1、Name: _ Date: _1. The economic statistic used to measure the level of prices is:A) GDP.B) CPI.C) GNP.D) real GDP.2. The statistic used by economists to measure the value of economic output is:A) the CPI.B) GDP.C) the GDP deflator.D) the unemployment rate.3. GDP is all of the following except the tot
2、al:A) expenditure of everyone in the economy.B) income of everyone in the economy.C) expenditure on the economys output of goods and services.D) output of the economy.4. The total income of everyone in the economy is exactly equal to the total:A) expenditure on the economys output of goods and servi
3、ces.B) consumption expenditures of everyone in the economy.C) expenditures of all businesses in the economy.D) government expenditures.5. An economys _ equals its _.A) consumption; incomeB) consumption; expenditure on goods and servicesC) expenditure on goods; expenditures on servicesD) total income
4、; total expenditure on goods and services6. All of the following are measures of GDP except the total:A) expenditures of all businesses in the economy.B) income from all production in the economy.C) expenditures on all final goods and services produced.D) value of all final production.7. It is a nat
5、ional income accounting rule that all expenditure on purchases of products in the economy is necessarily equal to:A) profits of firms.B) wages of employees.C) income of the producers of the products in the economy.D) income of employees.8. Two equivalent ways to view GDP are as the:A) total payments
6、 made to all workers in the economy or the total profits of all firms and businesses in the economy.B) total expenditures on all goods produced in the economy or the total income earned from producing all services in the economy.C) total profits of all firms and businesses in the economy or the tota
7、l consumption of goods and services by all households in the economy.D) total income of everyone in the economy or the total expenditure on the economys output of goods and services.9. In the circular flow model, the flow of dollars from firms to households is paid _ and the flow of dollars from hou
8、seholds to firms is paid _.A) as wages and profits; for goods and servicesB) for value added; as imputed valuesC) in current dollars; in constant dollarsD) as interest and dividends; for depreciation and taxes10. Which of the following is a flow variable?A) wealthB) the number unemployedC) governmen
9、t debtD) income11. Which of the following is a stock variable?A) wealthB) consumptionC) investmentD) income12. All of the following are a stock except:A) a consumers wealth.B) the government budget deficit.C) the number of unemployed people.D) the amount of capital in the economy.13. All of the foll
10、owing are a flow except:A) the number of new automobile purchases.B) the number of people losing their jobs.C) business expenditures on plant and equipment.D) the government debt.14. The amount of capital in an economy is a _ and the amount of investment is a _.A) flow; stockB) stock; flowC) final g
11、ood; intermediate goodD) intermediate good; final good15. The market value of all final goods and services produced within an economy in a given period of time is called:A) industrial production.B) gross domestic product.C) the GDP deflator.D) general durable purchases.16. GDP is the market value of
12、 all _ goods and services produced within an economy in a given period of time.A) usedB) intermediateC) consumerD) final17. To compute the value of GDP:A) goods and services are valued at market prices.B) the sale of used goods is included.C) production for inventory is not included.D) goods and ser
13、vices are valued by weight.18. Assume that total output consists of 4 apples and 6 oranges and that apples cost $1 each and oranges cost $0.50 each. In this case, the value of GDP is:A) 10 pieces of fruit.B) $7.C) $8.D) $10.19. All of the following transactions that took place in 2009 would be inclu
14、ded in GDP for 2009 except the purchase of a:A) book printed in 2009, entitled The Year 3000.B) 2001 Jeep Cherokee.C) year 2010 calendar printed in 2009.D) ticket to see the movie 2001.20. Since GDP includes only the additions to income, not transfers of assets, _ are not included in the computation
15、 of GDP.A) final goodsB) used goodsC) consumption goodsD) goods produced for inventory21. When a firm sells a product out of inventory, GDP:A) increases.B) decreases.C) is not changed.D) increases or decreases, depending on the year the product was produced.22. When a firm sells a product out of inv
16、entory, investment expenditures _ and consumption expenditures _.A) increase; decreaseB) decrease; increaseC) decrease; remain unchangedD) remain unchanged; increase23. Assume that a bakery hires more workers and pays them wages and that the workers produce more bread. GDP increases in all of the fo
17、llowing cases except when the bread:A) is sold to households.B) is stored away for later sale.C) grows stale and is thrown away.D) is sold to other firms.24. When bread is baked but put away for later sale, this is called:A) waste.B) saving.C) fixed investment.D) investment in inventory.25. Assume t
18、hat a rancher sells McDonalds a quarter-pound of meat for $1 and that McDonalds sells you a hamburger made from that meat for $2. In this case, the value included in GDP should be:A) $0.50.B) $1.C) $2.D) $3.26. Assume that a tire company sells 4 tires to an automobile company for $400, another compa
19、ny sells a compact disc player for $500, and the automobile company puts all of these items in or on a car that it sells for $20,000. In this case, the amount from these transactions that should be counted in GDP is:A) $20,000.B) $20,000 less the automobile companys profit on the car.C) $20,900.D) $
20、20,900 less the profits of all three companies on the items that they sold.27. The value added of an item produced refers to:A) a firms profits on the item sold.B) the value of the labor inputs in the production of an item.C) the value of a firms output less the value of its costs.D) the value of a
21、firms output less the value of the intermediate goods that the firm purchases.28. Assume that a firm buys all the parts that it puts into an automobile for $10,000, pays its workers $10,000 to fabricate the automobile, and sells the automobile for $22,000. In this case, the value added by the automo
22、bile company is:A) $10,000.B) $12,000.C) $20,000.D) $22,000.29. In computing GDP,A) expenditures on used goods are included.B) production added to inventories is excluded.C) the amount of production in the underground economy is imputed.D) the value of intermediate goods is included in the market pr
23、ice of the final goods.30. To avoid double counting in the computation of GDP, only the value of _ goods are included.A) finalB) usedC) intermediateD) investment31. Imputed values included in GDP are the:A) market prices of goods and services.B) estimated value of goods and services that are not sol
24、d in the marketplace.C) price of goods and services measured in constant prices.D) price of goods and services measured in current prices.32. An example of an imputed value in the GDP is the:A) value-added of meals cooked at home.B) housing services enjoyed by homeowners.C) services of automobiles t
25、o their owners.D) value of illegal drugs sold.33. In principle, the GDP accounts shouldbut do nothave an imputation for:A) housing services enjoyed by homeowners.B) rental services of automobiles driven by owners.C) meals cooked in restaurants.D) housing services enjoyed by renters.34. The undergrou
26、nd economy:A) is included in the latest GDP accounts.B) includes only illegal activities.C) includes domestic workers for whom Social Security tax is not collected.D) excludes the illegal drug trade.35. Real GDP is measured in _ prices _ time.A) current; at a point inB) current; per unit ofC) consta
27、nt; at a point inD) constant; per unit of36. Nominal GDP is measured in _ prices _ time.A) current; at a point inB) current; per unit ofC) constant; at a point inD) constant; per unit of37. Nominal GDP means the value of goods and services is measured in _ prices.A) currentB) realC) constantD) avera
28、ge38. Real GDP means the value of goods and services is measured in _ prices.A) currentB) actualC) constantD) average39. Assume that apples cost $0.50 in 2002 and $1 in 2009, whereas oranges cost $1 in 2002 and $1.50 in 2009. If 4 apples were produced in 2002 and 5 in 2009, whereas 3 oranges were pr
29、oduced in 2002 and 4 in 2009, then real GDP (in 2002 prices) in 2009 was:A) $5.B) $6.50.C) $9.50.D) $11.40. The best measure of the economic satisfaction of the members of a society is:A) nominal GDP.B) real GDP.C) the rate of inflation.D) the value of corporate profits.41. If nominal GDP in 2009 eq
30、uals $14 trillion and real GDP in 2009 equals $11 trillion, what is the value of the GDP deflator?A) 0.79B) 1.03C) 1.27D) 1.3042. If the GDP deflator in 2009 equals 1.25 and nominal GDP in 2009 equals $15 trillion, what is the value of real GDP in 2009?A) $12 trillionB) $12.5 trillionC) $15 trillion
31、D) $18.75 trillion43. The GDP deflator is equal to:A) the ratio of nominal GDP to real GDP.B) the ratio of real GDP to nominal GDP.C) real GDP minus national GDP.D) nominal GDP minus real GDP.44. Assume that apples cost $0.50 in 2002 and $1 in 2009, whereas oranges cost $1 in 2002 and $1.50 in 2009.
32、 If 4 apples were produced in 2002 and 5 in 2009, whereas 3 oranges were produced in 2002 and 5 in 2009, then the GDP deflator in 2009, using a base year of 2002, was approximately:A) 1.5.B) 1.7.C) 1.9.D) 2.0.45. If nominal GDP grew by 5 percent and real GDP grew by 3 percent, then the GDP deflator
33、grew by approximately _ percent.A) 2B) 3C) 5D) 846. If nominal GDP increased by 5 percent and the GDP deflator increased by 3 percent, then real GDP _ by _ percent.A) increased; 2B) decreased; 2C) increased; 8D) decreased; 847. Nominal GDP measures the value of goods and services in _ prices, while
34、real GDP measures the value of goods and services in _ prices.A) foreign; domesticB) domestic; foreignC) current; constantD) constant; current48. Real GDP is a better measure of economic well-being than nominal GDP, because real GDP:A) excludes the value of goods and services exported aboard.B) incl
35、udes the value of government transfer payments.C) measures changes in the quantity of goods and services produced by holding prices constant.D) adjusts the value of goods and services produced for changes in the foreign exchange rate.49. Chain-weighted measures of real GDP make use of prices from:A)
36、 an unchanging base year.B) a continuously changing base year.C) a base year that is changed approximately every 5 years.D) a base year that is changed approximately every 10 years.50. The new chain-weighted measures of real GDP are an improvement over traditional measures because the prices used to
37、 compute real GDP are:A) never far out of date.B) always from the same base year.C) imputed.D) chained to the CPI.51. The national income accounts identity, for an open economy, is:A) Y = C + I + G NX.B) Y = C + I + G + NX.C) Y = C + I + G.D) Y = C + I G.52. If GDP (measured in billions of current d
38、ollars) is $5,465, consumption is $3,657, investment is $741, and government purchases are $1,098, then net exports are:A) $131.B) $131.C) $31.D) $31.53. If GDP (measured in billions of current dollars) is $5,465, consumption is $3,657, investment is $741, and net exports are $1,910, then government purchases are:A) $2,977.B) $1,910.C) $843.D) $1,067.54. If real GDP grew by 6 percent and population grew by 2 percent, then real GDP per person grew by approximately _ percent.A) 2B) 3C) 4D) 8
