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Williams 1,691 solutions A nations gross domestic product (GDP) A) can be found by summing Consumption(C) + Gross Investment(Ig) + Government Spending(G) + Net Exports(Xn) B) is the dollar value of the total output produced by the citizens, regardless if where they are living C) can be found by summing C + S + G + Xn D) is always some amount less than its NDP A) can be found by summing Consumption(C) + Gross Investment(Ig) + Government Spending(G) + Net Exports(Xn) The GDP is the: A) monetary value of all final goods and services produced within a nation in a particular year B) national income minus all nonincome charges against output C) monetary value of all economic resources used in producing a years output D) monetary value of all goods and services, final and intermediate, produced in a specific year A) monetary value of all final goods and services produced within a nation in a particular year National income accountants can avoid multiple counting by: A) including transfers in their calculations B) counting both intermediate and final goods C) only counting final goods D) only counting intermediate goods C) only counting final goods Tom grows tomatoes for home consumption. This activity is: A) excluded from GDP in order to avoid double counting B) excluded from GDP because an intermediate good is involved C) productive but is excluded from GDP because no market transaction occurs D) incuded in GDP because it reflects production C) productive but is excluded from GDP because no market transaction occurs In national income accounting, consumption expenditures include: A) purchases of both new and used consumer goods B) consumer durable goods and consumer nondurable goods, but not sevices C) consumer durable goods, consumer nondurable goods, and services. D) changes in business inventories C) consumer durable goods, consumer nondurable goods, and services. Which of the following is not economic investment? A) the purchase of a drill press by Ajax Manufacturing Company B) the purchase of 100 shares of AT&T by a retired business executive C) construction of a suburban housing project D) the piling up of inventories on a grocer's self B) the purchase of 100 shares of AT&T by a retired business executive Which of the following do national income accountants consider to be investment? A) the purchase of an automobile for private, nonbusiness use B)the purchase of a new house C) the purchase of corporate bonds D) the purchase of gold coins B)the purchase of a new house In calculating GDP, governmental transfer payments, such as social security or unemployment compensation, are: A) not counted B) investment spending C) government spending D) consumption spending A) not counted The largest component of total expenditures in the United States is: A) net exports B) government purchases C) consumption D) gross investment C) consumption In national income accounting, government purchases include: A) purchases by federal, state, and local governments B) purchases by the federal government only C) government transfer payments D) purchases of goods for consumption, but not public capital goods A) purchases by federal, state, and local governments Nominal GDP: A) the sum of all monetary transactions that occur in the economy in a year B) the sum of all monetary transactions involving final goods and services that occur in the economy in a year C) the amount of production that occurs when the economy is operating at full employment D) money GDP adjusted for inflation B) the sum of all monetary transactions involving final goods and services that occur in the economy in a year Real GDP refers to: A) the value of domestic output after adjustments have been made for environmental pollution and changes in the distribution of income B) GDP data that embody changes in the price level, but not changes in physical output C) GDP date that reflect changes in both physical output and the price level D) GDP date that have been adjusted for changes in the price level D) GDP date that have been adjusted for changes in the price level Economic growth is best defined as an increase in: A) either real GDP or real GDP per capita B) nominal GDP C) total consumption expenditures D) wealth in the economy A) either real GDP or real GDP per capita If a nations real GDP increases from 100 billion to 106 billion and its population jumps from 200 million to 212 million, its real GDP per capita will: A) remain constant B) fall by 6 percent C) raise by 6 percent D) fall by 12 percent A) remain constant The number of years required for real GDP to double can be found by: A) dividing the annual growth rate by .07 B) multiplying the annual growth rate by 70 C) dividing 70 by the annual growth rate D) adding 14 to the annual growth rate C) dividing 70 by the annual growth rate About _______ of U.S. economic growth comes from improved productivity (as opposed to added inputs) A) 1/4 B) 1/3 C) 1/2 D) 2/3 D) 2/3 Between 1950 and 2009, U.S. real GDP per capita grew at an average annual rate of about: A) 5.5 percent B) 4.2 percent C) 3.2 percent D) 2.0 percent D) 2.0 percent
If the number of worker-hours in an economy is 100 and its labor productivity is $5 of output per worker-hour, the economy's real GDP: A) $20 B) $500 C) $5000 D) cannot be calculated B) $500 Labor productivity is measured by: A) the ratio of capital to labor B) real output per worker hour C) real output per capita D) the ratio of worker hours to real GDP B) real output per worker hour The market system is an economic system that: A) produces more consumer goods than capital goods B) produces more capital goods than consumer goods C) gives private individuals and institutions the right to own resources used in production D) gives the government the right to tax individuals and corporations for the production of capital goods C) gives private individuals and institutions the right to own resources used in production Capitalism is an economic system that: A) produces more capital goods than consumer goods B) produces more consumer goods than capital goods C) gives the government the right to tax individuals and corporations D) gives private individuals and institutions the right to own productive resources D) gives private individuals and institutions the right to own productive resources The basic economic argument for the market system is that it promotes: A) an efficient allocation of resources B) equality in the distribution of income C) personal freedom D) the use of money A) an efficient allocation of resources Which of the following will not cause the demand for product K to change? A) a change in the price of close-substitute product J B) an increase in consumer incomes C) a change in the production technology for good K D) a change in consumer tastes C) a change in the production technology for good K A rightward shift in the demand curve for product C might be caused by: A) an increase in income if C is an inferior good B) a decrease in income if C is a normal good C) a decrease in the price of a product that is a close substitute for C D) a decrease in the price of a product that is complementary to C D) a decrease in the price of a product that is complementary to C Assume that the demand schedule for product C is downsloping. If the price of C falls from $2.00 to $1.75: A) a smaller quantity of C will be demanded B) a larger quantity of C will be demanded C) the demand for C will increase D) the demand for C will decrease B) a larger quantity of C will be demanded The upward slope of the supply curve reflects the: A)principle of specialization in production B) law of supply C) fact that price and quantity supplied are inversely related D) law of diminishing marginal utility B) law of supply A leftward shift of a product supply curve might be caused by: A) an improvement in the relevant technique of production B) a decline in the prices of needed inputs C) an increase in consumer incomes D) some firms leaving an industry D) some firms leaving an industry An improvement in production technology will: A) increase equilibrium price B) shift the supply curve left C) shift the supply curve right D) shift the demand curve left C) shift the supply curve right Which of the following will cause a decrease in market equilibrium price and an increase in equilibrium quantity? A) increase in supply B) increase in demand C) decrease in supply D) decrease in demand A) increase in supply Which of the following statements is correct? A) if demand increases and supply decreases, equilibrium price will fall B) if supply increases and demand decreases, equilibrium price will fall C) if demand decreases and supply increases, equilibrium price will rise D) if supply declines and demand remains constant, equilibrium price will fall B) if supply increases and demand decreases, equilibrium price will fall Which of the following is an example of an economic investment?The building of a new bank office represents the creation of economic assets and hence represents an economic investment.
Which of the following is not considered investment in GDP accounting?In calculating GDP, investment does not refer to the purchase of stocks and bonds or the trading of financial assets. It refers to the purchase of new capital goods, that is, business equipment, new commercial real estate (such as buildings, factories, and stores), residential housing construction, and inventories.
Which of the following is included in the economists definition of investment quizlet?Terms in this set (55)
Which of the following is included in the economist's definition of investment? The purchase of new machines, factories, or houses.
Which of the following is the best example of investment as defined by economist?Which of the following is the best example of an investment as defined by economists? a firm's producing and putting into inventory goods for future sale.
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Which of the following is not economic investment Quizlet
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