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Exam (elaborations)

ECON 3020- CHAPTER 2 QUESTIONS WITH CORRECT ANSWERS 2025.

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ECON 3020- CHAPTER 2 QUESTIONS WITH CORRECT ANSWERS 2025.

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Business finance
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Uploaded on
November 11, 2024
Number of pages
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Written in
2024/2025
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  • econ 3020 chapter 2 questions with correct answer

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ECON 3020: CHAPTER 2 QUESTIONS
WITH CORRECT ANSWERS 2025
WhenDaDfirmDproducesDoutput:D



A.DtheDfirm'sDoutputDwillDcountDasDGDPDifDitDisDstoredDasDinventory.D

B.DtheDfirm'sDoutputDcontributesDtoDGDPDonlyDtoDtheDextentDthatDthereDisDvalue-added

C.DtheDfirm'sDoutputDwillDnotDcountDasDGDPDifDitDisDexported.D

D.DtheDvalueDofDtheDoutputDproducedDisDincludedDinDGDP.D-DcorrectDanswer-
B.DtheDfirm'sDoutputDcontributesDtoDGDPDonlyDtoDtheDextentDthatDthereDisDvalue-added



AcmeDSteelDCo.DproducesD1,000DtonsDofDsteel.DSteelDsellsDforD$30DperDton.DAcmeDpaysDwagesDofD$10,000.D
AcmeDbuysD$15,000DworthDofDcoal,DwhichDisDneededDtoDproduceDtheDsteel.DAcmeDpaysD$2,000DinDtaxes.DAc
me'sDcontributionDtoDGDPDis:D



A.D20,000

B.D30,000

C.D15,000D

D.D45,000D-DcorrectDanswer-C.D15,000



HereDisDwhatDweDknowDaboutDaDhousehold:DwagesD$25,000,DunemploymentDinsuranceDbenefitsD$3,000,Dd
ividendDincomeD$4,000,DincomeDtaxD$5,000.DWhatDisDtheDcontributionDtoDGDPDofDthisDhouseholdDfollowin
gDtheDexpenditureDapproach?



A.D29,000

B.D24,000

C.D28,000

D.D25,000D-DcorrectDanswer-C.D28,000



ADpriceDindexDisDcomputedDby:D

, A.DdividingDaDrealDvariableDbyDitsDrealDcounterpart.D

B.DdividingDaDnominalDvariableDbyDitsDrealDcounterpart.D

C.DsubtractingDtheDnominalDvariableDfromDitsDrealDcounterpart.D

D.DsubtractingDtheDrealDvariableDfromDitsDnominalDcounterpart.D-DcorrectDanswer-
B.DdividingDaDnominalDvariableDbyDitsDrealDcounterpart.



RealDGDPDvaluesDcurrentDproductionDat:D



A.DcurrentDyearDprices

B.DtheDbestDestimateDofDnextDyear'sDpricesD

C.DbaseDyearDpricesD

D.DtheDaverageDofDpriceDlevelsDoverDtheDentireDsampleDperiodD-DcorrectDanswer-C.DbaseDyearDprices



ValueDaddedDisDequalDtoDtheDvalueDofDaDfirm'sDproductionDminus:D



A.DlaborDcosts

B.DinvestmentDexpendituresD

C.DintermediateDgoodsDusedDinDproductionD

D.DallDofDitsDcostsDofDproductionD-DcorrectDanswer-C.DintermediateDgoodsDusedDinDproduction



SupposeDthatDtheDgovernmentDcollectsD$3DmillionDinDtaxes,DpaysD$2DmillionDinDsocialDsecurityDbenefits,Dpa
ysD$0.5DmillionDinDinterestDonDtheDnationalDdebt,DandDpaysDworkersD$1DmillionDtoDsitDatDtheirDdesksDandDw
orkDasDlittleDasDpossible.DTheDgovernment'sDcontributionDtoDGDPDis:D



A.D$3Dmillion

B.D$3.5Dmillion

C.D$0

D.D$1DmillionD-DcorrectDanswer-D.D$1Dmillion



TheDincome-expenditureDidentityDisDbestDparaphrasedDas:D
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