1、1Macroeconomics, 8e (Parkin) Testbank 2Chapter 5 Measuring GDP and Economic Growth1) Gross domestic product A) includes all the goods and none of the services produced in an economy in a given time period. B) measures the value of the aggregate production of goods and services in a country during a
2、given time period. C) measures the value of labor payments generated in an economy in a given time period. D) is generally less than federal expenditure in any time period. 2) Gross domestic product is a measure of the total value of all A) sales in an economy over a period of time. B) consumer inco
3、me in an economy over a period of time. C) capital accumulation in an economy over a period of time. D) final goods and services produced in an economy over a period of time. 3) Gross domestic product (GDP) is the _ in a given time period. A) value of personal consumption expenditures, gross private
4、 domestic investment, and federal government expenditures B) sum of wage and salary compensation of employees and corporate profits C) value of all final and intermediate goods and services produced by the economy excluding those goods exported to foreign nations D) market value of final goods and s
5、ervices produced by the economy 4) Gross domestic product (GDP) measures the A) number of final goods and services produced in the economy in a given time period. B) number of final goods and services sold in the economy in a given time period. C) market value of old and new final goods and services
6、 sold in the economy in a given time period. D) market value of final goods and services produced in the economy in a given time period. 5) GDP is defined as the market value of all _ in a given time period. A) final goods produced in a country B) final goods and services produced by citizens of a p
7、articular country regardless of where in the world they are located C) final goods and services produced in a country by only the citizens of the country D) final goods and services produced in a country 6) In the GDP definition, market value refers to A) valuing production in production units. B) n
8、ot counting intermediate products. C) valuing production according to the market price. 2D) when the production took place. 7) In the United States, GDP is typically measured A) monthly. B) quarterly. C) daily. D) weekly. 8) If Nike, an American corporation, produces sneakers in Thailand this would
9、A) count as part of U.S. GDP since it is a U.S. corporation. B) count for both Thailands GDP and U.S. GDP. C) add to Thailands GDP but not to U.S. GDP. D) add to neither U.S. GDP nor Thailands GDP. 9) The word “final“ in the definition of GDP refers to A) not counting intermediate goods or services.
10、 B) the time period when production took place. C) valuing production at market prices. D) counting the intermediate goods and services used to produce GDP. 10) A loaf of bread purchased by one of your instructors would be best described as A) an intermediate good. B) a financial asset. C) a used go
11、od. D) a final good. 11) In 2006, Ozzie purchased a 1999 Ford Escort from his neighbor for his son, purchased a 1999 “one owner“ Camry from Larchmont Toyota for his wife, bought a 2006 new Ford for himself, and sold his 1993 Dodge Caravan to his teenage nephew. Which, if any, of these transactions w
12、ill be included in GDP in 2004? A) all four transactions B) all three purchases but not the sale C) the purchase of the Ford and the Caravan D) only the purchase of the Ford 12) Which of the following expenditures associated with the production of a new high-performance SUV will be directly included
13、 in GDP? A) the sale of bonds to finance the construction of the assembly plant B) the purchase of used welding robots to assemble to vehicles C) the purchase of new tires to be installed on the new vehicles D) the purchase of new machine tools to manufacture the engines 13) Intermediate goods are e
14、xcluded from GDP because A) their inclusion would involve double counting. B) they represent goods that have never been purchased so they cannot be counted. 3C) their inclusion would understate GDP D) the premise of the question is incorrect because intermediate goods are directly included in calcul
15、ating GDP. 14) A ton of coal purchased by your local utility to burn to make electricity would be best described as A) an intermediate good. B) a financial asset. C) a used good. D) a final product. 15) Which of the following expenditures is for an intermediate good? A) The government buys new tires
16、 for its military vehicles. B) A U.S. tire firm sells new tires to Canada. C) General Motors buys new tires to put on the cars its building. D) You buy new tires for your used car. 16) GDP does not directly include intermediate goods because A) intermediate goods are not valuable. B) intermediate go
17、ods are not useful to consumers. C) that would count the intermediate goods twice. D) that would understate the true size of GDP. 17) The calculation of the final goods and services sold in an economy would NOT include A) the purchase of a lawnmower by a household. B) General Motors purchases of tir
18、es for new automobiles. C) Ford Motor Companys purchase of a new industrial robot to be used to produce cars. D) the purchase of a service by a household. 18) In computing GDP, it is essential to A) avoid double counting. B) include government transfer payments. C) include government tax revenues. D
19、) count all intermediate products directly as they are produced. 19) Double counting (counting the same thing twice) in GDP accounting is avoided by not including A) net exports. B) intermediate goods. C) illegal activities. D) depreciation. 20) GDP counts only final goods and services because this
20、4A) method avoids including any goods that are produced this year and sold next year. B) method avoids double counting of goods going through several stages of production. C) amount can be more easily determined in the marketplace. D) method avoids understating the value of GDP produced during a given year.
