1、1 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.Chapter 23 Measuring a Nations IncomeMULTIPLE CHOICE1. Macroeconomists studya. the decisions of individual households and firms.b. the interaction b
2、etween households and firms.c. economy-wide phenomena.d. regulations imposed on firms and unions.ANS: C DIF: 1 REF: 10-0 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: MacroeconomicsMSC: Definitional2. Which of the following newspaper headlines is more closely related to
3、what microeconomists study than to what macroeconomists study?a. Unemployment rate rises from 5 percent to 5.5 percent.b. Real GDP grows by 3.1 percent in the third quarter.c. Retail sales at stores show large gains.d. The price of oranges rises after an early frost.ANS: D DIF: 2 REF: 10-0 NAT: Anal
4、yticLOC: The study of economics and definitions in economics TOP: MacroeconomicsMSC: Interpretive3. Which of the following questions is more likely to be studied by a microeconomist than a macroeconomist?a. Why do prices in general rise by more in some countries than in others?b. Why do wages differ
5、 across industries?c. Why do national production and income increase in some periods and not in others?d. How rapidly is GDP currently increasing?ANS: B DIF: 2 REF: 10-0 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: MacroeconomicsMSC: Interpretive4. Which of the followin
6、g topics are more likely to be studied by a macroeconomist than by a microeconomist?a. the effect of taxes on the prices of airline tickets, and the profitability of automobile-manufacturing firmsb. the price of beef, and wage differences between gendersc. how consumers maximize utility, and how pri
7、ces are established in markets for agricultural productsd. the percentage of the labor force that is out of work, and differences in average income from country to countryANS: D DIF: 2 REF: 10-0 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: MacroeconomicsMSC: Interpretiv
8、e5. We would expect a macroeconomist, as opposed to a microeconomist, to be particularly interested in a. explaining how economic changes affect prices of particular goods.b. devising policies to deal with market failures such as externalities and market power.c. devising policies to promote low inf
9、lation.d. identifying those markets that are competitive and those that are not competitive.ANS: C DIF: 2 REF: 10-0 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: MacroeconomicsMSC: Interpretive2 Chapter 23/Measuring a Nations Income 2012 Cengage Learning. All Rights Rese
10、rved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.6. Which of the following is not a question that macroeconomists address?a. Why is average income high in some countries while it is low in others?b. Why does the price of oil rise when wa
11、r erupts in the Middle East?c. Why do production and employment expand in some years and contract in others?d. Why do prices rise rapidly in some periods of time while they are more stable in other periods?ANS: B DIF: 2 REF: 10-0 NAT: AnalyticLOC: The study of economics and definitions in economics
12、TOP: MacroeconomicsMSC: Interpretive7. The basic tools of supply and demand area. useful only in the analysis of economic behavior in individual markets.b. useful in analyzing the overall economy, but not in analyzing individual markets.c. central to microeconomic analysis, but seldom used in macroe
13、conomic analysis.d. central to macroeconomic analysis as well as to microeconomic analysis.ANS: D DIF: 1 REF: 10-0 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: Supply and demandMSC: Definitional8. Which of the following statistics is usually regarded as the best single
14、measure of a societys economic well-being?a. the unemployment rateb. the inflation ratec. gross domestic productd. the trade deficitANS: C DIF: 1 REF: 10-0 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: GDPMSC: Definitional9. GDPa. is used to monitor the performance of th
15、e overall economy but is not the single best measure of a societys economic well-being.b. is used to monitor the performance of the overall economy and is the single best measure of a societys economic well-being.c. is not used to monitor the performance of the overall economy but is the single best
16、 measure of a societys economic well-being.d. is not used to monitor the performance of the overall economy and is not the single best measure of a societys economic well-being.ANS: B DIF: 1 REF: 10-0 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: GDPMSC: DefinitionalTHE
17、ECONOMYS INCOME AND EXPENDITURE1. Gross domestic product measuresa. income and expenditures.b. income but not expenditures.c. expenditures but not income.d. neither income nor expenditures.ANS: A DIF: 2 REF: 10-1 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: GDPMSC: Inte
18、rpretiveChapter 23 /Measuring a Nations Income 3 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.2. Expenditures on a nations domestic productiona. are less than its domestic production.b. are equal
19、 to its domestic production.c. are greater than its domestic production.d. could be less than, equal to, or greater than its domestic production.ANS: B DIF: 1 REF: 10-1 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: GDPMSC: Definitional3. Income generated by a nations dom
20、estic productiona. is less than its domestic production.b. is equal to its domestic production.c. is greater than its domestic production.d. could be less than, equal to, or greater than its domestic production.ANS: B DIF: 1 REF: 10-1 NAT: AnalyticLOC: The study of economics and definitions in econo
21、mics TOP: GDPMSC: Definitional4. For an economy as a whole,a. wages must equal profit.b. consumption must equal saving.c. income must equal expenditure.d. the number of buyers must equal the number of sellers.ANS: C DIF: 2 REF: 10-1 NAT: AnalyticLOC: The study of economics and definitions in economi
22、cs TOP: GDPMSC: Interpretive5. Which of the following statements about GDP is correct?a. GDP measures two things at once: the total income of everyone in the economy and the total expenditure on the economys output of goods and services.b. Money continuously flows from households to firms and then b
23、ack to households, and GDP measures this flow of money.c. GDP is generally regarded as the best single measure of a societys economic well-being.d. All of the above are correct.ANS: D DIF: 2 REF: 10-1 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: GDPMSC: Interpretive6. B
24、ecause every transaction has a buyer and a seller,a. GDP is more closely associated with an economys income than it is with an economys expenditure.b. every transaction contributes equally to an economys income and to its expenditure.c. the number of firms must be equal to the number of households i
25、n a simple circular-flow diagram.d. firms profits are necessarily zero in a simple circular-flow diagram.ANS: B DIF: 2 REF: 10-1 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: Circular flowMSC: Interpretive4 Chapter 23/Measuring a Nations Income 2012 Cengage Learning. All
26、 Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.7. For an economy as a whole, income must equal expenditure becausea. the number of firms is equal to the number of households in an economy.b. individuals can only spend what
27、they earn each period.c. every dollar of spending by some buyer is a dollar of income for some seller.d. every dollar of saving by some consumer is a dollar of spending by some other consumer.ANS: C DIF: 2 REF: 10-1 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: Circular
28、flowMSC: Interpretive8. If an economys GDP falls, then it must be the case that the economysa. income falls and saving rises.b. income and saving both fall.c. income falls and expenditure rises.d. income and expenditure both fall.ANS: D DIF: 2 REF: 10-1 NAT: AnalyticLOC: The study of economics and d
29、efinitions in economics TOP: GDPMSC: Interpretive9. If an economys GDP rises, then it must be the case that the economysa. income rises and saving falls.b. income and saving both rise.c. income rises and expenditure falls.d. income and expenditure both rise.ANS: D DIF: 2 REF: 10-1 NAT: AnalyticLOC:
30、The study of economics and definitions in economics TOP: GDPMSC: Interpretive10. Which of the following statements about GDP is correct?a. GDP measures two things at once: the total income of everyone in the economy and the unemployment rate of the economys labor force.b. Money continuously flows fr
31、om households to government and then back to households, and GDP measures this flow of money.c. GDP is to a nations economy as household income is to a household.d. All of the above are correct.ANS: C DIF: 2 REF: 10-1 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: GDPMSC:
32、 Interpretive11. In a simple circular-flow diagram, total income and total expenditure area. never equal because total income always exceeds total expenditure.b. seldom equal because of the ongoing changes in an economys unemployment rate.c. equal only when the government purchases no goods or servi
33、ces.d. always equal because every transaction has a buyer and a seller.ANS: D DIF: 2 REF: 10-1 NAT: AnalyticLOC: Understanding and applying economic models TOP: Circular flowMSC: InterpretiveChapter 23 /Measuring a Nations Income 5 2012 Cengage Learning. All Rights Reserved. May not be scanned, copi
34、ed or duplicated, or posted to a publicly accessible website, in whole or in part.12. In a simple circular-flow diagram,a. households spend all of their income.b. all goods and services are bought by households.c. expenditures flow through the markets for goods and services, while income flows throu
35、gh the markets for the factors of production.d. All of the above are correct.ANS: D DIF: 2 REF: 10-1 NAT: AnalyticLOC: Understanding and applying economic models TOP: Circular flowMSC: Interpretive13. In a simple circular-flow diagram, firms use the money they get from a sale toa. pay wages to worke
36、rs.b. pay rent to landlords.c. pay profit to the firms owners.d. All of the above are correct.ANS: D DIF: 1 REF: 10-1 NAT: AnalyticLOC: Understanding and applying economic models TOP: Circular flowMSC: Definitional14. In a simple circular-flow diagram, households buy goods and services with the inco
37、me they get froma. wages.b. rents.c. profits.d. All of the above are correct.ANS: D DIF: 1 REF: 10-1 NAT: AnalyticLOC: Understanding and applying economic models TOP: Circular flowMSC: Definitional15. In the actual economy, householdsa. spend all of their income.b. divide their income among spending
38、, taxes, and saving.c. buy all goods and services produced in the economy.d. Both (a) and (c) are correct.ANS: B DIF: 2 REF: 10-1 NAT: AnalyticLOC: Understanding and applying economic models TOP: Circular flowMSC: Interpretive16. Total income from the domestic production of final goods and services
39、equals a. only household expenditures for these goods.b. only household and business expenditures for these goods.c. only household and government expenditures for these goods.d. the expenditures for these goods whoever buys them.ANS: D DIF: 1 REF: 10-1 NAT: AnalyticLOC: The study of economics and d
40、efinitions in economics TOP: Circular flowMSC: Definitional6 Chapter 23/Measuring a Nations Income 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.17. In the actual economy, goods and services are p
41、urchased bya. households, but not firms or the government.b. households and firms, but not the government.c. households and the government, but not firms.d. households, firms, and the government.ANS: D DIF: 1 REF: 10-1 NAT: AnalyticLOC: Understanding and applying economic models TOP: Circular flowMS
42、C: Interpretive18. According to the circular-flow diagram GDPa. can be computed as the total income paid by firms or as expenditures on final goods and services.b. can be computed as the total income paid by firms, but not as expenditures on final goods and services.c. can be computed as expenditure
43、s on final goods and services, but not as the total income paid by firms.d. cannot be computed as either total income paid by firms or expenditures on final goods and services.ANS: A DIF: 2 REF: 10-1 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: Circular flowMSC: Definit
44、ional19. According to the circular-flow diagram GDPa. can be computed as either the revenue firms receive from the sales of goods and services or the payments they make to factors of production.b. can be computed as the revenue firms receive from the sales of goods and services but not as the paymen
45、ts they make to factors of production.c. can be computed as payments firms make to factors of production but not as revenues they receive from the sales of goods and services.d. cannot be computed as either the revenue firms receive or the payments they make to factors of production.ANS: A DIF: 2 RE
46、F: 10-1 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: Circular flowMSC: DefinitionalTHE MEASUREMENT OF GROSS DOMESTIC PRODUCT1. GDP is defined as thea. value of all goods and services produced within a country in a given period of time.b. value of all goods and services
47、produced by the citizens of a country, regardless of where they are living, in a given period of time.c. value of all final goods and services produced within a country in a given period of time.d. value of all final goods and services produced by the citizens of a country, regardless of where they
48、are living, in a given period of time.ANS: C DIF: 1 REF: 10-2 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: Domestic productionMSC: DefinitionalChapter 23 /Measuring a Nations Income 7 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated,
49、or posted to a publicly accessible website, in whole or in part.2. Which of the following is a way to compute GDP?a. add up the wages paid to all workersb. add up the quantities of all final goods and servicesc. add up the market values of all final goods and servicesd. add up the difference between the market values of all final goods and services and then subtract the costs of producing those goods and servicesANS: C DIF: 2 REF: 10-2 NAT: AnalyticLOC: The study of economics and definitions in economics TOP: Market valueMSC: Interpre
