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Q 1/40
Score 0
Which of the following is true regarding Gross Domestic Product (GDP)?
60
Transfer payments are not included in GDP because government expenditures are not counted
Household production, like home auto repair, is counted in GDP
Intermediate goods are not counted because GDP does not include imports from foreign countries
GDP, adjusted for inflation, measures economic growth over time
Q 2/40
Score 0
Which of the following is included in the calculation of the U.S. GDP?
60
The money that consumers save when using coupons
The benefit society receives from a cleaner environment
A plane produced in the U.S but sold in Mexico
Online purchases of used products
40 questions
Q.
Which of the following is true regarding Gross Domestic Product (GDP)?
1
60 sec
Q.
Which of the following is included in the calculation of the U.S. GDP?
2
60 sec
Q.
The value of which of the following is counted in the U.S. GDP?
3
60 sec
Q.
When calculating GDP, investment is best defined as
4
60 sec
Q.
If a country's nominal percent change in GDP is positive, which of the following must be true?
5
45 sec
Q.
Which of the following individuals is clearly considered unemployed?
6
45 sec
Q.
If the labor force participation rate increased at the same time that the unemployment rate stayed the same, which of the following must be true?
7
45 sec
Q.
Which of the following is the best example of structural unemployment?
8
45 sec
Q.
Which type of unemployment would most likely increase if workers are laid off due to a large decrease in consumer spending?
9
30 sec
Q.
Which of the following is true regarding full employment?
10
45 sec
Q.
Which of the following will most likely decrease a country's Natural Rate of Unemployment (NRU)?
11
45 sec
Q.
Which of the following is true regarding inflation?
12
45 sec
Q.
If the price of a specific market basket in the year 2008 was $240 and the price of the same market basket in the year 2013 was $300. What is the Consumer Price Index (CPI)of the year 2013 based on base year 2008 prices?
13
30 sec
Q.
If a worker receives a raise in their nominal wage from $10 to $15 per hour and the inflation rate increases from 2% to 4%, the worker's real wage has approximately
14
30 sec
Q.
Which of the following is true regarding the quantity theory of money?
15
60 sec
Q.
The nominal GDP for the year 2010 is $120 billion and the nominal GDP for the year 2012 is $240 billion. Assuming that the year 2010 is the base year and that the real GDP of the year 2012 is $200, what is the GDP deflator in 2012?
16
30 sec
Q.
If the nominal GDP in a given year is $500 billion and the GDP deflator for that year is 125, how much is the real GDP
17
30 sec
Q.
All of the following are criticisms of how the government measures the economy except
18
30 sec
Q.
Gross Domestic Product is equivalent to the sum of:
19
30 sec
Q.
Which of the following will be included in the current year's calculation of GDP?
20
30 sec
Q.
Which of the following would represent an addition to a nation’s GDP?
21
30 sec
Q.
If an American student purchases a personal computer made by a Korean owned company located in California, what would happen to consumption and the GDP of the USA as a result?
Consumption / GDP will
22
30 sec
Q.
Which of the following is true regarding nominal and real GDP?
23
30 sec
Q.
If real GDP is increasing at 5% per year and nominal GDP is increasing at 10% per year, which of the following is necessarily true?
24
30 sec
Q.
As a measure of economic welfare, GDP underestimates a country’s production of goods and services when there is an increase in
25
30 sec
Q.
If purchases of education and medical care were counted as investment rather than consumption, GDP would:
26
30 sec
Q.
The major difference between real and nominal GDP is that real GDP
27
30 sec
Q.
Assume the CPI increases from 100 to 120 between 2014 and 2015. Which of the following must be true?
28
30 sec
Q.
If the Consumer Price Index changes from 100 to 90, economists will know that:
29
30 sec
Q.
Which of the above is most true regarding unanticipated inflation?
30
30 sec
Q.
A mechanic that leaves his job working on cars and is currently looking for a job working on planes is considered
31
30 sec
Q.
Nicole was laid off as a waitress when her restaurant closed down due to the slow economy. Nicole is considered
32
30 sec
Q.
The natural rate of unemployment
33
30 sec
Q.
A economy facing extremely low employment and high GDP growth will most likely experience which of the following?
34
30 sec
Q.
The official unemployment rate is not always the most accurate indicator of actual unemployment in the economy because
35
30 sec
Q.
The unemployment rate measures the percentage of
36
30 sec
Q.
If the nominal GDP for a given year is $500 Billion and the real GDP for that year is $400 Billion then which of the following must be true
37
30 sec
Q.
Demand-Pull inflation is most likely to occur when
38
30 sec
Q.
Assume the price of a specific market basket in the year 2010 was $200 and the price of the same market basket in the year 2015 was $240. What is the Consumer Price Index (CPI) of the year 2015 based on the base year 2010 prices?
39
30 sec
Q.
Which of the following is true regarding the quantity theory of money?
