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Unit 2 Macro Measures Pt 1 GDP

Quiz by Mark Stegall

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10 questions
Show answers
  • Q1
    GDP is equal to the _________ value of all the final goods and services produced within a country in a given period of time
    wholesale
    typical
    retail
    market
    30s
  • Q2
    The following are all final goods except
    flour used by the baker to make cupcakes
    bread eaten by a faily for lunch
    Nike shoes used by a basketball player
    pencils used by a 6th grader in class
    30s
  • Q3
    Investment is defined as
    what consumers do with their savings
    the purchase of a stock or bond
    financial capital
    the purchase of new capital goods by firms
    30s
  • Q4
    Total expenditure equals
    C-I-G-(X+M)
    C+I-G+(M-X)
    C+I+G+(X-M)
    C+I+G-(X+M)
    30s
  • Q5
    In calculating GDP, economists
    can use either total expenditure or total income
    use only total income
    measure total income minus total expenditure
    measure total income plus total expenditure
    30s
  • Q6
    Suppose GDP is $10 billion, consumption expenditure is $7 billion, investment is $2 billion, and government expenditure on good and services is $2 billion. Net exports of goods and services must me
    -$1 billion
    10 billion
    $2 billion
    -$2 billion
    30s
  • Q7
    The difference between nominal GDP and real GDP is
    that real GDP includes the depreciation of capital and nominal GDP does not.
    that nominal GDP includes the depreciation of capital and real GDP does not
    that nominal GDP includes net exports and real GDP includes net imports
    the prices used in their calculations
    30s
  • Q8
    The expenditure approach measures GDP by using data on consumption expenditure, investment, government expenditures on goods and services, and net exports of good and services.
    true
    false
    True or False
    30s
  • Q9
    In the United States, expenditure on used goods is becoming an increasingly large fraction of GDP
    false
    true
    True or False
    30s
  • Q10
    The value of net exports of goods and services can by negative.
    true
    false
    True or False
    30s

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