Macroeconomics Test 2 2025/2026 Exam
Questions and Verified Answers |
Already Graded A+
During a business cycle, total production _____ and total employment
_______ - 🧠 ANSWER ✔✔increases, increases
In calculation gross domestic product, the Bureau of Economic Analysis
uses the sum of the market value of final goods and services produced.
This means that the BEA - 🧠 ANSWER ✔✔values goods and services at
their market price, multiplies them by the quantity produced, and then adds
them up
, GDP is calculated by summing up - 🧠 ANSWER ✔✔the total market value
of final goods and services produced in the economy during a period of
time
In the circular flow model, the value of total income for an economy _____
the value of total production - 🧠 ANSWER ✔✔equals
The purchases of a new automobile is included in - 🧠 ANSWER
✔✔consumption expenditures on durable goods
Investment, as defined by economists, would include the purchase of a - 🧠
ANSWER ✔✔computer by an accounting firm
The purchase of a new house is included in - 🧠 ANSWER ✔✔investment
expenditures
Refer to the table above. Consider the data (in billions of dollars) for an
economy: GDP (in billions of dollars) for this economy equals - 🧠 ANSWER
✔✔1200
A final good is one that - 🧠 ANSWER ✔✔is purchased by its final user
GDP understates the total production of final goods and services because
of the omission of - 🧠 ANSWER ✔✔household production
Questions and Verified Answers |
Already Graded A+
During a business cycle, total production _____ and total employment
_______ - 🧠 ANSWER ✔✔increases, increases
In calculation gross domestic product, the Bureau of Economic Analysis
uses the sum of the market value of final goods and services produced.
This means that the BEA - 🧠 ANSWER ✔✔values goods and services at
their market price, multiplies them by the quantity produced, and then adds
them up
, GDP is calculated by summing up - 🧠 ANSWER ✔✔the total market value
of final goods and services produced in the economy during a period of
time
In the circular flow model, the value of total income for an economy _____
the value of total production - 🧠 ANSWER ✔✔equals
The purchases of a new automobile is included in - 🧠 ANSWER
✔✔consumption expenditures on durable goods
Investment, as defined by economists, would include the purchase of a - 🧠
ANSWER ✔✔computer by an accounting firm
The purchase of a new house is included in - 🧠 ANSWER ✔✔investment
expenditures
Refer to the table above. Consider the data (in billions of dollars) for an
economy: GDP (in billions of dollars) for this economy equals - 🧠 ANSWER
✔✔1200
A final good is one that - 🧠 ANSWER ✔✔is purchased by its final user
GDP understates the total production of final goods and services because
of the omission of - 🧠 ANSWER ✔✔household production
