Econ 201 Exam with precise detailed answers ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
GDP is: ||//\\||
A. the sum of all currency and coins in circulation
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B. the value of all final goods and services produced by a government.
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C. the value of all final goods and services produced anywhere in the world by a nations
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firms.
D. the value of all final goods and services produced domestically - correct answer✔✔d
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The demand measure of GDP accounting adds together:
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A. wages and salaries, rent, interest, and profit.
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B. consumption, investment, government purchases, and trade balance.
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C. consumption, government purchases, wages and salaries, and trade balance.
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D. consumption, interest, government purchases, and trade balance. - correct answer✔✔b
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Consumption is the purchase of goods and services by: ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
,A. households. ||//\\||
B. government.
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C. business firms.
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D. foreign buyers. - correct answer✔✔a
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Final goods or services used to compute GDP refer to:
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A. the sum of all wages paid to laborers.
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B. the factors of production used to produce output.
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C. goods and services purchased by the ultimate users.
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D. the value of outstanding shares of stock of manufacturing firms. - correct answer✔✔c
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The value of what businesses provide to other businesses is captured in the final products at
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the end of the __________ chain.
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A. service ||//\\||
B. value ||//\\||
C. production||//\\||
,D. supply - correct answer✔✔c
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Which of the following is not counted as a part of GDP? ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
A. the purchase of 100 shares of AT&T stock by your grandfather.
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B. the purchase of a snow plough by the city of Minneapolis.
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C. the unsold additions to inventory at an appliances store
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D. the purchase of a loaf of bread by a consumer - correct answer✔✔a
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Which of ||//\\|| ||//\\||
the following is not included in GDP?
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A. the payments for a chiropractor's services
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B. cash income paid to a day laborer that is not reported to the tax authorities
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C. the replacement
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||//\\|| of brake pads on your six-year-old vehicle
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D. the fees for legal services rendered by your lawyer - correct answer✔✔b
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, _________ are now the largest single component of the supply side of GDP, representing ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
over ||//\\||
half of GDP. ||//\\|| ||//\\||
A. Durable goods
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B. Services||//\\||
C. Nondurable goods
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D. Structures - correct answer✔✔b
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Which of the following is included in GDP? ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
A. revenue from the sale of a three-year old car
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B. the fees charged for a stock broker's services
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C. the receipts from a sale of land
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D. the value of lawn
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care service provided by a sixteen-year-old as part of his weekly chores - correct
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answer✔✔b
To compare the GDP of two different countries with different currencies, it is necessary to
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use ||//\\||
_________________________.
GDP is: ||//\\||
A. the sum of all currency and coins in circulation
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B. the value of all final goods and services produced by a government.
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C. the value of all final goods and services produced anywhere in the world by a nations
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firms.
D. the value of all final goods and services produced domestically - correct answer✔✔d
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The demand measure of GDP accounting adds together:
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
A. wages and salaries, rent, interest, and profit.
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B. consumption, investment, government purchases, and trade balance.
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C. consumption, government purchases, wages and salaries, and trade balance.
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D. consumption, interest, government purchases, and trade balance. - correct answer✔✔b
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Consumption is the purchase of goods and services by: ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
,A. households. ||//\\||
B. government.
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C. business firms.
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D. foreign buyers. - correct answer✔✔a
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Final goods or services used to compute GDP refer to:
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A. the sum of all wages paid to laborers.
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B. the factors of production used to produce output.
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C. goods and services purchased by the ultimate users.
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D. the value of outstanding shares of stock of manufacturing firms. - correct answer✔✔c
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The value of what businesses provide to other businesses is captured in the final products at
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||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
the end of the __________ chain.
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A. service ||//\\||
B. value ||//\\||
C. production||//\\||
,D. supply - correct answer✔✔c
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Which of the following is not counted as a part of GDP? ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
A. the purchase of 100 shares of AT&T stock by your grandfather.
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
B. the purchase of a snow plough by the city of Minneapolis.
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
C. the unsold additions to inventory at an appliances store
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
D. the purchase of a loaf of bread by a consumer - correct answer✔✔a
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Which of ||//\\|| ||//\\||
the following is not included in GDP?
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
A. the payments for a chiropractor's services
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
B. cash income paid to a day laborer that is not reported to the tax authorities
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C. the replacement
||//\\|| ||//\\||
||//\\|| of brake pads on your six-year-old vehicle
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
D. the fees for legal services rendered by your lawyer - correct answer✔✔b
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
, _________ are now the largest single component of the supply side of GDP, representing ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
over ||//\\||
half of GDP. ||//\\|| ||//\\||
A. Durable goods
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B. Services||//\\||
C. Nondurable goods
||//\\|| ||//\\||
D. Structures - correct answer✔✔b
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Which of the following is included in GDP? ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
A. revenue from the sale of a three-year old car
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B. the fees charged for a stock broker's services
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
C. the receipts from a sale of land
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
D. the value of lawn
||//\\|| ||//\\|| ||//\\|| ||//\\||
care service provided by a sixteen-year-old as part of his weekly chores - correct
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
answer✔✔b
To compare the GDP of two different countries with different currencies, it is necessary to
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
use ||//\\||
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