DOWNLOAD THE Test Bank for Essentials of Economics 10th Edition Schiller
m m m m m m m m m m
Chapter 02_Test Bank KEY
m m m
1. Inmordermtommeasuremwhat mamcountrymproduces,mwe:
A. Summarizemtotalmoutput minmphysicalmterms.
B. Count munitsmof moutput.
C. Count mthemweight mof mdifferent mproducts.
D. mSummarizemthemmonetarymvaluemof moutput.
Usingmmonetarymvalueminstead mof mphysicalmunitsmtomcomparemtotalmoutput,mthemaccountingmismeasier.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mUnderstan
d m Difficulty: m1 m
Easy
Learning mObjective:m02-01 mExplainmhowman meconomy'smsizemismmeasured.
2. GDPmcanmbemfound mby Topic: mWHATmAMERICA mPRODUCES
:
A. mAddingmthemmonetarymvaluemof mallmfinalmgoodsmand mservicesmproduced mduringmamgivenmperiod
mof mtime.
B. Addingmthemphysicalmamount mof mallmfinalmgoodsmand mservicesmproduced mduringmamgivenmperiod
mof mtime.
C. Takingmthemdifferencembetweenmexportsmand mimportsmduringmamgivenmperiod mof mtime.
D. Addingmthemvaluemof mallmfinalmoutput mproduced mand mmeasuringmit minmconstant mpricesmdurin
gmamgivenmperiod mof mtime.
GDPmismamsummarymmeasuremof mamnation’smoutput.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mUnderstan
d m Difficulty: m2mMed
ium
Learning mObjective: m02-
3. CeterismparibusmGDPmmost mcloselymmeasures 01 mExplain mhowman meconomy'smsizemismmeasured.
Topic: mWHATmAMERICA mPRODUCES
:
A. Output mpermworker.
B. A msummarymof mthemworld'smoutput.
C. mThemtotalmvaluemof mallmfinalmgoodsmand mservicesmproduced mwithinmamnation'smbordersminmamgi
venmyear.
D. Themratemof mchangeminmcapitalmstock.
GDPmcanmbemfound mbymaddingmthemmonetarymvaluemof mallmfinalmgoodsmand mservices.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mUnderstan
d m Difficulty: m2mMed
ium
Learning mObjective: m02-01 mExplain mhowman meconomy'smsizemismmeasured.
Topic: mWHATmAMERICA mPRODUCES
2-1
Copyrightm©m2016mMcGraw-
HillmEducation.mAllmrights mreserved.mNomreproductionmormdistribution mwithoutm thempriormwrittenm consent
mynursytest.store
,DOWNLOAD THE Test Bank for Essentials of Economics 10th Edition Schiller
m m m m m m m m m m
4. Themoutput mof mcellmphonesmcanmbemadded mtomthemoutputmof mrefrigeratorsminmordermtomcomputemG
DPmby:
2-2
Copyrightm©m2016mMcGraw-
HillmEducation.mAllmrights mreserved.mNomreproductionmormdistribution mwithoutm thempriormwrittenm consent
mynursytest.store
,DOWNLOAD THE Test Bank for Essentials of Economics 10th Edition Schiller
m m m m m m m m m m
A. mMultiplyingmthemoutput mof meachmbymthemcorrespondingmpricesmand maddingmthesemdollarmvalues.
B. Dividingmthemoutput mof meachmbympricemand maddingmthesemdollarmvalues.
C. Addingmupmthemphysicalmnumbermof mcellmphonesmand mrefrigeratorsmproduced.
D. Dividingmdollarmvaluesmof moutput mformeachmbympricemand maddingmthemresults.
Bymmultiplyingmthemphysicalmoutput mof meachmgood mbymitsmpricemthemtotalmvaluemof meachmgood mprod
uced mcanmbemdetermined.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mUnderstan
d m Difficulty: m2mMed
ium
Learning mObjective:m02-01 mExplainmhowman meconomy'smsizemismmeasured.
5. Country’smGDPmis: Topic: mWHATmAMERICA mPRODUCES
A. Themsummof mthemphysicalmamountsmof mgoodsmand mservicesminmthemeconomy.
B. mA mdollarmmeasuremof moutput mproduced mwithinmamnation'smbordersmduringmamgivenmtimemperiod.
C. A mmeasuremof mthempermcapitameconomicmgrowthmratemof mthemeconomy.
D. A mphysicalmmeasuremof mthemcapitalmstockmof mthemeconomy.
GDPmenablesmusmtomsummproductionmof mallmgoodsmand mservices
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mRemembe
rm Difficulty: m1 m
Easy
Learning mObjective: m02-01 mExplain mhowman meconomy'smsizemismmeasured.
Topic: mWHATmAMERICA mPRODUCES
6. Whichmof mthemfollowingmismNOTmincluded minmU.S.mGDP?
A. mToysmproduced mbymamU.S.mfirmmlocated minmChina.
B. Beermbrewed minmColoradomand mpurchased mbymamGermanmtourist.
C. A mcarmmadembymamJapanesemautomproducerminmKansas.
D. CornmgrownminmIowamand mexported mtomAfrica.
GDPmmeasuresmonlymthosemproductsmproduced mwithinmamnation’smborders.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mAnalyz
em Difficulty: m3 m
Hard
Learning mObjective: m02-01 mExplain mhowman meconomy'smsizemismmeasured.
Topic: mWHATmAMERICA mPRODUCES
7. Whichmof mthemfollowingmismNOTmincluded minmU.S.mGDP?
A. Themconstructionmof mnew mhomesmtomreplacemthosemdestroyed mbymfiresminmCalifornia.
B. Themsalarymof mthemPresident mof mthemUnited mStates.
C. mShoesmproduced mabroad mand mimported mbymamU.S.mcompany.
D. Thempurchasemof mU.S.msoybeansmbymamfood mmanufacturerminmCanada.
Tombemcounted minmGDPmgoodsmmust mbemproduced mwithinmamnation’smborders.
2-3
Copyrightm©m2016mMcGraw-
HillmEducation.mAllmrights mreserved.mNomreproductionmormdistribution mwithoutm thempriormwrittenm consent
mynursytest.store
, DOWNLOAD THE Test Bank for Essentials of Economics 10th Edition Schiller
m m m m m m m m m m
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mAnalyz
em Difficulty: m3 m
Hard
Learning mObjective: m02-01 mExplain mhowman meconomy'smsizemismmeasured.
Topic: mWHATmAMERICA mPRODUCES
8. Themvaluemof moutput mproduced minmthemUnited mStatesminmcurrent mpricesmmeasures:
A. GDPmgrowth.
B. RealmGDP.
C. PermcapitamGDP.
D. mNominalmGDP.
NominalmGDPmismthemvaluemof moutput mmeasured minmcurrent mprices.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mRemembe
rm Difficulty: m1 m
Easy
Learning mObjective: m02-
9. NominalmGDPmmeasuresmthe: 01 mExplain mhowman meconomy'smsizemismmeasured.
Topic: mWHATmAMERICA mPRODUCES
A. Inflation-adjusted mvaluemof moutput.
B. Realmvaluemof moutput mpermworker.
C. mValuemof moutput mproduced minmcurrent mprices.
D. Valuemof moutput mproduced minmconstant mprice
s.
NominalmGDPmismthemvaluemof moutput minmthemU.S.minmcurrent mprices.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mRemembe
rm Difficulty: m1 m
Easy
Learning mObjective:m02-01 mExplainmhowman meconomy'smsizemismmeasured.
10. NominalmGDPmismaffected mbymchangesmin Topic: mWHATmAMERICA mPRODUCES
:
A. Output monly.
B. mOutput mand mprices.
C. Incomemtransfers.
D. Pricesmonly.
NominalmGDPmmeasuresmthemvaluemof moutput mproduced minmcurrent mprices.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mUnderstan
d m Difficulty: m2mMed
ium
Learning mObjective: m02-01 mExplain mhowman meconomy'smsizemismmeasured.
Topic: mWHATmAMERICA mPRODUCES
2-4
Copyrightm©m2016mMcGraw-
HillmEducation.mAllmrights mreserved.mNomreproductionmormdistribution mwithoutm thempriormwrittenm consent
mynursytest.store
m m m m m m m m m m
Chapter 02_Test Bank KEY
m m m
1. Inmordermtommeasuremwhat mamcountrymproduces,mwe:
A. Summarizemtotalmoutput minmphysicalmterms.
B. Count munitsmof moutput.
C. Count mthemweight mof mdifferent mproducts.
D. mSummarizemthemmonetarymvaluemof moutput.
Usingmmonetarymvalueminstead mof mphysicalmunitsmtomcomparemtotalmoutput,mthemaccountingmismeasier.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mUnderstan
d m Difficulty: m1 m
Easy
Learning mObjective:m02-01 mExplainmhowman meconomy'smsizemismmeasured.
2. GDPmcanmbemfound mby Topic: mWHATmAMERICA mPRODUCES
:
A. mAddingmthemmonetarymvaluemof mallmfinalmgoodsmand mservicesmproduced mduringmamgivenmperiod
mof mtime.
B. Addingmthemphysicalmamount mof mallmfinalmgoodsmand mservicesmproduced mduringmamgivenmperiod
mof mtime.
C. Takingmthemdifferencembetweenmexportsmand mimportsmduringmamgivenmperiod mof mtime.
D. Addingmthemvaluemof mallmfinalmoutput mproduced mand mmeasuringmit minmconstant mpricesmdurin
gmamgivenmperiod mof mtime.
GDPmismamsummarymmeasuremof mamnation’smoutput.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mUnderstan
d m Difficulty: m2mMed
ium
Learning mObjective: m02-
3. CeterismparibusmGDPmmost mcloselymmeasures 01 mExplain mhowman meconomy'smsizemismmeasured.
Topic: mWHATmAMERICA mPRODUCES
:
A. Output mpermworker.
B. A msummarymof mthemworld'smoutput.
C. mThemtotalmvaluemof mallmfinalmgoodsmand mservicesmproduced mwithinmamnation'smbordersminmamgi
venmyear.
D. Themratemof mchangeminmcapitalmstock.
GDPmcanmbemfound mbymaddingmthemmonetarymvaluemof mallmfinalmgoodsmand mservices.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mUnderstan
d m Difficulty: m2mMed
ium
Learning mObjective: m02-01 mExplain mhowman meconomy'smsizemismmeasured.
Topic: mWHATmAMERICA mPRODUCES
2-1
Copyrightm©m2016mMcGraw-
HillmEducation.mAllmrights mreserved.mNomreproductionmormdistribution mwithoutm thempriormwrittenm consent
mynursytest.store
,DOWNLOAD THE Test Bank for Essentials of Economics 10th Edition Schiller
m m m m m m m m m m
4. Themoutput mof mcellmphonesmcanmbemadded mtomthemoutputmof mrefrigeratorsminmordermtomcomputemG
DPmby:
2-2
Copyrightm©m2016mMcGraw-
HillmEducation.mAllmrights mreserved.mNomreproductionmormdistribution mwithoutm thempriormwrittenm consent
mynursytest.store
,DOWNLOAD THE Test Bank for Essentials of Economics 10th Edition Schiller
m m m m m m m m m m
A. mMultiplyingmthemoutput mof meachmbymthemcorrespondingmpricesmand maddingmthesemdollarmvalues.
B. Dividingmthemoutput mof meachmbympricemand maddingmthesemdollarmvalues.
C. Addingmupmthemphysicalmnumbermof mcellmphonesmand mrefrigeratorsmproduced.
D. Dividingmdollarmvaluesmof moutput mformeachmbympricemand maddingmthemresults.
Bymmultiplyingmthemphysicalmoutput mof meachmgood mbymitsmpricemthemtotalmvaluemof meachmgood mprod
uced mcanmbemdetermined.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mUnderstan
d m Difficulty: m2mMed
ium
Learning mObjective:m02-01 mExplainmhowman meconomy'smsizemismmeasured.
5. Country’smGDPmis: Topic: mWHATmAMERICA mPRODUCES
A. Themsummof mthemphysicalmamountsmof mgoodsmand mservicesminmthemeconomy.
B. mA mdollarmmeasuremof moutput mproduced mwithinmamnation'smbordersmduringmamgivenmtimemperiod.
C. A mmeasuremof mthempermcapitameconomicmgrowthmratemof mthemeconomy.
D. A mphysicalmmeasuremof mthemcapitalmstockmof mthemeconomy.
GDPmenablesmusmtomsummproductionmof mallmgoodsmand mservices
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mRemembe
rm Difficulty: m1 m
Easy
Learning mObjective: m02-01 mExplain mhowman meconomy'smsizemismmeasured.
Topic: mWHATmAMERICA mPRODUCES
6. Whichmof mthemfollowingmismNOTmincluded minmU.S.mGDP?
A. mToysmproduced mbymamU.S.mfirmmlocated minmChina.
B. Beermbrewed minmColoradomand mpurchased mbymamGermanmtourist.
C. A mcarmmadembymamJapanesemautomproducerminmKansas.
D. CornmgrownminmIowamand mexported mtomAfrica.
GDPmmeasuresmonlymthosemproductsmproduced mwithinmamnation’smborders.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mAnalyz
em Difficulty: m3 m
Hard
Learning mObjective: m02-01 mExplain mhowman meconomy'smsizemismmeasured.
Topic: mWHATmAMERICA mPRODUCES
7. Whichmof mthemfollowingmismNOTmincluded minmU.S.mGDP?
A. Themconstructionmof mnew mhomesmtomreplacemthosemdestroyed mbymfiresminmCalifornia.
B. Themsalarymof mthemPresident mof mthemUnited mStates.
C. mShoesmproduced mabroad mand mimported mbymamU.S.mcompany.
D. Thempurchasemof mU.S.msoybeansmbymamfood mmanufacturerminmCanada.
Tombemcounted minmGDPmgoodsmmust mbemproduced mwithinmamnation’smborders.
2-3
Copyrightm©m2016mMcGraw-
HillmEducation.mAllmrights mreserved.mNomreproductionmormdistribution mwithoutm thempriormwrittenm consent
mynursytest.store
, DOWNLOAD THE Test Bank for Essentials of Economics 10th Edition Schiller
m m m m m m m m m m
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mAnalyz
em Difficulty: m3 m
Hard
Learning mObjective: m02-01 mExplain mhowman meconomy'smsizemismmeasured.
Topic: mWHATmAMERICA mPRODUCES
8. Themvaluemof moutput mproduced minmthemUnited mStatesminmcurrent mpricesmmeasures:
A. GDPmgrowth.
B. RealmGDP.
C. PermcapitamGDP.
D. mNominalmGDP.
NominalmGDPmismthemvaluemof moutput mmeasured minmcurrent mprices.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mRemembe
rm Difficulty: m1 m
Easy
Learning mObjective: m02-
9. NominalmGDPmmeasuresmthe: 01 mExplain mhowman meconomy'smsizemismmeasured.
Topic: mWHATmAMERICA mPRODUCES
A. Inflation-adjusted mvaluemof moutput.
B. Realmvaluemof moutput mpermworker.
C. mValuemof moutput mproduced minmcurrent mprices.
D. Valuemof moutput mproduced minmconstant mprice
s.
NominalmGDPmismthemvaluemof moutput minmthemU.S.minmcurrent mprices.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mRemembe
rm Difficulty: m1 m
Easy
Learning mObjective:m02-01 mExplainmhowman meconomy'smsizemismmeasured.
10. NominalmGDPmismaffected mbymchangesmin Topic: mWHATmAMERICA mPRODUCES
:
A. Output monly.
B. mOutput mand mprices.
C. Incomemtransfers.
D. Pricesmonly.
NominalmGDPmmeasuresmthemvaluemof moutput mproduced minmcurrent mprices.
AACSB: mAnalyti
cm Accessibility: mKeyboardmNaviga
tion
Blooms: mUnderstan
d m Difficulty: m2mMed
ium
Learning mObjective: m02-01 mExplain mhowman meconomy'smsizemismmeasured.
Topic: mWHATmAMERICA mPRODUCES
2-4
Copyrightm©m2016mMcGraw-
HillmEducation.mAllmrights mreserved.mNomreproductionmormdistribution mwithoutm thempriormwrittenm consent
mynursytest.store
