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Unit III Macro Review--GDP

Unit III Macro Review--GDP. Questions provided by students . Which is the most meaningful measure of economic performance?. A. Nominal GDP B. Real GDP C. Per capita GDP D. Undetermined GDP. Real GDP is. A. The value of final g and s produced and expressed in prices of a base year.

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Unit III Macro Review--GDP

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  1. Unit III Macro Review--GDP Questions provided by students 

  2. Which is the most meaningful measure of economic performance? • A. Nominal GDP • B. Real GDP • C. Per capita GDP • D. Undetermined GDP

  3. Real GDP is • A. The value of final g and s produced and expressed in prices of a base year. • B. Market value of all g and s produced. • C. Total inflammation. • D. The opposite of fake GDP.

  4. To calculate Ig you • A. Add net domestic investment and CFC • B. Subtract CFC from net domestic investment • C. Add net domestic investment and net foreign factor • D. Subtract personal taxes from net domestic investment

  5. The price index • A. Is used to measure inflation by the government. • B. Total market value of all final g and s. • C. Measure of a specific collection of g and s in a given year, as compared with a collection in a reference year. • D. Measures price levels.

  6. The GDP • A. Does not include final goods • B. Includes nonproductive transactions • C. Excludes nonproductive transactions • D. Is not beneficial to the economy

  7. Which of the following counts in GDP? • A. Teaching a child how to read • B. Producing pencils in Indonesia • C. Government hiring new workers • D. You buy 100 shares of Google stock

  8. What is CFC? • A. Consumption of free candy • B. Consumption of fixed capital • C. Corporate fixed capital • D. Corporate foreign capital

  9. What is an example of Ig? • A. Secondhand sales • B. Construction • C. Government hiring workers • D. Purchasing stocks

  10. Which of the following is FALSE about GDP? • A. Includes only final goods • B. Services are produced within a country • C. Is the value of what has been produced • D. Includes unreported activities

  11. When is the GDP measured? • A. Once a month • B. Once a year • C. Every 3 months • D. Every 4 months

  12. Which of the following counts in GDP? • A. Social Security checks • B. Secondhand sales • C. Broker service • D. Overseas production

  13. What accounts for most of the GDP? • A. C • B. Ig • C. G • D. Xn

  14. Xn has been negative since • A. WWI • B. The Great Depression • C. WWII • D. Vietnam

  15. What do you subtract from PI to get DI? • A. Personal income tax • B. Consumption of fixed capital • C. Net income • D. Back transfer payments

  16. The index the gov’t uses to measure inflation is the • A. Consumer price index • B. Personal price index • C. Net price index • D. Domestic price index

  17. What doesn’t count as a part of the “Underground” economy? • A. Smuggling sales • B. Personal income • C. Stolen goods • D. Gambling

  18. What does the gov’t use CPI to adjust? • A. Income tax brackets and ss benefits • B. GDP / rGDP • C. Average level of prices • D. Base year prices

  19. To get Xn, what equation do you use? • A. Imports – exports • B. Exports – imports • C. CFC – government spending • D. Exports + imports

  20. Which of the following does NOT count in GDP? • A. Steel used to make car • B. New car • C. Dentist bill • D. New house

  21. What does count in GDP? • A. Stocks • B. Cash tips • C. Big Mac • D. US production overseas

  22. A specific collection of goods and services are a • A. Company • B. Unified trade union • C. GDP • D. Market basket

  23. In the expenditures approach, what does G mean? • A. Government spending • B. Gross investment • C. Gross domestic product • D. Government savings

  24. What counts in GDP? • A. Buying 250 shares of Apple Inc. • B. Baby sitting your little sister as a favor • C. Making muffins for your cousin's birthday • D. Buying a soda for a homeless man

  25. The expenditure approach to GDP includes all EXCEPT • A. Personal savings • B. Gross investment • C. Net Exports • D. Government spending

  26. Disposable income is • A. The money in the US gov’t treasury • B. The result of spending on g and s made in the US • C. The income an individual can use for consumption or savings • D. None of the above

  27. When assessing the economy the national income accounts serve • A. To Help other countries realize how much better the US economy is • B. A purpose just as income statements do for a business • C. Provides national deficit reports • D. Nothing concerning GDP or CPI

  28. Which of the following is not a consumer purchase counted in GDP? • A. A box of raisins from Kroger • B. A t-shirt from the mall • C. A pair of shoes from Goodwill • D. A pretzel from Pretzeltime

  29. Name one purpose of estimating rGDP. • A. To compare standard of living over time • B. To compare standard of living by price • C. To compare standard of living over regions • D. To compare standard of living over states

  30. If nGDP rises but rGDP remains unchanged, prices have • A. Decreased • B. Stayed the same • C. Increased • D. None of these

  31. Why do intermediate goods not count in GDP? • A. We can’t track intermediate goods • B. Not counting them avoids multiple counting • C. Mrs. Duez says soD. It is too hard to calculate

  32. CFC = • A. Consumption of fixed capital • B. Depreciation • C. Consumer fixed consumption • D. Both A and B

  33. The GDP is determined by the value of goods_________, not ________. • A. Sold; produced • B. Consumed; produced • C. Produced; sold • D. Consumed; sold

  34. Who is hurt by inflation? • A. Retirees or those on a fixed income • B. Ninjas • C. People leasing apartments at a fixed rate • D. None of the above

  35. What is Net Domestic Product? • A. C + Ig + G +Xn • B. Imports – exports • C. Exports – imports • D. GDP - CFC

  36. Underground activity could possibly add ___% to the GDP if it could be counted. • A. 7 • B. 8 • C. 9 • D. 10

  37. Are second hand sales calculated in GDP? • A. Yes • B. No • C. Depends on the condition of the product • D. Depends on the seller

  38. What is a COLA? • A. A soft drink • B. Cost of living adjustment • C. Cost of level adjustment • D. Capital of legal activities

  39. What is the formula to find rGDP? • A. PI / nGDP X 10 • B. nGDP / PI X 100 • C. DI / C X 10 • D. G / NI X 100

  40. The CPI has _____ products in the market basket. • A. 30 • B. 300 • C. 400 • D. 500

  41. CPI is used to measure? • A. GDP • B. Deflation • C. Inflation • D. Distance

  42. rGDP is • A. nGDP + inflation • B. nGDP – inflation • C. CPI + inflation • D. Donuts

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