@GDP

GDP: Measuring Total Production and Income

1)

Total production in the economy is measured as the

A)

total number of goods and services produced in the economy.

B)

dollar value of all final goods and services produced in the economy.

C)

total number of goods produced in the economy.

D)

total number of services produced in the economy.

2)

A final good is one that

A)

is used in the production of another good.

B)

is a natural resource used to produce a good.

C)

is purchased as an input in the production process.

D)

is purchased by its final user.

3)

How are intermediate goods treated in the calculation of GDP?

A)

Their value is not counted separately, but included as part of the value of the final good of which they are an input.

B)

Their value is counted separately, and their value is also included as part of the value of the final good of which they are an input.

C)

They are included in the year that they are produced.

D)

They are included only if they are imported.

4)

An example of an intermediate good would be

A)

the bread that goes into a sub sandwich.

B)

the soda pop sold by Quiznos.

C)

a sub sandwich sold by Quiznos.

D)

the potato chips sold by Quiznos.

5)

An example of an intermediate good would be

A)

a new car.

B)

a used car.

C)

the rims on a new car.

D)

new rims to replace old rims on a used car.

6)

An example of final good would be

A)

the soy milk sold to Starbucks.

B)

the whipped cream sold to Starbucks.

C)

a soy latte sold by Starbucks to a student.

D)

the coffee beans sold to Starbucks.

7)

Home Depot sells new and used doors to contractors who build new homes.. Home Depot also sells new and used doors to homeowners. Which of the following would be counted in GDP?

A)

The sale of a used door to a homeowner.

B)

The sale of a new door to homeowner.

C)

The sale of a used door to TapKon construction for installation into a new home.

D)

The sale of a new door to TapKon construction for installation into a new home.

8)

Which of the following transactions would be included in the official calculation of GDP?

A)

A student buys a used text book at the bookstore.

B)

Firestone sells $2 million worth of tires to General Motors.

C)

You wash and wax your father's car as a favor to him.

D)

You buy a new iPod.

E)

You illegally download music off the Internet to put on your new iPod.

9)

A car that is produced in 2004 is not sold until 2005. According to the definition of GDP, in which year's GDP should it be counted?

A)

2004

B)

2005

C)

both years

D)

2004 real GDP; 2005 nominal GDP

10)

A transfer payment is a payment by the government to an individual

A)

for a service.

B)

for an investment good.

C)

for a consumption good.

D)

for which the government does not receive a good or service in return.

E)

for a debt owed.

11)

An example of a transfer payment is

A)

a teacher's paycheck.

B)

a paycheck for a member of the National Guard.

C)

a welfare payment.

D)

a purchase of a new bridge in Alaska.

12)

In the circular flow, ________ supply the factors of production, and ________ goods and services.

A)

households; sell

B)

households; buy

C)

firms; sell

D)

firms; buy

13)

________ is/are the payment for the factor of production ________.

A)

wages; capital

B)

interest; labor

C)

profit; entrepreneurship

D)

rent; capital

14)

Investment spending includes spending on

A)

stocks

B)

nondurable goods

C)

changes in business inventories

D)

transfer payments

15)

Which of the following are not considered part of government purchases?

A)

welfare benefits

B)

teacher's salaries paid by a local government

C)

a tank purchased by the federal government

D)

a bridge purchased by the state government

16)

Consumption expenditures do NOT include household purchases of

A)

medical care.

B)

education.

C)

new houses.

D)

durable goods.

17)

Which of the following is considered a durable good?

A)

medical care

B)

clothing

C)

food

D)

a washing machine

18)

Assuming that the United States is the domestic economy, ________ are goods and services produced by ________ and purchased by ________.

A)

exports; foreign countries; the United States

B)

exports; the United States; the United States

C)

imports; foreign countries; foreign countries

D)

imports; foreign countries; the United States

19)

The largest component of spending in GDP is

A)

consumption spending.

B)

investment spending.

C)

government spending.

D)

net export spending.

20)

Which component of consumption spending is the greatest?

A)

services

B)

durable goods

C)

nondurable goods

D)

new housing

21)

To calculate GDP using the value added method, one would add up

A)

the market value of final goods and services produced during a particular period.

B)

only the value added by by the underground economy.

C)

the value added by each firm involved in the production of final goods and services.

D)

the market value of intermediate goods and services produced during a particular period.

22)

GDP is not a perfect measure of well-being because

A)

the value of leisure is included in GDP.

B)

GDP is not adjusted for pollution.

C)

GDP is adjusted for changes in crime.

D)

GDP is adjusted for increases in drug addiction.

23)

Which of the following accurately describes an effect of the hurricane Katrina on GDP?

A)

GDP would decrease reflecting the costs of cleanup.

B)

GDP would increase reflecting the costs of cleanup.

C)

GDP would increase reflecting the decrease in production that occurred during the storm and the productive capacity lost in the storm.

D)

GDP would increase well being.

24)

The underground economy can be described as

A)

production of intermediate goods and services.

B)

economic production that includes mining.

C)

economic activity that is hidden from the government to avoid taxes or because the activity is illegal.

D)

production of infrastructure that spurs growth in the rest of the economy.

25)

Which of the following is counted in GDP?

A)

the value of goods and services produced in the underground economy.

B)

the cost of a speed boat purchased at Bob's Boats used by drug smugglers.

C)

the value of do-it-yourself work.

D)

the value of leisure.

26)

If a country passes a labor law limiting the number of hours of work per week, GDP would ________and leisure would ________.

A)

decrease; increase

B)

increase; increase

C)

decrease; decrease

D)

increase; decrease

27)

If a country passes a law requiring that all smokestacks must have filters and scrubbers, GDP would ________ and well being would ________. (Assume that the lost production from implementing the new technology is greater than the value of the new filters and scrubbers.)

A)

decrease; increase

B)

increase; increase

C)

decrease; decrease

D)

increase; decrease

28)

If China decides to enact laws to clean up the environment, what would be the effect on GDP? You can assume that the pollution control laws have the effect of making manufacturing firms less productive.

A)

GDP would increase reflecting the fact that the environment would be cleaner.

B)

GDP would decrease as the pollution controls make it so that less output is now produced with the same inputs.

C)

GDP would increase as the citizens of China were made happier as the environment was cleaned up.

D)

GDP would decrease as the environmental costs of pollution were not included in the calculation of GDP.

29)

The measure of production that values production using current prices is called

A)

value added GDP.

B)

nominal GDP.

C)

real GDP.

D)

underground GDP.

31)

The measure of production that values output using a base year is called

A)

value added GDP.

B)

nominal GDP.

C)

real GDP.

D)

underground GDP.

32)

Net national product (NNP) is equal to

A)

GDP plus depreciation.

B)

GDP minus depreciation.

C)

GNP plus depreciation.

D)

GNP minus depreciation.

33)

The drawback to calculating real GDP using base year prices is that

A)

real GDP in one year is not comparable to real GDP in another year.

B)

relative prices change over time, these are not reflected in base year prices, and this distorts GDP.

C)

relative prices change over time and these changes are reflected in base year prices.

D)

quality changes are reflected in base year prices.

34)

Nominal GDP is another word for

A)

inflation adjusted GDP.

B)

real GDP.

C)

constant dollar GDP.

D)

current dollar GDP.

35)

Suppose that a very simple economy produces three goods: movies, burgers, and bikes. Suppose the quantities produced and their corresponding prices for 2002 and 2007 are shown in the table:

What is nominal GDP in 2007?

A)

$3,320

B)

$3,690

C)

$6,360

D)

$7,035

36)

Suppose that a very simple economy produces three goods: movies, burgers, and bikes. Suppose the quantities produced and their corresponding prices for 2002 and 2007 are shown in the table:

What is nominal GDP in 2002?

A)

$3,320

B)

$3,690

C)

$6,360

D)

$7,035

37)

Suppose that a very simple economy produces three goods: movies, burgers, and bikes. Suppose the quantities produced and their corresponding prices for 2002 and 2007 are shown in the table:

What is real GDP in 2007, using 2002 as the base year?

A)

$3,320

B)

$3,690

C)

$6,360

D)

$7,035

38)

Suppose that a very simple economy produces three goods: cameras, legal services, and books. Suppose the quantities produced and their corresponding prices for 2006 and 2009 are shown in the table:

What is real GDP in 2006, using 2009 as the base year?

A)

$109,000

B)

$2,147,750

C)

$190,000

D)

$1,090,500

39)

Suppose that a very simple economy produces three goods: cameras, legal services, and books. Suppose the quantities produced and their corresponding prices for 2006 and 2009 are shown in the table:

What is real GDP in 2009, using 2009 as the base year?

A)

$109,000

B)

$2,147,750

C)

$190,000

D)

$1,090,500

42)

Which of the following is a TRUE statement about real and nominal GDP

A)

If nominal GDP increases from one year to the next, we know that production of goods and services has risen.

B)

Nominal GDP is a better measure than real GDP in comparing changes in the production of goods and service year after year.

C)

Increases in average prices do not affect the calculation of nominal GDP.

D)

If real GDP increases from one year to the next, we know that production of goods and services has risen.

43)

If nominal GDP rises we can say that

A)

production has risen and prices remain constant.

B)

prices have risen and production remains constant.

C)

production has risen or prices have risen or both have risen.

D)

production has fallen and prices have risen.

44)

The GDP deflator is equal to

A)

real GDP divided by nominal GDP.

B)

nominal GDP divided by real GDP.

C)

nominal GDP divided by real GDP multiplied by 100.

D)

real GDP divided by nominal GDP multiplied by 100.

45)

Given the following information, calculate the GDP deflator in 2005.

A)

105

B)

114

C)

95

D)

87

46)

Given the following information, calculate the GDP deflator in 2004.

A)

105

B)

114

C)

95

D)

87

47)

Given the following information, calculate the rate of increase in the price level from 2004 to 2005.

A)

8.6%

B)

7.9%

C)

-7.9%

D)

-8.6%

48)

Gross national product is defined as

A)

the value of final goods and services produced within the United States.

B)

the value of final goods and services produced outside of the United States.

C)

the value of final goods and services produced by residents of the United States even if the production takes place outside of the United States.

D)

the value of final goods and services produced within the United States, by United States residents.

49)

If a U.S. firm produces cars in Mexico, that production should count towards

A)

U.S. GNP.

B)

Mexico's GNP.

C)

U.S. GDP.

D)

It will not affect either U.S. GNP or U.S. GDP.

50)

If a German

firm produces cars in the United States, that production should count towards

A)

U.S. GNP.

B)

German GDP.

C)

U.S. GDP.

D)

It will not affect either U.S. GNP or U.S. GDP.

51)

Given the following information, what can we say has happened in the economy from 2004 and 2005?

A)

The price level has fallen.

B)

The price level has risen.

C)

The price level has remained constant.

D)

Not enough information is available to determine what has happened to prices..

52)

Net national product is defined as

A)

GDP less depreciation.

B)

GNP less depreciation.

C)

national income less depreciation.

D)

national income less sales taxes.

53)

National income is defined as

A)

net national product plus indirect sales taxes.

B)

net national product less retained earnings plus transfer payments.

C)

net national product less depreciation.

D)

net national product less indirect sales taxes.

54)

Personal income is defined as

A)

national income less retained earnings plus transfer payments and plus interest on government bonds.

B)

national income plus retained earnings less transfer payments and less interest on government bonds.

C)

national income less depreciation.

D)

national income less indirect sales taxes.

55)

Disposable income is defined as

A)

personal income less personal taxes plus indirect sales taxes.

B)

personal income less transfer payments plus personal taxes .

C)

personal income less personal taxes .

D)

personal income less depreciation.

56)

In periods when prices are falling on average,

A)

real GDP will grow slower than nominal GDP.

B)

real GDP will grow faster than nominal GDP.

C)

real GDP will grow as fast as nominal GDP.

D)

one cannot calculate real GDP.

57)

If prices are rising on average, then

A)

real GDP will always be equal to nominal GDP.

B)

real GDP will be greater than nominal GDP in the years after the base year.

C)

real GDP will be less than nominal GDP in the years before the base year.

D)

real GDP will be greater than nominal GDP in the years before the base year.

58)

________ is found by subtracting ________ and adding transfer payments to ___________.

A)

disposable personal income; indirect business taxes ; personal income

B)

national income; personal tax payments ; personal income

C)

personal income; retained earnings; national income

D)

national income; indirect business taxes; personal income

59)

If real GDP increases we know for sure that

A)

prices have risen.

B)

output has risen.

C)

prices have risen but output has remained constant.

D)

prices have remained constant.

The furthest distance in the world

Is not between life and death

But when I stand in front of you

Yet you don't know that

I love you.

The furthest distance in the world

Is not when I stand in front of you

Yet you can't see my love

But when undoubtedly knowing the love from both

Yet cannot be together.

The furthest distance in the world

Is not being apart while being in love

But when I plainly cannot resist the yearning

Yet pretending you have never been in my heart.

The furthest distance in the world

Is not struggling against the tides

But using one's indifferent heart

To dig an uncrossable river

For the one who loves you.

本文来源：https://www.2haoxitong.net/k/doc/dc30f13ac950ad02de80d4d8d15abe23492f0353.html