unit iii macro review--gdp
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Unit III Macro Review--GDP. Questions provided by students . Which is the most meaningful measure of economic performance?. A. Nominal GDP B. Real GDP C. Per capita GDP D. Undetermined GDP. Real GDP is. A. The value of final g and s produced and expressed in prices of a base year. - PowerPoint PPT PresentationTRANSCRIPT
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Unit III Macro Review--GDP
Questions provided by students
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Which is the most meaningful measure of economic performance?
A. Nominal GDP B. Real GDP C. Per capita GDP D. Undetermined GDP
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Real GDP is
A. The value of final g and s produced and expressed in prices of a base year.
B. Market value of all g and s produced. C. Total inflammation. D. The opposite of fake GDP.
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To calculate Ig you
A. Add net domestic investment and CFC B. Subtract CFC from net domestic
investment C. Add net domestic investment and net
foreign factor D. Subtract personal taxes from net domestic
investment
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The price index
A. Is used to measure inflation by the government.
B. Total market value of all final g and s. C. Measure of a specific collection of g and s
in a given year, as compared with a collection in a reference year.
D. Measures price levels.
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The GDP
A. Does not include final goods B. Includes nonproductive transactions C. Excludes nonproductive transactions D. Is not beneficial to the economy
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Which of the following counts in GDP?
A. Teaching a child how to read B. Producing pencils in Indonesia C. Government hiring new workers D. You buy 100 shares of Google stock
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What is CFC?
A. Consumption of free candy B. Consumption of fixed capital C. Corporate fixed capital D. Corporate foreign capital
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What is an example of Ig?
A. Secondhand sales B. Construction C. Government hiring workers D. Purchasing stocks
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Which of the following is FALSE about GDP?
A. Includes only final goods B. Services are produced within a country C. Is the value of what has been produced D. Includes unreported activities
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When is the GDP measured?
A. Once a month B. Once a year C. Every 3 months D. Every 4 months
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Which of the following counts in GDP?
A. Social Security checks B. Secondhand salesC. Broker serviceD. Overseas production
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What accounts for most of the GDP?
A. CB. IgC. GD. Xn
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Xn has been negative since
A. WWIB. The Great DepressionC. WWIID. Vietnam
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What do you subtract from PI to get DI?
A. Personal income taxB. Consumption of fixed capitalC. Net incomeD. Back transfer payments
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The index the gov’t uses to measure inflation is the
A. Consumer price indexB. Personal price indexC. Net price indexD. Domestic price index
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What doesn’t count as a part of the “Underground” economy?
A. Smuggling salesB. Personal incomeC. Stolen goodsD. Gambling
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What does the gov’t use CPI to adjust?
A. Income tax brackets and ss benefitsB. GDP / rGDPC. Average level of pricesD. Base year prices
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To get Xn, what equation do you use?
A. Imports – exportsB. Exports – importsC. CFC – government spendingD. Exports + imports
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Which of the following does NOT count in GDP?
A. Steel used to make carB. New carC. Dentist billD. New house
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What does count in GDP?
A. StocksB. Cash tipsC. Big MacD. US production overseas
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A specific collection of goods and services are a
A. CompanyB. Unified trade unionC. GDPD. Market basket
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In the expenditures approach, what does G mean?
A. Government spendingB. Gross investmentC. Gross domestic productD. Government savings
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What counts in GDP?
A. Buying 250 shares of Apple Inc.B. Baby sitting your little sister as a
favorC. Making muffins for your cousin's
birthdayD. Buying a soda for a homeless man
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The expenditure approach to GDP includes all EXCEPT
A. Personal savingsB. Gross investmentC. Net ExportsD. Government spending
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Disposable income is
A. The money in the US gov’t treasuryB. The result of spending on g and s
made in the USC. The income an individual can use for
consumption or savingsD. None of the above
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When assessing the economy the national income accounts serve
A. To Help other countries realize how much better the US economy is
B. A purpose just as income statements do for a business
C. Provides national deficit reportsD. Nothing concerning GDP or CPI
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Which of the following is not a consumer purchase counted in GDP?
A. A box of raisins from KrogerB. A t-shirt from the mallC. A pair of shoes from GoodwillD. A pretzel from Pretzeltime
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Name one purpose of estimating rGDP.
A. To compare standard of living over time
B. To compare standard of living by price
C. To compare standard of living over regions
D. To compare standard of living over states
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If nGDP rises but rGDP remains unchanged, prices have
A. DecreasedB. Stayed the sameC. IncreasedD. None of these
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Why do intermediate goods not count in GDP?
A. We can’t track intermediate goodsB. Not counting them avoids multiple
countingC. Mrs. Duez says so
D. It is too hard to calculate
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CFC =
A. Consumption of fixed capitalB. DepreciationC. Consumer fixed consumptionD. Both A and B
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The GDP is determined by the value of
goods_________, not ________.
A. Sold; producedB. Consumed; producedC. Produced; soldD. Consumed; sold
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Who is hurt by inflation?
A. Retirees or those on a fixed incomeB. NinjasC. People leasing apartments at a fixed
rateD. None of the above
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What is Net Domestic Product?
A. C + Ig + G +XnB. Imports – exportsC. Exports – importsD. GDP - CFC
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Underground activity could possibly add ___% to the GDP if it could be counted.
A. 7B. 8C. 9D. 10
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Are second hand sales calculated in GDP?
A. YesB. NoC. Depends on the condition of the
productD. Depends on the seller
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What is a COLA?
A. A soft drinkB. Cost of living adjustmentC. Cost of level adjustmentD. Capital of legal activities
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What is the formula to find rGDP?
A. PI / nGDP X 10B. nGDP / PI X 100C. DI / C X 10D. G / NI X 100
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The CPI has _____ products in the market basket.
A. 30B. 300C. 400D. 500
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CPI is used to measure?
A. GDPB. DeflationC. InflationD. Distance
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rGDP is
A. nGDP + inflationB. nGDP – inflationC. CPI + inflationD. Donuts