ECON2105 Chapter 9 quiz UGA

In 2010, Canada's GDP was approximately $1,357 billion, and its population was about 34.12 million. What was Canada's approximate GDP per person in 2010? $3,980 $46,060 $26,246 $39,770

$39,770

Refer to the diagram of the circular flow of income. The key lessons from this diagram are that:(i) all flows of resources are matched by flows of money.(ii) the market value of total output must be equal to total spending.(iii) total spending must equal total income.(iv) all inputs are provided by businesses. (i), (ii), and (iii) (ii) and (iii) (i) and (iv) (i), (ii), (iii), and (iv)

(i), (ii), and (iii)

Which of the following is (are) included in investment?(i) military spending(ii) the purchase of an aircraft by a domestic airline(iii) the purchase of $45,000 worth of bonds(iv) the purchase of $32,000 worth of stock(v) social security payments(vi) the construction of a highway by the federal government (ii), (iii), and (iv) (i), (ii), (v), and (vi) (i) and (vi) (ii) only

(ii) only

In 2017, the total population of Africa was estimated to be about 1,250,000,000 people. This number, in billions, is: 1.25. 12.5. 125. 1,250.

1.25.

You purchase a new car (produced this year) for $38,000. After six months, you sell the car for $31,500. How much does GDP rise because of these two transactions? GDP rises by $38,000. GDP rises by $6,500. GDP rises by $31,500. GDP rises by $69,500.

GDP rises by $38,000.

What is the difference between spending from a microeconomic standpoint versus spending from a macroeconomic standpoint? In microeconomics, spending refers to domestic spending, whereas in macroeconomics, spending refers to foreign spending. In microeconomics, spending refers to spending by you, or your family, or your company, whereas in macroeconomics, spending refers to the spending by all consumers, all businesses, and the government in the economy. In microeconomics, spending refers to expenditure on consumer goods only, whereas in macroeconomics, spending refers to business expenditures only. In microeconomics, spending refers to one individual's spending, whereas in macroeconomics, spending refers to government expenditure.

In microeconomics, spending refers to spending by you, or your family, or your company, whereas in macroeconomics, spending refers to the spending by all consumers, all businesses, and the government in the economy.

What is the difference between microeconomics and macroeconomics? Microeconomics is the study of individual decisions in specific markets, whereas macroeconomics is the study of government policies. Microeconomics is the study of the economy as a whole, whereas macroeconomics is the study of individual decisions in specific markets. Microeconomics is the study of individual decisions in specific markets, whereas macroeconomics is the study of the economy as a whole. Microeconomics focuses only on the forces of individual demand and individual supply, whereas macroeconomics focuses only on policy making for the economy.

Microeconomics is the study of individual decisions in specific markets, whereas macroeconomics is the study of the economy as a whole.

Dale is a stay-at-home-parent whose typical day consists of getting the kids ready for school, doing the laundry, cooking three meals, and cleaning the house. How are Dale's home activities counted in GDP? They are counted at market value. They are not counted. They are counted by subtracting Dale's opportunity cost in terms of lost income. They are counted by assigning a value that is equivalent to what it would have taken to pay a housekeeper to perform the same tasks.

They are not counted.

Which of the following is a scaled number? government budget deficit as a percentage of GDP the country's national debt total tax revenues in the economy the sum of all incomes earned in the economy

government budget deficit as a percentage of GDP

Which of the following is an example of transfer payments? military salaries unemployment benefits government loans interest earned on savings in banks

unemployment benefits

Which of the following is an example of a durable good? fresh flowers from the florist a soft drink your haircut your new car

your new car