1. Gross Domestic Product (GDP) is the total market value of all
a.
final goods and services produced annually within a country’s borders.
b.
final and intermediate goods and services produced annually within a country’s borders.
c.
intermediate goods and services produced annually within a country’s borders.
d.
final goods produced every month within a country’s borders.
2. In the definition of GDP, the words “total market value” refer to total
a.
dollar value at base prices.
b.
dollar value at current prices.
c.
subjective value.
d.
objective value.
e.
a and d
Moderate
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3. Which of the following illustrates double counting?
a.
The total market value of the steel used to produce a car and the total market value of the car itself are
summed.
b.
The total market value of tennis rackets and the total market value of tennis balls are summed.
c.
The total market value of picture frames and the total market value of camera film are summed.
d.
The total market value of eyeglasses and the total market value of carpet are summed.
e.
b and c
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4. The best reason economists take only final goods and services into account when calculating GDP is that
a.
this is the way things have always been done, but there is no particular reason why.
b.
they want to avoid the problem of final counting.
c.
they want to avoid the problem of double counting.
d.
this is the only way it can be done.
Easy
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5. Which of the following items is a final good?
a.
b.
c.
d.
e.
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6. Underground activities are not counted in GDP because
a.
some underground activities are illegal and the government doesn’t want to place, for instance, drug dealers on
an equal footing with small businesses.
b.
there are no written records of underground activities.
c.
of a decision made in the 1930s and no one has gotten around to changing it yet.
d.
although it is possible to accurately measure underground activities, it is harder than measuring above-ground
activities because with the latter, one doesn’t have to dig as deep.
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7. Which of the following is counted in GDP?
a.
the trading of 100 shares of Microsoft stock
b.
the services of a real estate broker
c.
government transfer payments
d.
the sale of a used car
e.
none of the above
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8. Which of the following would not be included in the measurement of GDP?
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a.
a bill from a car mechanic
b.
wages of a card dealer working in a Las Vegas casino
c.
commissions of a stockbroker
d.
the increased value of shares of stock
e.
c and d
9. Which of the following would definitely not be included in the measurement of GDP?
a.
value of the services of a painter who paints your garage
b.
value of the services of a person who mows his or her own lawn
c.
value of the services of a maid who cleans your house
d.
value of the services of a plumber who fixes your kitchen sink
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10. Gross Domestic Product is computed by using
a.
base-year prices.
b.
wholesale prices.
c.
previous-year prices.
d.
current-year prices.
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11. Which of the following is a nonmarket good?
a.
the corn you grow in your home garden and consume
b.
the clothes you sew and sell to a neighbor who pays you by writing you a check
c.
the self-portrait hanging in your den
d.
a and c
e.
a, b, and c
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12. Which of the following statements is false?
a.
The market value of all nonmarket goods is omitted from GDP.
b.
The sale of used goods is omitted from GDP.
c.
The market value of a person mowing his or her own lawn is omitted from GDP.
d.
If a good is produced but not sold, it is included in GDP.
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13. Net exports equals
a.
exports divided by imports.
b.
the sum of exports and imports.
c.
exports minus imports.
d.
exports during the year.
e.
none of the above
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14. Macroeconomists define consumption as
a.
purchases by the business sector.
b.
wearing away and breakdown of capital goods.
c.
the difference between imports and exports.
d.
purchases by the household sector.
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15. To macroeconomists, investment is mainly the purchases of goods and services
a.
by businesses.
b.
to hold as wealth, such as gold coins or art.
c.
to hold as wealth, such as stocks and bonds.
d.
by the government.
e.
b and c
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16. The expenditure approach to measuring GDP sums
a.
consumption, investment, government purchases, and net exports.
b.
sales, revenues, income, and wages.
c.
profits, compensation of employees, consumption, and investment.
d.
net exports, consumption, wages, and salaries.
e.
consumption, interest, net exports, and federal government purchases
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17. Suppose the total market value of all final goods and services produced in economy X this year is $4 million. Of the
$4 million worth of goods and services, $3 million is sold and $1 million is held in inventory. For this year, the GDP for
economy X is
a.
$4 million.
b.
$3 million.
c.
$1 million.
d.
$7 million.
e.
none of the above
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18. Government purchases consist of the total dollar amount(s) spent on goods and services by the
a.
federal government only.
b.
state governments only.
c.
local governments only.
d.
state and local governments, but not the federal government.
e.
federal, state, and local governments.
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19. The two ways of measuring Gross Domestic Product are the __________ approach and the __________ approach.
a.
expenditure; income
b.
expenditure; national product
c.
national product; income
d.
net national product; personal income
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20. Investment is equal to all purchases of newly produced capital goods
a.
minus changes in business inventories.
b.
plus fixed investment minus inventory investment.
c.
plus changes in business inventories.
d.
plus changes in business inventories plus purchases of new residential housing.
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21. National income equals
a.
wages + salaries + corporate profits + net income.
b.
compensation of employees + proprietors’ income + corporate profits + rental income + net interest.
c.
compensation of employees + proprietors’ income + indirect business taxes + rental income + net interest.
d.
the monetary value of fringe benefits + tips + wages + profits + salaries.
e.
none of the above
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22. The largest component of national income in the United States is
a.
rental income.
b.
proprietors’ income.
c.
compensation of employees.
d.
corporate profits.
e.
net interest.
Bloom’s: Knowledge
23. In the calculation of national income, dividends paid to stockholders are part of
a.
compensation of employees.
b.
proprietors’ income.
c.
rental income.
d.
net interest.
e.
corporate profits.
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24. Capital consumption allowance refers to
a.
capital goods being used up in production through natural wear, obsolescence, and accidental destruction.
b.
people sending money between countries.
c.
the purchase of used factories.
d.
the purchase of goods that allow households to consume more services.
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25. Which of the following statements is true?
a.
The main items that comprise indirect business taxes include excise taxes, income taxes, and property taxes.
b.
Capital consumption allowance is also known as depreciation.
c.
A sales tax is an example of an indirect business tax.
d.
b and c
e.
a, b, and c
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26. An example of income received but not earned is
a.
government transfer payments.
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b.
undistributed profits.
c.
compensation of employees.
d.
rental income.
e.
a and c
27. An example of income earned but not received is
a.
welfare payments.
b.
Social Security payments.
c.
undistributed profits.
d.
a and b
e.
a, b, and c
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28. In the United States, which is the largest dollar figure?
a.
disposable personal income
b.
gross domestic product
c.
per-capita GDP
d.
personal income
1
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29. Net domestic product is the total value of
a.
all final goods and services produced within a country’s borders in a year.
b.
only intermediate goods produced within a country’s borders in a year.
c.
all final goods and services produced within a country’s borders in a year minus gross private domestic
investment.
d.
only intermediate goods produced within a country’s borders in a year plus gross private domestic investment.
e.
all final goods and services produced within a country’s borders in a year minus capital consumption
allowance.
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30. Which of the following statements is true?
a.
Indirect business taxes are a component of national income because when added to the other components of
national income, the sum must equal GDP.
b.
Indirect business taxes must be subtracted from national income to yield a figure equal to GDP.
c.
Indirect business taxes are a part of national income because they are considered a payment to a factor of
production.
d.
Indirect business taxes are not part of national income because they are not considered a payment to a factor of
production.
Moderate
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31. Disposable income is
a.
equal to GDP minus the capital consumption allowance.
b.
that portion of personal income that can be used for consumption and saving.
c.
the sum of all payments to suppliers of the factors of production.
d.
equal to national income.
e.
another term for personal income.
1
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32. Personal income is
a.
equal to GDP.
b.
that portion of national income that can be used for consumption and saving.
c.
the sum of all payments to suppliers of the factors of production.
d.
the amount of income that individuals actually receive.
e.
another term for disposable income.
1
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33. To derive net domestic product (NDP) from gross domestic product (GDP), we must subtract ________________
from GDP.
a.
the capital consumption allowance
b.
gross private domestic investment
c.
imports
d.
inventory investment
e.
the statistical discrepancy
34. In the United States, the largest expenditure component in GDP is
a.
gross private domestic investment.
b.
government purchases of goods and services.
c.
consumption expenditures.
d.
net exports.
e.
none of the above
1
Easy
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35. Depreciation refers to a decrease in the value of a good caused by
a.
an increase in the price level.
b.
a decrease in the price level.
c.
“wear and tear” of capital goods over time.
d.
the depreciation allowance.
e.
a decrease in purchasing power.
1
Moderate
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Exhibit 7-1
Consumption expenditures
$ 4,150
Federal government purchases of goods and services
850
State and local government’s purchases
331
Investment
751
Proprietors income
150
Compensation of employees
4,080
1
Easy
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36. Refer to Exhibit 7-1. Which of the following summations represents GDP using the expenditure approach?
a.
$4,150 + $751 + $850 + $300
b.
$4,150 + $751 + $850 – $331 + $300
c.
$4,150 + $751 + $850 + $331 + $300
d.
$4,150 + $751 + $850 + $331 + $300 – $320
e.
$4,150 + $751 + $850 + $331 + $300 – $320 + $111
d
Moderate
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37. Refer to Exhibit 7-1. Which of the following summations represents net domestic product?
a.
GDP – $222
b.
GDP – $331
c.
GDP – $412
d.
GDP – $295
e.
GDP + $134
1
Easy
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New
38. Refer to Exhibit 7-1. What is the value of gross domestic product?
a.
$6,062
b.
$5,731
Corporate profits
Taxes on corporate profits
23
Rental income
31
Capital consumption allowance
Indirect business taxes
130
Net interest
147
Imports
320
Undistributed corporate profits
111
Transfer payments
Personal taxes
45
Income Earned from the Rest of the World
Income Earned by the Rest of the World
1,347
Social insurance taxes
Statistical discrepancy
c.
$3,072
d.
$6,382
e.
$2,637
39. Refer to Exhibit 7-1. What is the value of net domestic product?
a.
$5,840
b.
$5,731
c.
$5,650
d.
$5,767
e.
$6,637
d
1
Moderate
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New
40. Refer to Exhibit 7-1. What is the value of national income?
a.
$4,351
b.
$4,252
c.
$4,403
d.
$2,996
e.
$4,542
1
Moderate
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New
41. Refer to Exhibit 7-1. What is the value of personal income?
a.
$4,252
b.
$4,388
c.
$5,072
d.
$3,996
e.
$4,207
1
Moderate
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New
42. Refer to Exhibit 7-1. What is the value of disposable income?
a.
$3,618
b.
$4,795
c.
$3,727
d.
$4,207
e.
$4,017
1
Moderate
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New
43. In 2013, the U.S. GDP was approximately
a.
$16.79 trillion.
b.
$5.15 trillion.
c.
$10.67 trillion.
d.
$890.22 billion.
e.
$25.30 trillion.
1
Moderate
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New
44. Sophia just bought shares of IBM stock for $20,000 and paid a $300 commission to her broker. How did this impact
GDP?
a.
GDP increased by $20,300
b.
GDP increased by $300
c.
GDP increased by $20,000
d.
GDP increased by $19,700
e.
it had no impact on GDP
b
1
Challenging
1
Moderate
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New
45. Which of the following would not be included in the calculation of this year’s GDP?
a.
a headlight bulb purchased at Joe’s Auto Supply by Olivia to replace a burnt out bulb in her car
b.
a headlight bulb purchased by Ford Motor Co. from a supplier
c.
a headlight bulb produced but not sold this year and thus ending up as inventory
d.
none of the above, i.e., all would be included
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46. If in the process of calculating GDP, the market value of all intermediate goods is added to the market value of all
final goods, this would
a.
overstate the actual value of GDP.
b.
produce the correct value of GDP.
c.
understate the actual value of GDP.
d.
avoid the possible error of double counting.
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47. Suppose there are five goods in the economy, A-E. The current-year quantity of each is 10A, 20B, 30C, 40D, and 50E.
Current-year prices are $1 for each unit of A, $2 for each unit of B, $3 for each unit of C, $4 for each unit of D, and $5 for
each unit of E. Base-year prices are $1 for each good. Real GDP in the current year equals _________ and GDP equals
_________.
a.
$550; $150
b.
$130; $530
c.
$150; $550
d.
$530; $130
e.
none of the above
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48. Real GDP is GDP
a.
in current-year prices.
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b.
in base-year prices.
c.
in GDP-prices.
d.
in that year’s prices.
49. Real GDP is always measured in
a.
cheaper dollars.
b.
quality of goods produced.
c.
base-year dollars.
d.
nominal dollars.
e.
current dollars.
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50. The base year is the year
a.
in which prices are unstable.
b.
in which prices are lowest.
c.
in which prices are highest.
d.
that serves as a reference point or benchmark.
e.
in which nominal output is largest.
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51. Real GDP is the value of all __________ goods and services produced in a given year in __________ prices.
a.
intermediate; that year’s
b.
intermediate; base-year
c.
final; that year’s
d.
final; base-year
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Exhibit 7-2
Goods
1990
Quantities
1990 Prices
2012
Quantities
2012 Prices
papayas
10
$1.00
20
$0.50
fish
15
$0.60
20
$0.80
skirts
8
$4.00
15
$4.00
52. Refer to Exhibit 7-2. GDP in 2012 is
a.
$49.
b.
$51.
c.
$86.
d.
$92.
e.
not possible to calculate without the CPI.
1
Moderate
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53. Refer to Exhibit 7-2. Assuming that 1990 is the base year, Real GDP in 2012 is
a.
$49.
b.
$51.
c.
$86.
d.
$92.
e.
not possible to calculate without the CPI.
d
1
Challenging
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54. Refer to Exhibit 7-2. GDP in 1990 is
a.
$49.
b.
$51.
c.
$86.
d.
$92.
e.
impossible to calculate without the CPI.
b
1
Moderate
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55. “Economic growth” has occurred if
a.
inflation rate between this year and last year is zero or less.
b.
GDP this year exceeds the Real GDP this year.
c.
unemployment rate this year is above the natural rate of unemployment.
d.
Real GDP this year is greater than Real GDP last year.
d
1
Moderate
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56. The typical U.S. business cycle, measured peak to peak, lasts approximately
a.
4 to 5 years.
b.
8 to 10 years.
c.
1 to 3 years.
d.
6 months to 2 years.
1
Moderate
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57. The standard definition of “recession” is
a.
a period of a positive frictional unemployment rate.
b.
two consecutive quarters of falling Real GDP.
c.
the lowest point in a business cycle.
d.
a period of negative inflation.
b
1
Moderate
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58. In which phase of the business cycle does a recession occur?
a.
contraction
b.
peak
c.
recovery
d.
expansion
1
Bloom’s: Application
59. Which of the following is a macroeconomic measurement used to gauge macroeconomic activity?
a.
Net domestic product
b.
National income
c.
Personal income
d.
Disposable income
e.
all of the above
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60. If GDP in year 1 is the same dollar amount as the GDP in year 2, does it follow that Real GDP in year 1 is the same as
Real GDP in year 2?
a.
Yes, since prices must necessarily be the same in the two years.
b.
No, since equal GDP figures do not account for population.
c.
No, since prices may not be the same in the two years.
d.
Yes, since equal GDP figures do account for a change in the quality of goods produced in the two years.
e.
none of the above
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61. Which of the following goods is an intermediate good?
a.
lettuce that a restaurant buys to put on sandwiches
b.
tires that a car company buys to put on the cars it produces
c.
a television set that Chi-Mai buys to put in her college dorm room
d.
a and b
e.
b and c
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62. Which of the following does GDP omit?
a.
Jack purchases $2,300 worth of stock in company X.
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b.
Bob mows his lawn and washes and irons his shirts.
c.
Helen receives $4,000 a year in Social Security payments.
d.
a and b
e.
a, b, and c
63. The sale of __________ goods is omitted from current GDP because __________.
a.
intermediate goods; these goods do not constitute production
b.
used goods; these goods were counted in an earlier year
c.
illegal; these goods do not constitute economic value
d.
b and c
e.
a, b, and c
1
Moderate
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64. Suppose that in year 1 every adult in the country works 40 hours a week and GDP is $6.7 trillion. In year 2 every adult
in the country works 45 hours a week and GDP is $7.5 trillion. Which of the following statements is true?
a.
Per-capita GDP is necessarily higher in year 2 than year 1.
b.
People are “better off” in year 2 than in year 1 because there are more goods and services in year 2 than year 1.
c.
Government transfer payments were higher in year 2 than in year 1.
d.
a and b
e.
none of the above
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65. Is it possible for a country with a relatively large GDP to have a relatively small per-capita GDP?
a.
Yes, since the country with a relatively large GDP could also have a relatively large population.
b.
No, since countries with a relatively large GDP (such as the United States and Japan) also have a relatively
high per-capita GDP.
c.
Yes, but only under the condition that the country “produces” relatively more “bads” than other countries.
d.
Yes, since government transfer payments may be exorbitantly high in the country with the relatively high
GDP.
e.
There is not enough information to answer this question.
1
Moderate
United States – BUSPROG: Analytic
United States – OH – Default City – DISC: Measuring the Economy
Bloom’s: Application
66. Country A has a higher GDP than country B. What does this mean?
a.
It means that on a per-capita basis the residents of country A are relatively better off (in terms of the goods and
services they have available to them) than the residents of country B.
b.
It means that on a per-capita basis the residents of country A are richer than the residents of country B.
c.
It means that more goods and services were produced in country A than country B.
d.
It means that the total market value of the final goods and services produced in country A is greater than the
total market value of the final goods and services produced in country B.
e.
a and d
United States – BUSPROG: Analytic
United States – OH – Default City – DISC: Measuring the Economy
Bloom’s: Application
67. Look at the following data: durable goods = $200 billion; nondurable goods = $350 billion; services = $600 billion;
fixed investment + inventory investment = $200 billion; government purchases = $400 billion; exports = $30 billion;
imports = $79 billion. GDP is equal to
a.
$1,701 billion.
b.
$1,201 billion.
c.
$1,859 billion.
d.
$1,010 billion.
e.
There is not enough information to answer the question.
United States – BUSPROG: Analytic
United States – OH – Default City – DISC: Measuring the Economy
Bloom’s: Application
68. Look at the following data: consumption = $915 billion; exports = $40 billion; imports = $33 billion; inventory
investment = $123 billion; fixed investment = $500 billion; government purchases = $300 billion. GDP is equal to
a.
$1,632 billion.
b.
$1,466 billion.
c.
$1,911 billion.
d.
$1,845 billion.
e.
none of the above
United States – BUSPROG: Analytic
United States – OH – Default City – DISC: Measuring the Economy
Bloom’s: Application