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| 1 | |
GDP excludes expenditures for: |
| | A) | additions to inventories |
| | B) | new housing |
| | C) | government purchases of military equipment |
| | D) | corporate stock |
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| 2 | |
The "G" term in C + Ig + G + Xn includes all of the following except: |
| | A) | state government purchases of new computers |
| | B) | Social Security checks received by retirees |
| | C) | salaries received by members of the military |
| | D) | local government expenditures for new school construction |
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| 3 | |
A nation's capital stock was valued at $400 billion on January 1st and $420 billion on December 31st. If consumption of private fixed capital was $15 billion during the year: |
| | A) | net investment was $35 billion |
| | B) | net investment was $5 billion |
| | C) | gross investment was $20 billion |
| | D) | gross investment was $35 billion |
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| 4 | |
Refer to the following data:
 <![CDATA[<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0073273082/384256/quiz6c_4.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (7.0K)</a>]]>
Net domestic product in this economy is: |
| | A) | $6,080 |
| | B) | $6,230 |
| | C) | $6,295 |
| | D) | $6,270 |
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| 5 | |
The income approach to GDP sums the total income earned by resource suppliers and adds: |
| | A) | net transfer payments and personal taxes |
| | B) | net investment and depreciation |
| | C) | depreciation, taxes on production and imports, and net factor income earned abroad |
| | D) | net transfer payments, depreciation, and net factor income earned in the U.S. |
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| 6 | |
Refer to the following data:
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This economy produces only one product; price and output data are shown for a five-year period. Year 3 is the base year.
The price index for year 4 is: |
| | A) | 80 |
| | B) | 120 |
| | C) | 20% |
| | D) | 1.2 |
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| 7 | |
Refer to the following data:
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This economy produces only one product; price and output data are shown for a five-year period. Year 3 is the base year.
Real GDP in year 5 is: |
| | A) | $40 |
| | B) | $50 |
| | C) | $56 |
| | D) | $70 |
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| 8 | |
In a given year, nominal GDP increased by 12% while the GDP price index rose from 150 to 156. Over this period, real GDP: |
| | A) | remained constant |
| | B) | rose by approximately 6% |
| | C) | rose by approximately 8% |
| | D) | rose by approximately 12% |
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| 9 | |
The change in real GDP is not an accurate measure of the change in economic welfare because: |
| | A) | improvements in product quality are overstated |
| | B) | expenditures for personal services are excluded |
| | C) | the price level changes over time |
| | D) | some production creates pollution |
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| 10 | |
If imports exceed exports, the "net exports" term in GDP is positive. |
| | A) | True |
| | B) | False |
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