Mcqs

Question 1

How do you calculate real gdp

Answer 1

Real gdp = ngdp/price index x 10

Question 2

How do you calculate real gdp/capita

Answer 2

Real gdp per capita = (ngdp/price index x 100) / population

Question 3

How do you rock out index number

Answer 3

Index number = raw number/base year raw number x 100

Question 4

4 steps of weighted price index

Answer 4

1. Convert prices into index form
2. Multiply index number by their weight
3. Add up the weighted points
4. Divide by total number of weights

Question 5

How do you work out yield on gov bonds

Answer 5

Yield - coupon/market price x 100

If demand decrease - price of bond decrease - yield increase

Question 6

How to work out income tax paid

Answer 6

1. Put income tax into bracket

2. Go backwards

Question 7

How to calculate MCl

Answer 7

MCl - dtcl/dql

Question 8

Where does loss occur

Answer 8

AR < ATC

Question 9

When does shutdown occur

Answer 9

AR < AVC

Question 10

Constant returns to scale

Answer 10

Constant returns to scale = % change in output = % change in input