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Category > Economics Posted 05 May 2017 My Price 9.00

Expenditures in GDP do not include

Expenditures in GDP do not include ________.

		investment, stocks, or bonds
		financial assets or investment
		used goods or investment
		used goods or financial assets

QUESTION 2

What does GDP measure?

		value of all consumer purchases
		value of final goods and services
		value of all sales
		value of all goods and services produced

QUESTION 3

The measurement of GDP handles underground production by

		including the amount produced in this sector of the economy in exactly the same way that all other production is included.
		adding an estimate of it because it is difficult to precisely measure underground production.
		omitting it because underground production is unreported to the government by the people involved.
		adding it at fixed prices that change only infrequently.

QUESTION 4

Which adjustment(s) must be made to convert net domestic product to GDP?

i) add indirect taxes

ii) subtract subsidies

iii)add depreciation

		ii only.
		i and ii.
		iii only.
		i, ii and iii.

QUESTION 5

Because of the circular flows of expenditure and income in the economy, total ________ equals total ________ equals total ________.

		investment; income; consumption
		expenditure; investment; income
		expenditure; income; value of production
		expenditure; growth; income

QUESTION 6

A country with a real GDP per person similar to real GDP per person in the United States but with limited political freedom is generally considered to have ________.

		a lower standard of living than the United States
		an understated GDP
		the same standard of living as the United States
		a larger Human Development Index because the other country still needs to develop more political freedom

QUESTION 7

Leisure time is ignored when calculating GDP because leisure time

		does not effect our standard of living.
		has been declining over time.
		is not bought in a market.
		is not an economic good.

QUESTION 8

The abbreviation "GDP" stands for

		General Domestic Prices.
		Gross Domestic Prices.
		Great Domestic Prices.
		Gross Domestic Product.

QUESTION 9

In a circular flow diagram,

i)the value of production = income

ii)the value of production = expenditure

iii)expenditure = income

		i and ii are true statements.
		only iii is a true statement.
		i and iii are true statements.
		i, ii and iii are true statements.

QUESTION 10

Consumption expenditure includes spending

		on intermediate goods and services by firms.
		by households.
		by households and spending on office supplies by firms.
		on office supplies by firms.

QUESTION 11

Even though it is not a perfect measure, economists can use real GDP to

i) compare how the value of the goods and services produced in China have changed over the past 10 years

ii)look at the length of recessions and expansions in the United States

iii)to compare the standard of living in China versus the standard of living in Vietnam

		i, ii and iii.
		i and iii.
		ii only.
		i and ii.

QUESTION 12

Household production, such as baking bread at home, is not included in GDP because it

		has lower quality than the bread in the store.
		has better quality than the bread in the store.
		does not add anything of value to GDP.
		does not involve a market transaction.

QUESTION 13

A recession runs from the

		peak of the business cycle to a recovery.
		peak of the business cycle to its trough.
		expansion of a business cycle to its peak.
		trough of a business cycle to its peak.

QUESTION 14

A business cycle has two turning points, which are the

		expansion and recession.
		peak and recession.
		trough and peak.
		recession and trough.

QUESTION 15

How are final goods and services valued when measuring nominal GDP?

		at factor market prices
		at current market prices
		at base year prices
		at foreign exchange parity

QUESTION 16

Undistributed profits ________ counted as part of GDP because ________.

		are ; they are considered income paid to households and loaned back to firms.
		are not; households are not paid by the firms.
		are; they can be used to buy other goods.
		are not; they are considered an intermediate good

QUESTION 17

Which of the following is likely to be an unreported economic activity?

		the minimum wage paid to a teenager working at a McDonald's
		the brokerage fees paid to a broker at Merrill Lynch
		tips paid to a taxi driver
		a $25,000 bonus paid to the CEO of a company

QUESTION 18

Which of the following is classified as an intermediate good?

i)the purchase of a Big Mac by a college student

ii)McDonald's purchase of pickles

iii)a McDonald's restaurant owner's interest payment for the loan on her building.

		i and iii.
		ii only.
		ii and iii.
		i only.

QUESTION 19

The U.S. economy is experiencing falling output, falling employment, falling incomes and rising unemployment. These conditions best describe a business cycle ________.

		recession
		peak
		trend
		expansion

QUESTION 20

Total expenditure equals total income

		because firms pay out everything they receive as income to the factors of production.
		only if firms sell all the goods they produce in a given time period.
		if firms do not save for future investment.
		if firms earn zero profit.

QUESTION 21

The circular flow shows that GDP measures

i. total income

ii. total expenditures

iii.price changes

		i, ii, and iii
		iii only
		ii only
		i only

QUESTION 22

An increase in nominal GDP could result from an increase in

i.production.

ii.prices.

iii.taxes and subsidies.

		i and iii
		ii only
		i and ii
		i only

QUESTION 23

Gross Domestic Product measures the

		market value of the final goods and services produced in a given year within a country.
		income of the business sector within a country.
		measures the market value of the domestic labor in a given year within a country.
		quantity of the goods and services produced in a given year, listed item by item, within a country.

QUESTION 24

In 2009 in the United States, net domestic product at factor cost was $11,091 billion. Additionally, rent was $2,000 billion, profits were $1,000 billion, and interest was $358 billion. Hence wages were

		$7,733 billion.
		$8,091 billion.
		$10,091 billion.
		$9,091 billion.

QUESTION 25

A restaurant buys fish to offer as a daily menu special. The purchase of the fish by the restaurant is

		an example of government expenditures on goods and services.
		a consumption expenditure.
		an intermediate good.
		an investment.

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Status NEW Posted 05 May 2017 01:05 PM My Price 9.00

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