Eco 300, Spring 2003: The first four quizzes (Jan. 30 - Feb. 27)

Quiz #1 / Thurs., Jan. 30, 2003

1. What was the Fed's decision yesterday with regard to short-term interest rates?

2. What is the current level of U.S. GDP?

3. What is the current U.S. unemployment rate?

4. If the (nominal) prime interest rate is 5% and the inflation rate is 2%, then the real prime interest rate is _____%.

5. The JP Morgan index is used to measure one of those six key economic variables - which one?

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Quiz #2 / Thurs., Feb. 6, 2003

1. What was the U.S. economy's rate of growth in 2002:IV? 

2. Why is war with Iraq expected to harm the U.S. economy? 

3. GDP, using the product approach = __+__+__+NX 

4. Net Investment = Gross Investment - __________ 

5. Name a country in W. Europe with a very low unemployment rate.

(Extra credit:)
6. The biggest change in Pres. Bush's proposed tax package is the elimination of individual taxes on ______________. 

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Quiz #3 / Thurs., Feb. 13, 2003

1. The GDP price deflator is a _____-weighted price index.

2. The CPI is a _____-weighted price index.

3. With Okun's Law we can calculate potential GDP based on the _________ rate.

4. Why is Pres. Bush's economic plan proving a tough sell in Congress (acc. to article)?

5. What was notable about U.S. productivity in the 4th quarter of 2002?

(Extra credit:)
6. What was notable about U.S. productivity in the year 2002?

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Quiz #4 / Thurs., Feb. 27, 2003

1. Thomas Malthus argued that living standards would fail to improve over the long run because short-run improvements would inevitably lead to rapid growth of __________________.

2. In what year did the U.S. productivity slowdown begin? ____________

3. The sources of productivity growth are technical change (greater "efficiency of labor") and capital _____________.

4. What economic index fell last month to its lowest point in 10 years?

5. Why has demand for Treasury and other bonds been so strong lately?