Econ Final Part 4

Of the following items, which would NOT be included in GDP?

Correct the dollar value of a repair job done by your professor on his or her own car

Reference: Ref 7-11 (Table: Pizza Economy III) Considering 2010 as the base year, real GDP in 2011 was:

$69,000.

Reference: Ref 7-4 (Table: GDP) GDP in the table is:

$94 billion.

Reference: Ref 7-23 (Scenario: Good A and Good B) Using 2009 as the base year, one would find that the real GDP in 2009:

is equal to the nominal GDP in 2009.

A nation's exports minus its imports:

is net exports.

Intermediate goods are not counted in the calculation of GDP because:

to do so involves double counting.

In a typical business cycle, the business-cycle peak is immediately followed by the:

Correct recession.

If your professor wins the lottery:

GDP is not affected.

In order to be officially unemployed, a person must be:

looking for work in the past four weeks.

To be classified as unemployed, a person must be:

not working and actively looking for a job in the last four weeks.

GDP is the sum of:

personal consumption, investment, government purchases, and net exports.

Included in GDP would be:

the dollar value of a new car exported during the period.

A depression occurs when:

the economic downturn becomes extremely deep and prolonged.

GDP is:

the total dollar value of final goods and services produced in the economy in a given period.

Employment is:

the total number of people actively working.

The value of all the following goods is included in the calculation of GDP EXCEPT:

the value of Bridgestone tires purchased by Ford Motor Co.

0 out of 1 points Figure: Expanded Circular-Flow Model Reference: Ref 7-2 (Figure: Expanded Circular-Flow Model) What is GDP in this economy?

$1,000

Reference: Ref 7-3 (Table: Calculating GDP) Using the information in the table provided, which of the following is the correct calculation for GDP?

$12,200

Reference: Ref 7-9 (Table: Peanut Butter and Jelly Economy) Nominal GDP in 2010 was:

$400.

Among the tools available to macroeconomic policy makers is:

Correct fiscal policy, for use in controlling government spending and taxation.

The money spent on domestically produced final goods and services:

Correct is called GDP.

An efficiency wage:

Correct is offered by an employer to encourage workers to work harder.

A country's total product, better known as real gross domestic product (GDP) undergoes periodic fluctuations called:

a business cycle.

An economic expansion in the United States is typically associated with:

a falling unemployment rate.

The value of which of the following would be counted in GDP?

a new car sold by a car dealer

A business cycle is:

a short-run alternation between economic upturns and downturns.

A contraction in the business cycle is:

called a recession.

The purchases of which of the following goods are included in GDP?

capital goods

Dividing real GDP by the population:

gives real GDP per capita.

Frictional unemployment is considered to be:

good, since that means people may be seeking for jobs that match their job skills.

Reference: Ref 7-23 (Scenario: Good A and Good B) In 2010, nominal GDP is:

greater than the nominal GDP in 2009.

Controlling interest rates is an example of:

monetary policy.

A country's exports minus its imports during a period are:

net exports.

A worker classified as frictionally unemployed is one who is:

unemployed while looking for a job that demands his or her skills.

Reference: Ref 7-9 (Table: Peanut Butter and Jelly Economy) A simple economy produces only peanut butter and jelly. Using the data in the attached table, in 2011, nominal GDP was ____ and real GDP was _____.

$525; $450