d. $850,000.
e. $1,350,000.

B40. Potential GDP is

a. always less than real GDP.
b. fixed in an economy.
c. always greater than real GDP.
d. the GDP with full employment of all available resources.
e. the same as real GDP.

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C. Cost of living
C1. When the CPI is based on 1967 prices, a consumer price index of 322 in 1985 means that
a. the market basket of consumer goods that cost $100 in 1967 could be purchased for
$322 in 1985.
b. the market basket of consumer goods that cost $322 in 1967 could be purchased for
$100 in 1985.
c. prices of consumer goods have gone up by a factor of 32.2.
d. an item that cost $100 in 1967 now costs $322.
e. prices of consumer goods have less than doubled.

C2. Complete the following sentence. The CPI is

a. a comparison of the cost of a typical basket of goods during a given period with the cost
of the same basket during a base period.
b. a measure of the increase in the prices of the goods included in GDP.
c. the ratio of the average price of a typical market basket of goods compared to the cost
of producing those goods during the base year.
d. a comparison of the cost of the typical basket of goods consumed in period 1 with the
cost of the basket of goods typically consumed in period 2.
e. a comparison of the cost of a typical basket of goods during a base period with the cost
of the same basket during a given period.

C3. The CPI is a measure of the overall cost of

a. inputs purchased by a typical producer.
b. goods and services bought by a typical consumer.
c. goods and services produced in the economy.
d. stocks on the Toronto Stock Exchange.

C4. The Speedy Computer has an increase in inventory of 25 computers in 2015. In 2016 it
sells all 25 computers.
a. The value of increased inventory will be counted as part of GDP in 2015, but the
value of the computers sold in 2016 will not cause GDP to increase.
b. The value of the increased inventory will not affect 2015 GDP but will be included
in 2016 GDP.
c. The value of the increased inventory will be counted as 2015 GDP and the value
of the computers sold in 2016 will increase 2016 GDP.
d. None of the above are correct.

C5. Which goods are supposed to be included in the CPI?

a. all goods and services produced in the economy
b. all goods and services that consumers typically buy
c. all goods and services in the consumption component of the GDP accounts
d. all the goods, but not the services, in the consumption component of the GDP
accounts

C6. The steps involved in calculating the consumer price index include, in order:
a. choose a base year, determine the basket, compute the inflation rate, compute
the basket's cost, and compute the inflation rate.
b. choose a base year, find the prices, determine the basket, compute the basket's
cost, and compute the inflation rate.

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 c. determine the basket, find the prices, compute the basket's cost, choose a base
year and compute the inflation rate.
d. determine the basket, find the prices, compute the inflation rate, choose a base
year and compute the inflation rate.

Questions C7, C8 and C9

Year Oranges Apples
2015 $14 per bushel $9 per bushel
2016 $12 per bushel $14 per bushel

C7. The consumer basket consists of 5 bushels of oranges and 10 bushels of apples. If the base
year is 2015, what is the consumer price index for 2015?
a. 100
b. 160
c. 200
d. There is insufficient information to answer this question.

C8. The consumer basket consists of 5 bushels of oranges and 10 bushels of apples. If the base
year is 2015, what is the consumer price index for 2016?
a. 80
b. 100
c. 125
d. 200
e. None of the above

C9. What was the inflation rate in 2016?

a. 25 percent
b. 20 percent
c. 5 percent
d. 4 percent
e. There is insufficient information to answer this question.

Questions C10. to C13.

A simple economy produces three goods only.
Prices and quantities produced are shown below.
I
Price ($) Quantity
2005 2015 2005 2015
Apples 0.75 1.10 100 120
Oranges 1.25 2.10 300 280
Bananas 2.00 3.00 200 190

C10. With 2015 as the base year, the price index in 2015 is
a. 100. b. 157. c. 153. d. 129. e. 63.

C11. With 2005 as the base year, the price index in 2015 is
a. 63. b. 152. c. 158. d. 100. e. 1,340.

C12. With 2005 as the base year, which one of the following statements is true?
a. The relative price of apples in terms of bananas has risen.
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 b. From 2005 to 2015, the cost of the market basket has risen by 57 percent.
c. It costs 158 times more in 2015 than it does in 2015 to buy the same market basket.
d. All prices have risen by the same amount.
e. The relative price of apples in terms of oranges has risen.

C13. With 2005 as the base year, the price index in 2005 is
a. 157. b. 152. c. 129. d. 63. e. 100.

C14. For any given year, the CPI is the cost of the basket of goods and services in the
a. given year divided by the price of the basket in the base year, then multiplied by
100.
b. given year divided by the price of the basket in the previous year, then multiplied
by 100.
c. base year divided by the price of the basket in the given year, then multiplied by
100.
d. previous year divided by the price of the basket in the given year, then multiplied
by 100.
C15. If the price index in the first year was 90, in the second year was 100, and in the third year
was 95, the economy experienced
a. 10 percent inflation between the first and second years and 5 percent inflation
between the second and third years.
b. 10 percent inflation between the first and second years and 5 percent deflation
between the second and third years.
c. 11 percent inflation between the first and second years and 5 percent inflation
between the second and third years.
d. 11 percent inflation between the first and second years and 5 percent deflation
between the second and third years.
e. None of the above is correct.

C16. If real wages rise, money wages

a. rise more rapidly than the price level.
b. rise more slowly than the price level.
c. and the price level are changing by the same amount.
d. are falling and the price level is constant.
e. are constant and the price level is rising.

C17. When the CPI is based on 1998 prices, a consumer price index of 322 in 2016 means that
a. the market basket of consumer goods that cost $100 in 1998 could be purchased for
$322 in 2016.
b. the market basket of consumer goods that cost $322 in 1998 could be purchased for
$100 in 2016.
c. prices of consumer goods have gone up by a factor of 32.2.
d. an item that cost $100 in 1998 now costs $322.
e) prices of consumer goods have less than doubled.

C18. Purchasing power parity prices are the prices of goods

a. from only one country used when making international comparisons of real GDP.
b. that are equal between two countries.
c. from two countries used when making international comparisons of real GDP.
d. used in computing inflation rates when making international comparisons of real GDP.
e. using in computing the value of money when making international comparisons of real
GDP.

C19. The substitution bias in the consumer price index refers to the
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 a. substitution of new goods for old goods in the purchases of consumers.
b. substitution of quality for quantity in consumer purchases over time.
c. fact that consumers substitute toward goods that have become relatively less
expensive.
d. substitution of new prices for old prices in the basket of goods from one year to the
next.
C20. PPP Question. An identical good is readily available in both Canada and the USA. The
exchange rate is 0.8 CDN $ per US $ (i.e., one CND $ buys 0.8 US $). The good sells for
$4 in the USA (in US $) and 5.25 CDN $ in Canada. Is the cost of living (based on this
single good) higher in Canada than the USA?
a. Yes.
b. No.
c. Insufficient information to decide.

C21. Inflation means:

a. a decrease in the overall level of prices.
b. that all prices are rising and at the same rate.
c. an increase in the overall price level.
d. an increase in individuals' real income.

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D. Economic Growth
D1. Which of the following best states economists' understanding of the facts concerning the
relationship between natural resources and economic growth?
a. A country with no or few domestic natural resources is destined to be poor.
b. Differences in natural resources have virtually no role in explaining differences in
standards of living.
c. Some countries can be rich mostly because of their natural resources and
countries without natural resources need not be poor but can never have very
high standards of living.
d. Abundant domestic natural resources may help make a country rich, but even
countries with few natural resources can have high standards of living.
e. None of the above is correct.

D2. The relationship between the quantity of output created and the quantity of inputs needed to
create it is called
a. the capital accumulation function.
b. technological knowledge.
c. the production function.
d. human capital.
e. the proprietary function.

D3. Which of the following is true?

a. Although levels of real GDP per person vary substantially from country to country,
the growth rate of real GDP per person is similar across countries.
b. Productivity is not closely linked to government policies.
c. The level of real GDP per person is a good gauge of economic prosperity, and the
growth rate of real GDP per person is a good gauge of economic progress.
d. Productivity may be measured by the growth rate of real GDP per person.
e. All of the above are correct.

D4. Which of the following is a correct way to measure productivity?

a. divide the number of hours worked by output
b. divide output by the number of hours worked
c. compute output growth
d. divide the change in output by the change in number of hours worked

D5. If a country has a high level of growth in income, it:

a. must have an equitable distribution of wealth.
b. must be rapidly increasing its GDP per capita.
c. must have a high level of income.
d. All of these are true.

D6. If a country's saving rate increases, in the long run

a. productivity is higher, real GDP per person is not higher.
b. real GDP per person is higher, productivity is not higher.
c. productivity and real GDP per person are both higher.
d. neither productivity nor real GDP per person are higher.

D7. Economic growth is measured by

a. the increase in potential GDP.
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 b. the difference between the benefits and costs of an increase in real GDP.
c. the increase in nominal GDP.
d. the difference between the benefits and costs of an increase in nominal GDP.
e. the increase in real GDP.

D8. If a country experiences a negative growth rate in real GDP, it means:

a. the economy is expanding.
b. Real GDP rose faster than GNP.
c. people are producing more than they did the year before.
d. there are less goods to allocate in the economy than before.

D9. Real GDP will increase only if the

a. unemployment rate rises.
b. quantity of goods and services produced increases.
c. employment rate rises.
d. average level of prices rises.
e. employment rate falls.

D10. Suppose that over the last ten years productivity grew faster in Oceania than in Freedonia
and the population of both countries was unchanged.
a. It follows that real GDP per person must be higher in Oceania than in Freedonia.
b. It follows that real GDP per person grew faster in Oceania than in Freedonia.
c. It follows that the standard of living must be higher in Oceania than in Freedonia.
d. All of the above are correct.

D11. The trade-off between physical capital and current consumption:

a. is harder for poorer countries than rich ones.
b. involves giving up less current consumption for poor countries, since they have little.
c. involves giving up more current consumption for rich countries, since they have so much.
d. is easier for poorer countries than rich ones.

D12. When a country continually adds more capital to its existing stock:
a. productivity will increase at a decreasing rate.
b. productivity will decrease at a decreasing rate.
c. productivity will increase at an increasing rate.
d. productivity will decrease at an increasing rate.

D13. One way the government can encourage economic growth is to:
a. protect your freedom of speech.
b. ensure everyone has a cell phone.
c. protect property rights.
d. All of these actions will encourage economic growth.

D14. The convergence theory is based on the idea of:

a. increasing rates of income per capita.
b. increasing opportunity costs.
c. decreasing marginal returns.
d. decreasing income per capita.

D15. The convergence theory states that:

a. rich countries tend to leapfrog ahead maintaining the gap in global development.
b. poor countries tend to converge together and stagnate.
c. rich countries will grow faster than poor ones.
d. poorer countries will grow faster than rich ones.

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1) Which of the following is not a supply factor in economic growth? 1) _______
A) full employment
B) technological advance
C) the size and quality of the labour force
D) the stock of capital

2) A supply factor in economic growth would be: 2) _______

A) a rise in the rate of resource depletion.
B) an increase in the quantity of labour.
C) an increase in consumption spending.
D) a fall in the efficient use of resources.

3) Which is best considered a supply factor for long-run economic growth? 3) _______
A) government spending B) full employment of resources
C) the stock of capital goods D) personal consumption expenditures

4) Which is a demand factor in economic growth? 4) _______

A) more human and natural resources
B) an increase in total spending in the economy
C) an increase in the economy's stock of capital goods
D) technological progress and innovation

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Questions Section A Section B Section C Section D Questions
1 A C A D 1
2 D A A C 2
3 A A B C 3
4 C B A B 4
5 D D B B 5
6 D A C C 6
7 C C A E 7
8 D D C D 8
9 A E A B 9
10 D D A B 10
11 B C A 11
12 A E A 12
13 C E C 13
14 D A C 14
15 D D D 15
16 D A 16
17 C A 17
18 C A 18
19 E C 19
20 B A 20
21 C C 21
22 D 22
23 D 23
24 B 24
25 C 25
26 C 26
27 D 27
28 A 28
29 A 29
30 A 30
31 C 31
32 A 32
33 A 33
34 A 34
35 A 35
36 E 36

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37 C 37
38 C 38
39 C
40 D

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