ECO 182 CH.5-CH.14 EXAM QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTIONS VERIFIED
the field of economics that studies the whole market economy is known as
a. microeconomics
b. market economics
c. macro economics
d. global economics
macroeconomics
GDP is
a. a term used for economic growth
b. a measure of the economy's potential
c. another term for inflation
d. a measure of the total value of all goods and services produced in a country
during a specific period of time
e. the total value of all goods and services produced during a specific period of
time adjusted for the general increase in prices
a measure of the total value of all goods and services produced i a country during a
specific period of time
economic growth and economic fluctuations can occur simultaneously (true or
false)
true
,which of the following is the best measure of how individuals benefit from
economic growth
a. the rate of increase in GDP per capita
b. the rate of increase in GDP
c. the rate of increase in real GDP per capita
d. the rate of inflation
e. the rate of increase in real GDP
the rate of increase in real GDP per capita
because of the increase in population over the past 50 years,
a. the rate of increase in real GDP per capita has been greater than the rate of
increase in real GDP
b. real GDP has grown at a slower rate than GDP
c. the rate of increase in real GDP per capita has been less than the rate of
increase in real GDP
d. there has been no growth in real GDP
e. the rate of increase in real GDP has been greater than the rate of increase in
GDP
the rate of increase in real GDP per capita has been less than the rate of increase in
real GDP
GDP is a measure of
a. the total of wealth held by all residents in a nation
b. a nation's total production
c. a nation's total money supply
,d. the total prices of goods available in markets
e. the amount of resources available in a nation
a nation's total production
what best describes what is included in the GDP measure
a. only newly produced goods
b. only newly produced services
c. all goods and services sold
d. only newly produced goods and services
e. any economic interaction
only newly produced goods and services
when computing US GDP, a good or service is weighted
a. according to corporate concerns
b. according to the quantity of the good or service available
c. according to the concerns of pressure groups
d. according to the government directive
e. according to its value
according to its value
in a simple economy, Wanda's Weavers grows cotton and weaves it into cloth. In
the current year, they produce cloth valued at $1,000, half of which it sells directly
to consumers for their own personal use and half of which it seels to Joe's T-
shirts. Joe's produces T-shirts valued at $1,500 for the current year. What is the
value of GDP in this simple economy
$2000 (only new goods and services)
, an individual who purchases a computer later decides to acquire a new
motherboard. In terms of computing GDP, this new motherboard would be a(n)
a. economic good
b. final good
c. intermediate good
d. input
e. double good
final good
you sell your used calculus boo to your friend. This transaction, in most cases,
will not count in GDP. (true or false)
True
the number of new cars produced in a given time period in the US is a flow
measure, while the number of cars in the US is a stock measure (true or false)
true
consumption expenditures include
a. expenditures by households on goods and services produced only in the US
b. purchases of consumer goods produced in the US by households, businesses,
government, and other countries
c. purchases of consumers goods produced in the US and the rest of the world
by households, businesses, government, and other countries
d. expenditures by households on goods and services produced in the US and
the rest of the world
e. the purchase of new homes by households
WITH COMPLETE SOLUTIONS VERIFIED
the field of economics that studies the whole market economy is known as
a. microeconomics
b. market economics
c. macro economics
d. global economics
macroeconomics
GDP is
a. a term used for economic growth
b. a measure of the economy's potential
c. another term for inflation
d. a measure of the total value of all goods and services produced in a country
during a specific period of time
e. the total value of all goods and services produced during a specific period of
time adjusted for the general increase in prices
a measure of the total value of all goods and services produced i a country during a
specific period of time
economic growth and economic fluctuations can occur simultaneously (true or
false)
true
,which of the following is the best measure of how individuals benefit from
economic growth
a. the rate of increase in GDP per capita
b. the rate of increase in GDP
c. the rate of increase in real GDP per capita
d. the rate of inflation
e. the rate of increase in real GDP
the rate of increase in real GDP per capita
because of the increase in population over the past 50 years,
a. the rate of increase in real GDP per capita has been greater than the rate of
increase in real GDP
b. real GDP has grown at a slower rate than GDP
c. the rate of increase in real GDP per capita has been less than the rate of
increase in real GDP
d. there has been no growth in real GDP
e. the rate of increase in real GDP has been greater than the rate of increase in
GDP
the rate of increase in real GDP per capita has been less than the rate of increase in
real GDP
GDP is a measure of
a. the total of wealth held by all residents in a nation
b. a nation's total production
c. a nation's total money supply
,d. the total prices of goods available in markets
e. the amount of resources available in a nation
a nation's total production
what best describes what is included in the GDP measure
a. only newly produced goods
b. only newly produced services
c. all goods and services sold
d. only newly produced goods and services
e. any economic interaction
only newly produced goods and services
when computing US GDP, a good or service is weighted
a. according to corporate concerns
b. according to the quantity of the good or service available
c. according to the concerns of pressure groups
d. according to the government directive
e. according to its value
according to its value
in a simple economy, Wanda's Weavers grows cotton and weaves it into cloth. In
the current year, they produce cloth valued at $1,000, half of which it sells directly
to consumers for their own personal use and half of which it seels to Joe's T-
shirts. Joe's produces T-shirts valued at $1,500 for the current year. What is the
value of GDP in this simple economy
$2000 (only new goods and services)
, an individual who purchases a computer later decides to acquire a new
motherboard. In terms of computing GDP, this new motherboard would be a(n)
a. economic good
b. final good
c. intermediate good
d. input
e. double good
final good
you sell your used calculus boo to your friend. This transaction, in most cases,
will not count in GDP. (true or false)
True
the number of new cars produced in a given time period in the US is a flow
measure, while the number of cars in the US is a stock measure (true or false)
true
consumption expenditures include
a. expenditures by households on goods and services produced only in the US
b. purchases of consumer goods produced in the US by households, businesses,
government, and other countries
c. purchases of consumers goods produced in the US and the rest of the world
by households, businesses, government, and other countries
d. expenditures by households on goods and services produced in the US and
the rest of the world
e. the purchase of new homes by households
