Macroeconomics Chapter 7 Exam Questions with
Answers
1. National accounting measures the overall performance
of the economy.-
correct answer: income
2. Aggregate
output is the primary measure of the economy's .
-total output of goods and services adjusted for inflation
-total output of goods and services
-marginal output of goods and services
-total output of goods and services expressed in real terms correct answer:
total output of goods and services
3. The
market value of all final goods and services produced within the
borders of a given country during a given period of time is the
definition of .
-national income
-gross domestic product
-gross private domestic investment
-gross national product correct answer: gross domestic product
4. Select all that
apply What is a
final good?
-A good that is counted as part of GDP
-A good directly consumed by individuals or businesses
-A good that is counted twice while calculating GDP
-A good used only in the production of other products correct answer: A
good that is counted as part of GDP
A good directly consumed by individuals or businesses
5. Goods and services that are used up in the production of final goods
are called
, goods correct answer: intermediate
6. Which of the following measures the economy's overall
performance?
-The stock market
-Gross state product
-National income accounting
-Private accounting correct answer: National income accounting
7. The primary measure of the
economy's performance is its annual total output of goods and
services, which is called its .
-balance of trade
,-aggregate output
-gross investment
-net exports correct answer: aggregate output
8. A
country's gross domestic product (GDP) is a measure of
produced within an economy during a specific period of time.
-the aggregate output of intermediate goods
-dollar value of all final goods and services
-the aggregate output of final and intermediate goods
-dollar value of all final and intermediate goods and services correct
answer: dollar value of all final goods and services
9. Consumption goods, capital goods and services
purchased by their ultimate users are called goods.
-intermediate
-substitute
-investment
-final correct answer: final
10. What is an intermediate good?
-A good that is counted as part of GDP
-A good directly consumed by individuals
-A good used only in the production of other products
-A good that is considered a final product correct answer: A good used only in the
production of other products
11. goods
are included in the calculation of GDP, while goods
are not included.
-Intermediate; final
-Final; intermediate
-Durable; nondurable
-Hard; soft correct answer: Final; intermediate
12. The market value of a firm's
output minus the value of the inputs the firm has bought from
, others is called .
-multiple counting
-value added
Answers
1. National accounting measures the overall performance
of the economy.-
correct answer: income
2. Aggregate
output is the primary measure of the economy's .
-total output of goods and services adjusted for inflation
-total output of goods and services
-marginal output of goods and services
-total output of goods and services expressed in real terms correct answer:
total output of goods and services
3. The
market value of all final goods and services produced within the
borders of a given country during a given period of time is the
definition of .
-national income
-gross domestic product
-gross private domestic investment
-gross national product correct answer: gross domestic product
4. Select all that
apply What is a
final good?
-A good that is counted as part of GDP
-A good directly consumed by individuals or businesses
-A good that is counted twice while calculating GDP
-A good used only in the production of other products correct answer: A
good that is counted as part of GDP
A good directly consumed by individuals or businesses
5. Goods and services that are used up in the production of final goods
are called
, goods correct answer: intermediate
6. Which of the following measures the economy's overall
performance?
-The stock market
-Gross state product
-National income accounting
-Private accounting correct answer: National income accounting
7. The primary measure of the
economy's performance is its annual total output of goods and
services, which is called its .
-balance of trade
,-aggregate output
-gross investment
-net exports correct answer: aggregate output
8. A
country's gross domestic product (GDP) is a measure of
produced within an economy during a specific period of time.
-the aggregate output of intermediate goods
-dollar value of all final goods and services
-the aggregate output of final and intermediate goods
-dollar value of all final and intermediate goods and services correct
answer: dollar value of all final goods and services
9. Consumption goods, capital goods and services
purchased by their ultimate users are called goods.
-intermediate
-substitute
-investment
-final correct answer: final
10. What is an intermediate good?
-A good that is counted as part of GDP
-A good directly consumed by individuals
-A good used only in the production of other products
-A good that is considered a final product correct answer: A good used only in the
production of other products
11. goods
are included in the calculation of GDP, while goods
are not included.
-Intermediate; final
-Final; intermediate
-Durable; nondurable
-Hard; soft correct answer: Final; intermediate
12. The market value of a firm's
output minus the value of the inputs the firm has bought from
, others is called .
-multiple counting
-value added
