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
