1|Page
Econ 104 Bill Goffe Final Exam Prep Newest Actual
Exam With Complete Questions And Correct Detailed
Answers ||Verified Exam!!(Verified Answers) |Already
Graded A+||Newest Exam!!!
When you calculate GDP you need
-the prices of goods & services
-the amount of goods & services produced
-both the prices and quantities of produced goods &
services
-none of the above - Answers-both the prices and
quantities of produced goods & services
If you computed nominal GDP every year over a decade,
which is fixed or held constant over these years?
-prices
-quantities
-neither prices nor quantities - Answers-neither prices nor
quantities
Which is NOT part of the definition of capital, as used by
economists? It ___.
,2|Page
-must be manufactured
-is used by firms
-is used up in production
-produces other goods and services - Answers-is used up
in production
Which of the following would not be in this quarter's real
GDP?
-a new house that sold today
-a used truck that was sold to a business
-a bookstore adding to books in its warehouse
-a book manufactured in the U.S. and then sold in Mexico
- Answers-a used truck that was sold to a business
Which of the following is not part of GDP?
-purchases of new goods by households
-firms buying new machines
-the government buying new schools
-businesses paying bribes to government officials -
Answers-businesses paying bribes to government officials
,3|Page
The business cycle is the same thing as economic growth.
(True or False) - Answers-False
Which of the following is the best example of capital?
-a family buying a newly produced home
-a shoe store adding to its inventories
-a ship used to carry oil across the ocean
-the production and sale of a new delivery van for UPS -
Answers-a ship used to carry oil across the ocean
How are pollution and GDP related?
A. only the harm from pollution is included in GDP
B. the value of produced goods that lead to pollution are
counted in GDP and pollution is not counted
C. goods whose production creates pollution are not
counted in GDP - Answers-the value of produced goods
that lead to pollution are counted in GDP and pollution is
not counted
, 4|Page
GDP has various shortcomings in measuring well-being.
Which of the following is not one of these?
-the value of leisure
-the harm from pollution
-the cost of crime and other social problems
-the production of intermediate goods - Answers-the
production of intermediate goods
Which of the following would not be in real GDP when
measured by production?
-a car produced by GM & sold in New York
-the government purchasing a new truck
-a pencil manufactured in the U.S. that is sold in Japan
-the production of steel that is in turn used to make a car -
Answers-the production of steel that is in turn used to
make a car
Which of the following is an example of an intermediate
good as counted in GDP?
-a drill used by a professional carpenter
-a computer owned by Amazon that processes orders
-lumber used in the construction of a new home
Econ 104 Bill Goffe Final Exam Prep Newest Actual
Exam With Complete Questions And Correct Detailed
Answers ||Verified Exam!!(Verified Answers) |Already
Graded A+||Newest Exam!!!
When you calculate GDP you need
-the prices of goods & services
-the amount of goods & services produced
-both the prices and quantities of produced goods &
services
-none of the above - Answers-both the prices and
quantities of produced goods & services
If you computed nominal GDP every year over a decade,
which is fixed or held constant over these years?
-prices
-quantities
-neither prices nor quantities - Answers-neither prices nor
quantities
Which is NOT part of the definition of capital, as used by
economists? It ___.
,2|Page
-must be manufactured
-is used by firms
-is used up in production
-produces other goods and services - Answers-is used up
in production
Which of the following would not be in this quarter's real
GDP?
-a new house that sold today
-a used truck that was sold to a business
-a bookstore adding to books in its warehouse
-a book manufactured in the U.S. and then sold in Mexico
- Answers-a used truck that was sold to a business
Which of the following is not part of GDP?
-purchases of new goods by households
-firms buying new machines
-the government buying new schools
-businesses paying bribes to government officials -
Answers-businesses paying bribes to government officials
,3|Page
The business cycle is the same thing as economic growth.
(True or False) - Answers-False
Which of the following is the best example of capital?
-a family buying a newly produced home
-a shoe store adding to its inventories
-a ship used to carry oil across the ocean
-the production and sale of a new delivery van for UPS -
Answers-a ship used to carry oil across the ocean
How are pollution and GDP related?
A. only the harm from pollution is included in GDP
B. the value of produced goods that lead to pollution are
counted in GDP and pollution is not counted
C. goods whose production creates pollution are not
counted in GDP - Answers-the value of produced goods
that lead to pollution are counted in GDP and pollution is
not counted
, 4|Page
GDP has various shortcomings in measuring well-being.
Which of the following is not one of these?
-the value of leisure
-the harm from pollution
-the cost of crime and other social problems
-the production of intermediate goods - Answers-the
production of intermediate goods
Which of the following would not be in real GDP when
measured by production?
-a car produced by GM & sold in New York
-the government purchasing a new truck
-a pencil manufactured in the U.S. that is sold in Japan
-the production of steel that is in turn used to make a car -
Answers-the production of steel that is in turn used to
make a car
Which of the following is an example of an intermediate
good as counted in GDP?
-a drill used by a professional carpenter
-a computer owned by Amazon that processes orders
-lumber used in the construction of a new home
