STQP1523
Sila jawab semua soalan 5. The portion of the four-sector circular flow model
1. Gross domestic product is equal to the market value which shows the flow of funds from savers to
of all final goods and services: borrowers is the:
A. exchanged during a period A. product market.
B. produced domestically during a period B. factor market.
C. produced by the citizens of a nation during a C. savings market.
period D. financial market.
D. produced domestically during a period minus the
depreciation of productive assets 6. The expenditure approach to GDP accounting
includes:
2. Which of the following is true? A. wages and salaries.
A. GDP is a “flow” concept. B. net exports.
B. The purchase prices of both intermediate goods C. net interest.
and final goods are included in GDP. D. corporate profit.
C. GDP measures economic welfare E. proprietors’ income
D. GDP is a measure of changes in the general
level of prices. 7. If net exports are a negative number, then:
A. we are not buying enough exports.
3. Which of the following would be counted as a final B. we are buying too many exports.
good for inclusion in GDP? C. GDP will underestimated when measured using
A. A piece of glass bought this year by a consumer the expenditure approach.
to fix a broken window. D. we are exporting more than we are importing.
B. A sheet of glass produced this year by Ford for E. we are exporting less than we are importing
windows in a new car.
C. A tire produced this year and sold to a car maker 8. The income approach to measuring GDP includes:
for a new car sold this year. A. compensation for employees, net interest, rent,
D. None of the above would be counted in GDP. net profits, and indirect business taxes and
depreciation.
4. Activities that are directly included in GDP B. compensation for employees, net interest, rent,
accounts include: corporate profit, and transfer payments.
A. the value of housework done by householders. C. compensation for employees, net interest, rent,
B. the selling of illegal drugs. and indirect business taxes.
C. unreported labor in sweatshops. D. compensation for employees, net interest, rent,
D. buying a ticket to a Dodgers-Expos game on corporate profits, and capital depreciation.
your day off. E. compensation for employees, rent, corporate
profits, proprietors’ income, and
transfer payments.
1
, STQP1523
9. Which of the following is included in personal 13. Economic indicators, like unemployment claims and
income but not in national income? the average workweek, which change before real
A. Compensation for workers. GDP changes, are called:
B. Proprietors’ income A. leading.
C. Corporate profits. B. lagging.
D. Social Security payments. C. coincident.
E. Rent D. structural.
10. Why is it important to use real GDP rather than 14. Which of the following is a lagging indicator?
nominal GDP figures when making comparisons of A. Outstanding commercial loans.
output across time periods? B. Duration of unemployment.
A. The real GDP figures are a better measure of C. Prime rat
changes in the general level of prices. D. All of the above
B. The real figures will reflect changes in the
quantity of output and not changes in the general 15. The civilian labor force consists of all the:
level of prices. A. people in the economy who are not retired
C. The real figures will reflect changes in the B. people in the economy over 16 years of age
general level of prices as well as changes in the C. adults in the economy between 18 and 65 years
quantity of output. old who are able to work.
D. The real GDP figures adjust for changes in the D. noninstitutionalized adults in the economy who
level of employment. hold jobs or are looking for them.
E. citizens in the economy who are graduates of
11. The period of declining growth in real GDP between high school.
the peak of the business cycle and the trough is called
a: 16. An individual who is employed part time, but is
A. recessionary phase looking for a full-time job is classified as:
B. recovery. A. frictionally unemployed
C. expansionary phase B. cyclically unemployed
D. stationary phase C. structurally unemployed
D. employed
12. Which of the following will most likely occur during
the recovery phase of a business cycle? 17. One problem with the unemployment rate is that:
A. Real GDP rises, and unemployment falls. A. discouraged workers are included in the
B. Real GDP declines, and inflation rises. calculation.
C. Interest rates rise, and the number of business B. the data includes part-time workers as fully
failures rise employed
D. Inflation rises, and employment falls. C. underemployment is measured in the calculation.
D. all of the above are problems.
2
Sila jawab semua soalan 5. The portion of the four-sector circular flow model
1. Gross domestic product is equal to the market value which shows the flow of funds from savers to
of all final goods and services: borrowers is the:
A. exchanged during a period A. product market.
B. produced domestically during a period B. factor market.
C. produced by the citizens of a nation during a C. savings market.
period D. financial market.
D. produced domestically during a period minus the
depreciation of productive assets 6. The expenditure approach to GDP accounting
includes:
2. Which of the following is true? A. wages and salaries.
A. GDP is a “flow” concept. B. net exports.
B. The purchase prices of both intermediate goods C. net interest.
and final goods are included in GDP. D. corporate profit.
C. GDP measures economic welfare E. proprietors’ income
D. GDP is a measure of changes in the general
level of prices. 7. If net exports are a negative number, then:
A. we are not buying enough exports.
3. Which of the following would be counted as a final B. we are buying too many exports.
good for inclusion in GDP? C. GDP will underestimated when measured using
A. A piece of glass bought this year by a consumer the expenditure approach.
to fix a broken window. D. we are exporting more than we are importing.
B. A sheet of glass produced this year by Ford for E. we are exporting less than we are importing
windows in a new car.
C. A tire produced this year and sold to a car maker 8. The income approach to measuring GDP includes:
for a new car sold this year. A. compensation for employees, net interest, rent,
D. None of the above would be counted in GDP. net profits, and indirect business taxes and
depreciation.
4. Activities that are directly included in GDP B. compensation for employees, net interest, rent,
accounts include: corporate profit, and transfer payments.
A. the value of housework done by householders. C. compensation for employees, net interest, rent,
B. the selling of illegal drugs. and indirect business taxes.
C. unreported labor in sweatshops. D. compensation for employees, net interest, rent,
D. buying a ticket to a Dodgers-Expos game on corporate profits, and capital depreciation.
your day off. E. compensation for employees, rent, corporate
profits, proprietors’ income, and
transfer payments.
1
, STQP1523
9. Which of the following is included in personal 13. Economic indicators, like unemployment claims and
income but not in national income? the average workweek, which change before real
A. Compensation for workers. GDP changes, are called:
B. Proprietors’ income A. leading.
C. Corporate profits. B. lagging.
D. Social Security payments. C. coincident.
E. Rent D. structural.
10. Why is it important to use real GDP rather than 14. Which of the following is a lagging indicator?
nominal GDP figures when making comparisons of A. Outstanding commercial loans.
output across time periods? B. Duration of unemployment.
A. The real GDP figures are a better measure of C. Prime rat
changes in the general level of prices. D. All of the above
B. The real figures will reflect changes in the
quantity of output and not changes in the general 15. The civilian labor force consists of all the:
level of prices. A. people in the economy who are not retired
C. The real figures will reflect changes in the B. people in the economy over 16 years of age
general level of prices as well as changes in the C. adults in the economy between 18 and 65 years
quantity of output. old who are able to work.
D. The real GDP figures adjust for changes in the D. noninstitutionalized adults in the economy who
level of employment. hold jobs or are looking for them.
E. citizens in the economy who are graduates of
11. The period of declining growth in real GDP between high school.
the peak of the business cycle and the trough is called
a: 16. An individual who is employed part time, but is
A. recessionary phase looking for a full-time job is classified as:
B. recovery. A. frictionally unemployed
C. expansionary phase B. cyclically unemployed
D. stationary phase C. structurally unemployed
D. employed
12. Which of the following will most likely occur during
the recovery phase of a business cycle? 17. One problem with the unemployment rate is that:
A. Real GDP rises, and unemployment falls. A. discouraged workers are included in the
B. Real GDP declines, and inflation rises. calculation.
C. Interest rates rise, and the number of business B. the data includes part-time workers as fully
failures rise employed
D. Inflation rises, and employment falls. C. underemployment is measured in the calculation.
D. all of the above are problems.
2
