ECON 104 Bille Goffe Final Actual Exam
Questions with Verified solutions| INSTANT
PDF DOWNLOAD
If you computed nominal GDP every year over a decade, which is fixed or
held constant over these years?
-prices
-quantities
-neither prices nor quantities
neither prices nor quantities
Which is NOT part of the definition of capital, as used by economists? It
___.
-must be manufactured
-is used by firms
-is used up in production
-produces other goods and services
is used up in production
Which of the following would not be in this quarter's real GDP?
-a new house that sold today
-a used truck that was sold to a business
-a bookstore adding to books in its warehouse
-a book manufactured in the U.S. and then sold in Mexico
a used truck that was sold to a business
Which of the following is not part of GDP?
-purchases of new goods by households
-firms buying new machines
,-the government buying new schools
-businesses paying bribes to government officials
businesses paying bribes to government officials
Which of the following is NOT an example of investment?
-McDonalds building a new restaurant
-Amazon adding books for consumers in its warehouses
-you paying your tuition at Penn State
-your parents purchasing a new house
you paying your tuition at Penn State
If there is more production of final goods in the economy, then income
___.
-will fall
-might fall
-will rise
-might rise
will rise
___ GDP is used to track the economy since it ___ correct for the impact of
inflation (rising prices).
-Nominal, does
-Nominal, does not
-Real, does
-Real, does not
Real, does
When we measure GDP by income, production, or spending, one is certain
to be larger than the others. (True or False)
false
The current value of real GDP is
-less than $10 trillion
, -between $10 trillion and $14 trillion
-between $14 trillion and $18 trillion
-more than $18 trillion
more than $18 trillion
Transfer payments ___ counted in GDP. Also, they ___ a payment for a
good or service the government received.
-are, are
-are, are not
-are not, are
-are not, are not
are not, are not
Which is currently the largest in the U.S.?
-debt
-deficit
debt
If federal expenditures fall, then all else equal the federal deficit will most
likely do what?
fall
stay the same
rise
fall
The best example of fiscal policy is ___.
the Fed lowering interest rates
the government raising taxes
the government raising taxes
Fundamentally, fiscal policy deals with which of the following?
changes in the federal budget
changes in M1 (one way to measure money in the economy)
Questions with Verified solutions| INSTANT
PDF DOWNLOAD
If you computed nominal GDP every year over a decade, which is fixed or
held constant over these years?
-prices
-quantities
-neither prices nor quantities
neither prices nor quantities
Which is NOT part of the definition of capital, as used by economists? It
___.
-must be manufactured
-is used by firms
-is used up in production
-produces other goods and services
is used up in production
Which of the following would not be in this quarter's real GDP?
-a new house that sold today
-a used truck that was sold to a business
-a bookstore adding to books in its warehouse
-a book manufactured in the U.S. and then sold in Mexico
a used truck that was sold to a business
Which of the following is not part of GDP?
-purchases of new goods by households
-firms buying new machines
,-the government buying new schools
-businesses paying bribes to government officials
businesses paying bribes to government officials
Which of the following is NOT an example of investment?
-McDonalds building a new restaurant
-Amazon adding books for consumers in its warehouses
-you paying your tuition at Penn State
-your parents purchasing a new house
you paying your tuition at Penn State
If there is more production of final goods in the economy, then income
___.
-will fall
-might fall
-will rise
-might rise
will rise
___ GDP is used to track the economy since it ___ correct for the impact of
inflation (rising prices).
-Nominal, does
-Nominal, does not
-Real, does
-Real, does not
Real, does
When we measure GDP by income, production, or spending, one is certain
to be larger than the others. (True or False)
false
The current value of real GDP is
-less than $10 trillion
, -between $10 trillion and $14 trillion
-between $14 trillion and $18 trillion
-more than $18 trillion
more than $18 trillion
Transfer payments ___ counted in GDP. Also, they ___ a payment for a
good or service the government received.
-are, are
-are, are not
-are not, are
-are not, are not
are not, are not
Which is currently the largest in the U.S.?
-debt
-deficit
debt
If federal expenditures fall, then all else equal the federal deficit will most
likely do what?
fall
stay the same
rise
fall
The best example of fiscal policy is ___.
the Fed lowering interest rates
the government raising taxes
the government raising taxes
Fundamentally, fiscal policy deals with which of the following?
changes in the federal budget
changes in M1 (one way to measure money in the economy)
