Please answer these questions! Pay no attention to the shaded answers, they are ones I clicked on. (Please answer A-E for each one, A being the first…

Please answer these questions! Pay no attention to the shaded answers, they are ones I clicked on. (Please answer A-E for each one, A being the first answer, E being the last anwer).

1. As opposed to GDP, GNP is a measure of all

 goods and services produced in an economy. final goods and services produced in an economy. goods and services produced by a nation’s citizens. final goods and services produced by a nation’s citizens living abroad. final goods and services produced by a nation’s citizens.

2. Assume the CPI increases from 50 to 75 and a person’s nominal income increases from $20,000 to $25,000 over the same period. This person’s real income has

 increased by 5%. increased by 10%. increased by 20%. remained the same. decreased by 16.67%.

3. Assume the CPI increases from 100 to 120 and a person’s nominal income increases from $40,000 to $48,000 over the same period. This person’s real income has

 increased by 5%. increased by 10%. increased by 20%. remained the same. decreased by 25%.

4. Which of the following is included in the natural rate of unemployment?

I. Seasonal unemploymentII. Frictional unemploymentIII. Structural unemploymentIV. Cyclical unemployment

 I and II only. II and III only. III and IV only. I and IV only. II and IV only.

5. Which of the following is true of the factor market?I. Households are buyers.II. Households are sellers.III. Firms are buyers.IV. Firms are sellers.

 I only. II only. III only. I and IV only. II and III only.

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