GDP.docx
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GDP.docx
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GDP
GDP:
MeasuringTotalProductionandIncome
1)
Totalproductionintheeconomyismeasuredasthe
A)
totalnumberofgoodsandservicesproducedintheeconomy.
B)
dollarvalueofallfinalgoodsandservicesproducedintheeconomy.
C)
totalnumberofgoodsproducedintheeconomy.
D)
totalnumberofservicesproducedintheeconomy.
2)
Afinalgoodisonethat
A)
isusedintheproductionofanothergood.
B)
isanaturalresourceusedtoproduceagood.
C)
ispurchasedasaninputintheproductionprocess.
D)
ispurchasedbyitsfinaluser.
3)
HowareintermediategoodstreatedinthecalculationofGDP?
A)
Theirvalueisnotcountedseparately,butincludedaspartofthevalueofthefinalgoodofwhichtheyareaninput.
B)
Theirvalueiscountedseparately,andtheirvalueisalsoincludedaspartofthevalueofthefinalgoodofwhichtheyareaninput.
C)
Theyareincludedintheyearthattheyareproduced.
D)
Theyareincludedonlyiftheyareimported.
4)
Anexampleofanintermediategoodwouldbe
A)
thebreadthatgoesintoasubsandwich.
B)
thesodapopsoldbyQuiznos.
C)
asubsandwichsoldbyQuiznos.
D)
thepotatochipssoldbyQuiznos.
5)
Anexampleofanintermediategoodwouldbe
A)
anewcar.
B)
ausedcar.
C)
therimsonanewcar.
D)
newrimstoreplaceoldrimsonausedcar.
6)
Anexampleoffinalgoodwouldbe
A)
thesoymilksoldtoStarbucks.
B)
thewhippedcreamsoldtoStarbucks.
C)
asoylattesoldbyStarbuckstoastudent.
D)
thecoffeebeanssoldtoStarbucks.
7)
HomeDepotsellsnewanduseddoorstocontractorswhobuildnewhomes..HomeDepotalsosellsnewanduseddoorstohomeowners.WhichofthefollowingwouldbecountedinGDP?
A)
Thesaleofauseddoortoahomeowner.
B)
Thesaleofanewdoortohomeowner.
C)
ThesaleofauseddoortoTapKonconstructionforinstallationintoanewhome.
D)
ThesaleofanewdoortoTapKonconstructionforinstallationintoanewhome.
8)
WhichofthefollowingtransactionswouldbeincludedintheofficialcalculationofGDP?
A)
Astudentbuysausedtextbookatthebookstore.
B)
Firestonesells$2millionworthoftirestoGeneralMotors.
C)
Youwashandwaxyourfather'scarasafavortohim.
D)
YoubuyanewiPod.
E)
YouillegallydownloadmusicofftheInternettoputonyournewiPod.
9)
Acarthatisproducedin2004isnotsolduntil2005.AccordingtothedefinitionofGDP,inwhichyear'sGDPshoulditbecounted?
A)
2004
B)
2005
C)
bothyears
D)
2004realGDP;2005nominalGDP
10)
Atransferpaymentisapaymentbythegovernmenttoanindividual
A)
foraservice.
B)
foraninvestmentgood.
C)
foraconsumptiongood.
D)
forwhichthegovernmentdoesnotreceiveagoodorserviceinreturn.
E)
foradebtowed.
11)
Anexampleofatransferpaymentis
A)
ateacher'spaycheck.
B)
apaycheckforamemberoftheNationalGuard.
C)
awelfarepayment.
D)
apurchaseofanewbridgeinAlaska.
12)
Inthecircularflow,________supplythefactorsofproduction,and________goodsandservices.
A)
households;sell
B)
households;buy
C)
firms;sell
D)
firms;buy
13)
________is/arethepaymentforthefactorofproduction________.
A)
wages;capital
B)
interest;labor
C)
profit;entrepreneurship
D)
rent;capital
14)
Investmentspendingincludesspendingon
A)
stocks
B)
nondurablegoods
C)
changesinbusinessinventories
D)
transferpayments
15)
Whichofthefollowingarenotconsideredpartofgovernmentpurchases?
A)
welfarebenefits
B)
teacher'ssalariespaidbyalocalgovernment
C)
atankpurchasedbythefederalgovernment
D)
abridgepurchasedbythestategovernment
16)
ConsumptionexpendituresdoNOTincludehouseholdpurchasesof
A)
medicalcare.
B)
education.
C)
newhouses.
D)
durablegoods.
17)
Whichofthefollowingisconsideredadurablegood?
A)
medicalcare
B)
clothing
C)
food
D)
awashingmachine
18)
AssumingthattheUnitedStatesisthedomesticeconomy,________aregoodsandservicesproducedby________andpurchasedby________.
A)
exports;foreigncountries;theUnitedStates
B)
exports;theUnitedStates;theUnitedStates
C)
imports;foreigncountries;foreigncountries
D)
imports;foreigncountries;theUnitedStates
19)
ThelargestcomponentofspendinginGDPis
A)
consumptionspending.
B)
investmentspending.
C)
governmentspending.
D)
netexportspending.
20)
Whichcomponentofconsumptionspendingisthegreatest?
A)
services
B)
durablegoods
C)
nondurablegoods
D)
newhousing
21)
TocalculateGDPusingthevalueaddedmethod,onewouldaddup
A)
themarketvalueoffinalgoodsandservicesproducedduringaparticularperiod.
B)
onlythevalueaddedbybytheundergroundeconomy.
C)
thevalueaddedbyeachfirminvolvedintheproductionoffinalgoodsandservices.
D)
themarketvalueofintermediategoodsandservicesproducedduringaparticularperiod.
22)
GDPisnotaperfectmeasureofwell-beingbecause
A)
thevalueofleisureisincludedinGDP.
B)
GDPisnotadjustedforpollution.
C)
GDPisadjustedforchangesincrime.
D)
GDPisadjustedforincreasesindrugaddiction.
23)
WhichofthefollowingaccuratelydescribesaneffectofthehurricaneKatrinaonGDP?
A)
GDPwoulddecreasereflectingthecostsofcleanup.
B)
GDPwouldincreasereflectingthecostsofcleanup.
C)
GDPwouldincreasereflectingthedecreaseinproductionthatoccurredduringthestormandtheproductivecapacitylostinthestorm.
D)
GDPwouldincreasewellbeing.
24)
Theundergroundeconomycanbedescribedas
A)
productionofintermediategoodsandservices.
B)
economicproductionthatincludesmining.
C)
economicactivitythatishiddenfromthegovernmenttoavoidtaxesorbecausetheactivityisillegal.
D)
productionofinfrastructurethatspursgrowthintherestoftheeconomy.
25)
WhichofthefollowingiscountedinGDP?
A)
thevalueofgoodsandservicesproducedintheundergroundeconomy.
B)
thecostofaspeedboatpurchasedatBob'sBoatsusedbydrugsmugglers.
C)
thevalueofdo-it-yourselfwork.
D)
thevalueofleisure.
26)
Ifacountrypassesalaborlawlimitingthenumberofhoursofworkperweek,GDPwould________andleisurewould________.
A)
decrease;increase
B)
increase;increase
C)
decrease;decrease
D)
increase;decrease
27)
Ifacountrypassesalawrequiringthatallsmokestacksmusthavefiltersandscrubbers,GDPwould________andwellbeingwould________.(Assumethatthelostproductionfromimplementingthenewtechnologyisgreaterthanthevalueofthenewfiltersandscrubbers.)
A)
decrease;increase
B)
increase;increase
C)
decrease;decrease
D)
increase;decrease
28)
IfChinadecidestoenactlawstocleanuptheenvironment,whatwouldbetheeffectonGDP?
Youcanassumethatthepollutioncontrollawshavetheeffectofmakingmanufacturingfirmslessproductive.
A)
GDPwouldincreasereflectingthefactthattheenvironmentwouldbecleaner.
B)
GDPwoulddecreaseasthepollutioncontrolsmakeitsothatlessoutputisnowproducedwiththesameinputs.
C)
GDPwouldincreaseasthecitizensofChinaweremadehappierastheenvironmentwascleanedup.
D)
GDPwoulddecreaseastheenvironmentalcostsofpollutionwerenotincludedinthecalculationofGDP.
29)
Themeasureofproductionthatvaluesproductionusingcurrentpricesiscalled
A)
valueaddedGDP.
B)
nominalGDP.
C)
realGDP.
D)
undergroundGDP.
31)
Themeasureofproductionthatvaluesoutputusingabaseyeariscalled
A)
valueaddedGDP.
B)
nominalGDP.
C)
realGDP.
D)
undergroundGDP.
32)
Netnationalproduct(NNP)isequalto
A)
GDPplusdepreciation.
B)
GDPminusdepreciation.
C)
GNPplusdepreciation.
D)
GNPminusdepreciation.
33)
ThedrawbacktocalculatingrealGDPusingbaseyearpricesisthat
A)
realGDPinoneyearisnotcomparabletorealGDPinanotheryear.
B)
relativepriceschangeovertime,thesearenotreflectedinbaseyearprices,andthisdistortsGDP.
C)
relativepriceschangeovertimeandthesechangesarereflectedinbaseyearprices.
D)
qualitychangesarereflectedinbaseyearprices.
34)
NominalGDPisanotherwordfor
A)
inflationadjustedGDP.
B)
realGDP.
C)
constantdollarGDP.
D)
currentdollarGDP.
35)
Supposethataverysimpleeconomyproducesthreegoods:
movies,burgers,andbikes.Supposethequantitiesproducedandtheircorrespondingpricesfor2002and2007areshowninthetable:
2002
2007
Product
Quantity
Price
Quantity
Price
Movies
20
$6
30
$7
Burgers
100
$2
90
$2.50
Bikes
3
$1,000
6
$1,100
WhatisnominalGDPin2007?
A)
$3,320
B)
$3,690
C)
$6,360
D)
$7,035
36)
Supposethataverysimpleeconomyproducesthreegoods:
movies,burgers,andbikes.Supposethequantitiesproducedandtheircorrespondingpricesfor2002and2007areshowninthetable:
2002
2007
Product
Quantity
Price
Quantity
Price
Movies
20
$6
30
$7
Burgers
100
$2
90
$2.50
Bikes
3
$1,0
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