Macro Exam 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is GDP? | show 🗑
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| show | GDP divided by population.
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| What is a FINAL GOOD and SERVICES? | show 🗑
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| What is an Example of an Intermediate Good? (Is not a final good) (tires on a automobile) | show 🗑
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| show | What is calculated is Production. GDP measured of incomes wages are paid based on production (Not transactions)
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| show | It is a transfer of wealth and nothing was produced in the end.
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| What is GNP? | show 🗑
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| What does National Wealth and Income refers to? | show 🗑
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| What is Savings? | show 🗑
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| show | The supply of loanable funds
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| The main reason people save during their working years is ? | show 🗑
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| If individuals become less impatient (or more patient), what will happen in the market of loanable funds ? | show 🗑
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| An investment tax credit will cause the interest rate to _______and borrowing to_______ . | show 🗑
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| An increase in government borrowing will cause the interest rate to | show 🗑
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| show | Toyota, a Japanese car company, producing cars in the United States
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| Gross domestic product (GDP) is the market value of | show 🗑
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| show | real GDP around its long-term trend.
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| show | includes a correction for inflation
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| Which of the following is NOT considered a government purchase | show 🗑
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| show | Capital Goods
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| Which of the following is TRUE in the calculation of GDP | show 🗑
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| Why does South Korea have a higher level of real GDP per capita than North Korea? | show 🗑
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| show | cutting-edge and catching-up.
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| show | is equal to depreciation.
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| show | remains constant.
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| In financial markets, which group best represents the demand side of the market | show 🗑
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| Why might it be a good thing for the United States if more people in India and China start dying of cancer and heart disease instead of malnutrition and preventable disease? | show 🗑
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| Which of the following explains why the supply of savings is upward sloping? | show 🗑
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| When a given bond’s price increases, we know that the interest rate on this bond | show 🗑
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| show | A significant widespread decline in real GDP and Employment
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| What are Business Cycles? (Business Fluctuations) | show 🗑
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| show | Spending is private on final goods and services.
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| show | Spending is private spending on tools, plants and equipment used to produce future output.
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| show | Spending by all levels of government on final goods and services. Transfers are not included in these.
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| show | The value of exports minus the value of imports
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| What is the Factor Income Approach ? | show 🗑
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| show | NO underground Economy (markets of illegal goods)
NO Non priced production (household production, female labor force)
NO Leisure (Inverse relationship between leisure and income)
NO Bads (pollution)
NO Income Distribution
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| The production function is a mathematical function that shows | show 🗑
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| show | is equal to depreciation.
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| show | higher GDP per capita.
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| show | is greater than the private benefit
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| Investment is | show 🗑
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| show | zero
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| show | both the quantity saved and the quantity supplied of loanable funds will increase.
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| If the interest rate rises from 5% to 9%, the number of new businesses will | show 🗑
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| If the interest rate in the market for loanable funds is below the market-clearing rate, then | show 🗑
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| show | consumption and investment to fall
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| An increase in government borrowing will cause the interest rate to | show 🗑
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| If the supply of loanable funds increases and the demand for loanable funds increases at the same time, interest rates will | show 🗑
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| show | must decrease
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| show | production by U.S. citizens wherever they work in the world
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| show | an intermediate good and its market price is not part of GDP.
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| show | 2005's GDP only
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| show | output produced by foreign workers in the country exceeds the value of output produced by the country's permanent residents in other countries.
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| show | factors of production
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| Which best describes the growth process from its ultimate to its immediate causes | show 🗑
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| show | a system in which work effort and pay are not connected
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| show | production levels increase
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| show | people won't invest if they feel their property is at risk and that they may not realize a return on their investment
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Created by:
alishabenefield