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1、Macroeconomics, 10e (Parkin) Chapter 4 Measuring GDP and Economic Growth1 Gross Domestic Product1) Gross domestic product is the total _ produced within a country in a given time period.A) market value of all final and intermediate goods and servicesB) market value of all goods and servicesC) amount
2、 of final and intermediate goods and servicesD) market value of all final goods and servicesAnswer: DTopic: GDPSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking2) Gross domestic productA) includes all the goods and none of the services produced in an economy i
3、n a given time period.B) measures the value of the aggregate production of goods and services in a country during a given time period.C) measures the value of labor payments generated in an economy in a given time period.D) is generally less than federal expenditure in any time period.Answer: BTopic
4、: GDPSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking3) Gross domestic product is a measure of the total value of allA) sales in an economy over a period of time.B) consumer income in an economy over a period of time.C) capital accumulation in an economy over
5、 a period of time.D) final goods and services produced in an economy over a period of time.Answer: DTopic: GDPSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking4) Gross domestic product (GDP) is the _ in a given time period.A) value of personal consumption expe
6、nditures, gross private domestic investment, and federal government expendituresB) sum of wage and salary compensation of employees and corporate profitsC) value of all final and intermediate goods and services produced by the economy excluding those goods exported to foreign nationsD) market value
7、of final goods and services produced by the economyAnswer: DTopic: GDPSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking5) Gross domestic product (GDP) measures theA) number of final goods and services produced in the economy in a given time period.B) number of
8、 final goods and services sold in the economy in a given time period.C) market value of old and new final goods and services sold in the economy in a given time period.D) market value of final goods and services produced in the economy in a given time period.Answer: DTopic: GDPSkill: RecognitionQues
9、tion history: Previous edition, Chapter 4AACSB: Reflective Thinking6) GDP is defined as the market value of all _ in a given time period.A) final goods produced in a countryB) final goods and services produced by citizens of a particular country regardless of where in the world they are locatedC) fi
10、nal goods and services produced in a country by only the citizens of the countryD) final goods and services produced in a countryAnswer: DTopic: GDPSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking7) In the definition of GDP, market value refers toA) valuing p
11、roduction in production units.B) not counting intermediate products.C) valuing production according to the market price.D) when the production took place.Answer: CTopic: Market ValueSkill: RecognitionQuestion history: Modified 10th editionAACSB: Reflective Thinking8) In the United States, GDP is typ
12、ically measuredA) monthly.B) quarterly.C) daily.D) weekly.Answer: BTopic: Time PeriodSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking9) If Nike, an American corporation, produces sneakers in Thailand this wouldA) count as part of . GDP since it is a . corpora
13、tion.B) count for both Thailands GDP and . GDP.C) add to Thailands GDP but not to . GDP.D) add to neither . GDP nor Thailands GDP.Answer: CTopic: ProductionSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking10) If Frito Lay, an American snack company, opens a ne
14、w manufacturing facility in Mexico and produces snacks which are distributed in South America, then Mexicos GDP _ and . GDP _.A) increases; does not changeB) does not change; increasesC) increases; decreasesD) increases; increasesAnswer: ATopic: ProductionSkill: RecognitionQuestion history: New 10th
15、 edition AACSB: Reflective Thinking11) The word final in the definition of GDP refers toA) not counting intermediate goods or services.B) the time period when production took place.C) valuing production at market prices.D) counting the intermediate goods and services used to produce GDP.Answer: ATop
16、ic: Final GoodSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking12) A loaf of bread purchased by one of your instructors would be best described asA) an intermediate good.B) a financial asset.C) a used good.D) a final good.Answer: DTopic: Final GoodSkill: Recog
17、nitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking13) Which of the following is a final good?A) the memory chips in your new smart phoneB) a share of IBM stockC) flour purchased at the store to bake cookiesD) flour used by the bakery to bake cookiesAnswer: CTopic: Final Go
18、odSkill: RecognitionQuestion history: New 10th edition AACSB: Reflective Thinking14) In 2011, Ozzie purchased a 2008 Ford Escort from his neighbor for his son, purchased a 2007 one owner Camry from Larchmont Toyota for his wife, bought a 2011 new Ford for himself, and sold his 2000 Dodge Caravan to
19、his teenage nephew. Which, if any, of these transactions will be included in GDP in 2011?A) all four transactionsB) all three purchases but not the saleC) the purchase of the Ford and the CaravanD) only the purchase of the FordAnswer: DTopic: Final GoodSkill: ConceptualQuestion history: Modified 10t
20、h editionAACSB: Reflective Thinking15) Which of the following expenditures associated with the production of a new high-performance SUV will be directly included in GDP?A) the sale of bonds to finance the construction of the assembly plantB) the purchase of used welding robots to assemble to vehicle
21、sC) the purchase of new tires to be installed on the new vehiclesD) the purchase of new machine tools to manufacture the enginesAnswer: DTopic: Final GoodSkill: ConceptualQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking16) Intermediate goods are excluded from GDP becauseA) the
22、ir inclusion would involve double counting.B) they represent goods that have never been purchased so they cannot be counted.C) their inclusion would understate GDPD) the premise of the question is incorrect because intermediate goods are directly included in calculating GDP.Answer: ATopic: Intermedi
23、ate Goods and ServicesSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking17) A ton of coal purchased by your local utility to burn to make electricity would be best described asA) an intermediate good.B) a financial asset.C) a used good.D) a final product.Answer
24、: ATopic: Intermediate Goods and ServicesSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking18) Which of the following expenditures is for an intermediate good?A) The government buys new tires for its military vehicles.B) A . tire firm sells new tires to Canada.
25、C) General Motors buys new tires to put on the cars its building.D) You buy new tires for your used car.Answer: CTopic: Intermediate Goods and ServicesSkill: ConceptualQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking19) GDP does not directly include intermediate goods becauseA
26、) intermediate goods are not valuable.B) intermediate goods are not useful to consumers.C) that would count the intermediate goods twice.D) that would understate the true size of GDP.Answer: CTopic: Intermediate Goods and ServicesSkill: ConceptualQuestion history: Previous edition, Chapter 4AACSB: R
27、eflective Thinking20) The calculation of the final goods and services sold in an economy would NOT includeA) the purchase of a lawnmower by a household.B) General Motors purchases of tires for new automobiles.C) Ford Motor Companys purchase of a new industrial robot to be used to produce cars.D) the
28、 purchase of a service by a household.Answer: BTopic: Intermediate Goods and ServicesSkill: ConceptualQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking21) In computing GDP, it is essential toA) avoid double counting.B) include government transfer payments.C) include government
29、tax revenues.D) count all intermediate products directly as they are produced.Answer: ATopic: Intermediate Goods and ServicesSkill: ConceptualQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking22) Double counting (counting the same thing twice) in GDP accounting is avoided by not
30、 includingA) net exports.B) intermediate goods.C) illegal activities.D) depreciation.Answer: BTopic: Intermediate Goods and ServicesSkill: ConceptualQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking23) GDP counts only final goods and services because thisA) method avoids includ
31、ing any goods that are produced this year and sold next year.B) method avoids double counting of goods going through several stages of production.C) amount can be more easily determined in the marketplace.D) method avoids understating the value of GDP produced during a given year.Answer: BTopic: Fin
32、al Goods and Intermediate GoodsSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking24) The circular flow model shows that consumer goods and services produced by business firms are sold in theA) goods market.B) factor market.C) labor market.D) financial market.An
33、swer: ATopic: Circular FlowSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking25) The factor market can best be described as whereA) households buy goods and services.B) firms buy goods and services.C) firms buy the services of labor, land and capital.D) governm
34、ents sell goods and services.Answer: CTopic: Circular FlowSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking26) In the circular flow of incomeA) households demand goods and services that are supplied by firms, and the firms demand factors that are supplied by i
35、ntermediate firms.B) households demand goods and services that are supplied by firms, while supplying factors that are demanded by firms.C) households sell goods and services while firms sell factors.D) households buy goods and services while firms sell goods and services. Firms obtain labor from ho
36、useholds, capital from government, and raw materials from other firms.Answer: BTopic: Circular FlowSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking27) The circular flow shows that the household sector earns its income byA) selling factors of production.B) buy
37、ing factors of production.C) selling goods and services.D) selling financial assets.Answer: ATopic: Circular FlowSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking28) The circular flow of income shows thatA) households transact only in the goods market.B) gover
38、nments purchase goods and services.C) firms generally are the demanders in the goods markets and suppliers in the factor markets.D) None of the above answers is correct.Answer: BTopic: Circular FlowSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking29) Which of
39、the following is true regarding the circular flow diagram?I.Aggregate income is the flow of income earned by firms.II.Retained earnings are considered income earned by firms rather than part of households income.III.The government, households, and firms all have transactions in the goods market.A) I
40、 onlyB) I and IIC) I and IIID) III onlyAnswer: DTopic: Circular FlowSkill: ConceptualQuestion history: Modified 10th editionAACSB: Reflective Thinking30) If we compare the four sources of spending in the economy we see thatA) household consumption is the smallest.B) government expenditure is the lar
41、gest.C) business investment is the largest.D) household consumption is the largest.Answer: DTopic: Circular FlowSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking31) Compared to the other sources of spending, net exports isA) large and negative.B) small and neg
42、ative.C) large and positive.D) small and positive.Answer: BTopic: Circular FlowSkill: RecognitionQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking32) The circular flow diagram shows thatA) the flow of payments to the factors used to produce goods and services exceeds the flow o
43、f payments for final goods and services.B) goods and factor markets are independent.C) the total amount of income generated by the economy equals the total purchases of final goods and services.D) consumption expenditure equals saving.Answer: CTopic: Circular FlowSkill: RecognitionQuestion history:
44、Previous edition, Chapter 4AACSB: Reflective Thinking33) The circular flow diagram showsA) how nominal GDP is distinct from real GDP.B) how the prices of factors are determined.C) the effects of inflation in a simple economy.D) the flows between different sectors of the economy.Answer: DTopic: Circu
45、lar FlowsSkill: ConceptualQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking34) The circular flow diagram indicates thatA) households sell the services of factors of production to firms.B) firms buy the services of factors of production from the government.C) households sell goo
46、ds and services to the government.D) firms buy goods and services from households.Answer: ATopic: Circular FlowsSkill: ConceptualQuestion history: Previous edition, Chapter 4AACSB: Reflective Thinking35) In the circular flow model of an economy, householdsA) receive income from buyers of goods and services.B) receive income from the sale of factors in the goods markets.C) pay firms for the use of their factors.D) receive income from producers for the use of factors in the factor markets.Answer: DTopic: Circular F
