Final Exam Spring 2019 - Rutgers University 220 321

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Final Exam (Version A) May 15, 2019 Econ 321 Zheng Zhao Name_________________________ RUID_________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement. 1... ) Nominal GDP = ______ where the price level is the ______. A) price level / real GDP; CPI B) price level x real GDP; CPI C) price level x real GDP; GDP deflator D) price level / real GDP; GDP deflator E) None of the above 2) If C is consumption, I is investment, G is government purchases, and NX is net exports, according to the expenditure approach, Y would stand for _____; and the national income identity could be written as _____. A) the real interest rate; Y = C + I + G + NX B) GDP; Y = C + I + G + NX C) transfers; Y = C + I + G – NX D) CPI; Y = C + I + G + NX E) income; Y = C – I – G – NX 3) Which of the following constitutes an input to the Cobb-Douglas production function? A) total factor productivity B) capital C) labor D) all of the above E) none of the above 4) The Solow model is used to explain _____. A) the relationship between price and quantity demanded B) the notion of opportunity cost C) why some economies experience higher rates of growth than others D) the relationship between the rate of inflation and the rate of unemployment 5) Which of the following is nonrival in character? A) technology B) a desk C) capital D) labor [Show More]

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