ECON 104 FINAL EXAM GOFFE | COMPLETE QUESTIONS WITH 100% RATED
EXPERT SOLUTIONS |2026 LATEST UPDATED
1. The business cycle is the same thing as economic growth.
(True or False): False
2. Which of the following is the best example of capital? -a
family buying a newly produced home -a shoe store adding to
its inventories
-a ship used to carry oil across the ocean
-the production and sale of a new delivery van for UPS: a ship used to carry
oil across the ocean
3. How are pollution and GDP related?
A. only the harm from pollution is included in GDP
B. the value of produced goods that lead to pollution are counted in GDP
and pollution is not counted
,C. goods whose production creates pollution are not counted in GDP: the
value
of produced goods that lead to pollution are counted in GDP and pollution is
not counted
4. GDP has various shortcomings in measuring well-being. Which of the
following is not one of these? -the value of leisure
-the harm from pollution
-the cost of crime and other social problems
-the production of intermediate goods: the production of intermediate
goods
5. Which of the following would not be in real GDP when measured by
production?
-a car produced by GM & sold in New York
-the government purchasing a new truck
-a pencil manufactured in the U.S. that is sold in Japan
,-the production of steel that is in turn used to make a car: the production of
steel that is in turn used to make a car
6. Which of the following is an example of an intermediate good as counted
in
GDP?
-a drill used by a professional carpenter
-a computer owned by Amazon that processes orders
-lumber used in the construction of a new home
-a delivery truck owned by FedEx: lumber used in the construction
of a new home 7. Which of the following is the least likely to be
investment?
-a household buying a new house
-a household saving for retirement
-GM building a new factory
-a car dealer adding to its cars on hand: a household saving for retirement
8. When you calculate GDP you need
, -the prices of goods & services
-the amount of goods & services produced
-both the prices and quantities of produced goods & services
-none of the above: both the prices and quantities of produced goods &
services
9. If you computed nominal GDP every year over a decade, which is fixed or
held constant over these years?
-prices
-quantities
-neither prices nor quantities: neither prices nor quantities
10. Which is NOT part of the definition of capital, as used by economists? It
___.
-must be manufactured
-is used by firms
-is used up in production
-produces other goods and services: is used up in production
EXPERT SOLUTIONS |2026 LATEST UPDATED
1. The business cycle is the same thing as economic growth.
(True or False): False
2. Which of the following is the best example of capital? -a
family buying a newly produced home -a shoe store adding to
its inventories
-a ship used to carry oil across the ocean
-the production and sale of a new delivery van for UPS: a ship used to carry
oil across the ocean
3. How are pollution and GDP related?
A. only the harm from pollution is included in GDP
B. the value of produced goods that lead to pollution are counted in GDP
and pollution is not counted
,C. goods whose production creates pollution are not counted in GDP: the
value
of produced goods that lead to pollution are counted in GDP and pollution is
not counted
4. GDP has various shortcomings in measuring well-being. Which of the
following is not one of these? -the value of leisure
-the harm from pollution
-the cost of crime and other social problems
-the production of intermediate goods: the production of intermediate
goods
5. Which of the following would not be in real GDP when measured by
production?
-a car produced by GM & sold in New York
-the government purchasing a new truck
-a pencil manufactured in the U.S. that is sold in Japan
,-the production of steel that is in turn used to make a car: the production of
steel that is in turn used to make a car
6. Which of the following is an example of an intermediate good as counted
in
GDP?
-a drill used by a professional carpenter
-a computer owned by Amazon that processes orders
-lumber used in the construction of a new home
-a delivery truck owned by FedEx: lumber used in the construction
of a new home 7. Which of the following is the least likely to be
investment?
-a household buying a new house
-a household saving for retirement
-GM building a new factory
-a car dealer adding to its cars on hand: a household saving for retirement
8. When you calculate GDP you need
, -the prices of goods & services
-the amount of goods & services produced
-both the prices and quantities of produced goods & services
-none of the above: both the prices and quantities of produced goods &
services
9. If you computed nominal GDP every year over a decade, which is fixed or
held constant over these years?
-prices
-quantities
-neither prices nor quantities: neither prices nor quantities
10. Which is NOT part of the definition of capital, as used by economists? It
___.
-must be manufactured
-is used by firms
-is used up in production
-produces other goods and services: is used up in production
