ECON 248 Unit 2 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |
GRADED A+ | NEW UPDATE 2026
The consumer price index measures approximately the same economic
phenomenon as
Select one:
a. nominal GDP.
b. real GDP.
c. real interest rate.
d. the GDP deflator.
e. nominal interest rate. - ANSWERS GDP
Which one of the following would be included in the calculation of GDP by the
expenditure approach?
Select one:
a. the purchase of an original eighteenth century work of art
b. the purchase of 20 shares of a new issue of IBM stock
c. the value of your brother's services when he mows the lawn for the family
d. the income you pay to your gardener
e. the cost of adding a new kitchen to your house - ANSWERS e. the cost of
adding a new kitchen to your house
A bakery uses flour to produce bread for household consumption.
, When calculating GDP, we include ________, because when we add the value of
the flour to the value of the loaf of bread to calculate GDP, the result is ________.
Select one:
a. both the value of the bread sold in a store and the value of the flour used to
produce the bread / double counting
b. both the value of the bread sold in a store and the value of the flour used to
produce the bread / the true value of the economy's output
c. only the value of the flour used to produce the bread / double counting
d. only the value of the bread sold in a store / double counting
e. None of the above combinations is correct. - ANSWERS d. only the value of
the bread sold in a store / double counting
Gross domestic product is
Select one:
a. the market value of all goods and services produced in a country during a given
time period.
b. the market value of all the final goods and services produced in a country
during a given time period.
c. the final value of all goods produced in a country in a given time period.
d. the market value of all the intermediate goods and services produced in a
country during a given time period.
e. the average value of output produced in a country in a given time period. -
ANSWERS b. the market value of all the final goods and services produced in a
country during a given time period.
Suppose you deposit $1000 in your saving account at your bank, and a year later
you have $1055. Over the same period, the consumer price index falls from 200 to
DETAILED ANSWERS (VERIFIED ANSWERS) |
GRADED A+ | NEW UPDATE 2026
The consumer price index measures approximately the same economic
phenomenon as
Select one:
a. nominal GDP.
b. real GDP.
c. real interest rate.
d. the GDP deflator.
e. nominal interest rate. - ANSWERS GDP
Which one of the following would be included in the calculation of GDP by the
expenditure approach?
Select one:
a. the purchase of an original eighteenth century work of art
b. the purchase of 20 shares of a new issue of IBM stock
c. the value of your brother's services when he mows the lawn for the family
d. the income you pay to your gardener
e. the cost of adding a new kitchen to your house - ANSWERS e. the cost of
adding a new kitchen to your house
A bakery uses flour to produce bread for household consumption.
, When calculating GDP, we include ________, because when we add the value of
the flour to the value of the loaf of bread to calculate GDP, the result is ________.
Select one:
a. both the value of the bread sold in a store and the value of the flour used to
produce the bread / double counting
b. both the value of the bread sold in a store and the value of the flour used to
produce the bread / the true value of the economy's output
c. only the value of the flour used to produce the bread / double counting
d. only the value of the bread sold in a store / double counting
e. None of the above combinations is correct. - ANSWERS d. only the value of
the bread sold in a store / double counting
Gross domestic product is
Select one:
a. the market value of all goods and services produced in a country during a given
time period.
b. the market value of all the final goods and services produced in a country
during a given time period.
c. the final value of all goods produced in a country in a given time period.
d. the market value of all the intermediate goods and services produced in a
country during a given time period.
e. the average value of output produced in a country in a given time period. -
ANSWERS b. the market value of all the final goods and services produced in a
country during a given time period.
Suppose you deposit $1000 in your saving account at your bank, and a year later
you have $1055. Over the same period, the consumer price index falls from 200 to
