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.4 billion.d.$1.4 billion.e.none of the above.16.The largest category of GDP is , and the most unstable category of GDP is.a.consumption, consumptionb.government, investmentc.consumption, investmentd.consumption, government purchasese.investment, consumption627 95469_22_Ch22_p603-632.qxd 16/1/07 2:49 PM Page 62817.Which of the following will be counted as part of this year s U.S.GDP?a.goods produced last year but not sold until this yearb.goods produced this year by an American working in Parisc.purchases of Cisco Systems stock (not issued this year) that take place this Marchd.sales of used lawn mowers that take place this yeare.none of the above18.In the income approach to measuring GDP, factor payments do not includea.wages and salaries for the use of labor services.b.rent for land.c.interest payments for the use of capital goods.d.profits for entrepreneurs.e.All of the above are included as factor payments.19.Which of the following is not considered a factor payment?a.wagesb.interestc.rentd.profite.transfer payments20.What is not subtracted from GDP to get national income?a.the net income of foreignersb.depreciationc.indirect business taxesd.personal income taxese.All of the above are subtracted from GDP to get national income.21.Disposable income isa.a measure of the market value of total output.b.a measure of the income households have to spend before paying taxes.c.a measure of the income households have to spend after paying taxes.d.a measure of household income from investment income, such as dividends and capital gains.22.Disposable personal income will increase whena.taxes rise and transfer payments rise.b.taxes rise and transfer payments fall.c.taxes fall and transfer payments rise.d.taxes fall and transfer payments fall.23.The CPI is a measure ofa.the overall cost of goods and services produced in the economy.b.the overall cost of inputs purchased by a typical producer.c.the overall cost of goods and services bought by a typical consumer.d.the overall cost of stocks on the New York Stock Exchange.24.If the consumer price index was 100 in the base year and 110 in the following year, the inflation rate wasa.110 percent.b.100 percent.c.11 percent.d.10 percent.25.The current cost of a market basket of goods is $6,000.The cost of the same basket of goods in the base year was$4,000.The current price index isa.600.b.160.628 95469_22_Ch22_p603-632.qxd 16/1/07 2:49 PM Page 629c.150.d.133.e.66.7.26.The CPI overestimates changes in the cost of living becausea.the growth of discount stores where consumers can obtain goods at discount prices has not been adequatelyrepresented in the construction of the CPI.b.the CPI does not adequately deal with changes in the quality of products over time.c.the CPI deals with a fixed market basket and doesn t capture the savings households enjoy when they substitutecheaper alternatives in response to a price change.d.of all of the above.27.Which measures of inflation tend to overstate it?a.the CPI, but not the GDP deflatorb.the GDP deflator, but not the CPIc.both the GDP deflator and the CPId.neither the GDP deflator nor the CPI28.The cost of an aircraft carrier produced domestically would be included ina.the CPI, but not the GDP deflator.b.the GDP deflator, but not the CPI.c.both the GDP deflator and the CPI.d.neither the GDP deflator nor the CPI.29.Nominal GDP isa.the base year market value of all final goods and services produced domestically during a given period.b.the current year market value of all final goods and services produced domestically during a given period.c.usually less than real GDP.d.the current year market value of domestic production of intermediate goods.e.none of the above.30.Nominal GDP differs from real GDP in thata.nominal GDP tends to increase when total production of output in the economy increases, while realGDP does not.b.nominal GDP is measured in base year prices, while real GDP is measured in current year prices.c.nominal GDP is measured in current year prices, while real GDP is measured in base year prices.d.real GDP excludes taxes paid to the government, while nominal GDP does not.31.The consumer price indexa.takes government purchases into account, unlike the GDP deflator.b.takes business investment purchases into account, unlike the GDP deflator.c.equals 100 in the base year, unlike the GDP deflator.d.is generally used to adjust nominal GDP to calculate real GDP.e.None of the above is true.32.Real GDP in base year dollars equalsa.nominal GDP divided by the price index, times 100.b.nominal GDP divided by the price index.c.nominal GDP times the price index.d.nominal GDP times the price index, divided by 100.e.none of the above.33.Suppose that nominal GDP in 2000 equals $8,000 trillion and that in 2001 nominal GDP equals $8,500 trillion.It can be concluded thata.total production of output decreased from 2000 to 2001.b.total production of output increased from 2000 to 2001 [ Pobierz całość w formacie PDF ]
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.4 billion.d.$1.4 billion.e.none of the above.16.The largest category of GDP is , and the most unstable category of GDP is.a.consumption, consumptionb.government, investmentc.consumption, investmentd.consumption, government purchasese.investment, consumption627 95469_22_Ch22_p603-632.qxd 16/1/07 2:49 PM Page 62817.Which of the following will be counted as part of this year s U.S.GDP?a.goods produced last year but not sold until this yearb.goods produced this year by an American working in Parisc.purchases of Cisco Systems stock (not issued this year) that take place this Marchd.sales of used lawn mowers that take place this yeare.none of the above18.In the income approach to measuring GDP, factor payments do not includea.wages and salaries for the use of labor services.b.rent for land.c.interest payments for the use of capital goods.d.profits for entrepreneurs.e.All of the above are included as factor payments.19.Which of the following is not considered a factor payment?a.wagesb.interestc.rentd.profite.transfer payments20.What is not subtracted from GDP to get national income?a.the net income of foreignersb.depreciationc.indirect business taxesd.personal income taxese.All of the above are subtracted from GDP to get national income.21.Disposable income isa.a measure of the market value of total output.b.a measure of the income households have to spend before paying taxes.c.a measure of the income households have to spend after paying taxes.d.a measure of household income from investment income, such as dividends and capital gains.22.Disposable personal income will increase whena.taxes rise and transfer payments rise.b.taxes rise and transfer payments fall.c.taxes fall and transfer payments rise.d.taxes fall and transfer payments fall.23.The CPI is a measure ofa.the overall cost of goods and services produced in the economy.b.the overall cost of inputs purchased by a typical producer.c.the overall cost of goods and services bought by a typical consumer.d.the overall cost of stocks on the New York Stock Exchange.24.If the consumer price index was 100 in the base year and 110 in the following year, the inflation rate wasa.110 percent.b.100 percent.c.11 percent.d.10 percent.25.The current cost of a market basket of goods is $6,000.The cost of the same basket of goods in the base year was$4,000.The current price index isa.600.b.160.628 95469_22_Ch22_p603-632.qxd 16/1/07 2:49 PM Page 629c.150.d.133.e.66.7.26.The CPI overestimates changes in the cost of living becausea.the growth of discount stores where consumers can obtain goods at discount prices has not been adequatelyrepresented in the construction of the CPI.b.the CPI does not adequately deal with changes in the quality of products over time.c.the CPI deals with a fixed market basket and doesn t capture the savings households enjoy when they substitutecheaper alternatives in response to a price change.d.of all of the above.27.Which measures of inflation tend to overstate it?a.the CPI, but not the GDP deflatorb.the GDP deflator, but not the CPIc.both the GDP deflator and the CPId.neither the GDP deflator nor the CPI28.The cost of an aircraft carrier produced domestically would be included ina.the CPI, but not the GDP deflator.b.the GDP deflator, but not the CPI.c.both the GDP deflator and the CPI.d.neither the GDP deflator nor the CPI.29.Nominal GDP isa.the base year market value of all final goods and services produced domestically during a given period.b.the current year market value of all final goods and services produced domestically during a given period.c.usually less than real GDP.d.the current year market value of domestic production of intermediate goods.e.none of the above.30.Nominal GDP differs from real GDP in thata.nominal GDP tends to increase when total production of output in the economy increases, while realGDP does not.b.nominal GDP is measured in base year prices, while real GDP is measured in current year prices.c.nominal GDP is measured in current year prices, while real GDP is measured in base year prices.d.real GDP excludes taxes paid to the government, while nominal GDP does not.31.The consumer price indexa.takes government purchases into account, unlike the GDP deflator.b.takes business investment purchases into account, unlike the GDP deflator.c.equals 100 in the base year, unlike the GDP deflator.d.is generally used to adjust nominal GDP to calculate real GDP.e.None of the above is true.32.Real GDP in base year dollars equalsa.nominal GDP divided by the price index, times 100.b.nominal GDP divided by the price index.c.nominal GDP times the price index.d.nominal GDP times the price index, divided by 100.e.none of the above.33.Suppose that nominal GDP in 2000 equals $8,000 trillion and that in 2001 nominal GDP equals $8,500 trillion.It can be concluded thata.total production of output decreased from 2000 to 2001.b.total production of output increased from 2000 to 2001 [ Pobierz całość w formacie PDF ]