Econ 07 Study Questions
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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| In the definition of GDP, the words "total market value" refer to total | show 🗑
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| show | a sweater purchased by someone in a department store
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| Which of the following would definitely not be included in the measurement of GDP? | show 🗑
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| Net exports equals | show 🗑
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| show | consumption, investment, government purchases, and net exports.
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| show | $4 million.
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| Business firms make which of the following two types of investment? | show 🗑
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| show | capital goods being used up in production through natural wear, obsolescence, and
accidental destruction.
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| An example of income received but not earned is | show 🗑
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| Refer to Exhibit 7-1. Which of the following summations represents GDP using the expenditure approach? | show 🗑
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| Which of the following would not be included in the calculation of this year's GDP? | show 🗑
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| Real GDP is GDP | show 🗑
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| "Economic growth" has occurred if the | show 🗑
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| show | two or more consecutive quarters of falling Real GDP.
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| show | a, b, and c
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| Is it possible for a country with a relatively large GDP to have a relatively small per-capita GDP? | show 🗑
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| durable goods = $200 billion; nondurable goods = $350 billion; services = $600 billion; fixed investment + inventory investment = $200 billion; government purchases = $400 billion; exports = $30 billion; imports = $79 billion. GDP = | show 🗑
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| show | No, since data on inventory investment and services are missing.
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| Increases in import spending | show 🗑
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| Why do economists prefer to compare Real GDP figures for various years instead of GDP figures? | show 🗑
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| show | 2.74 percent
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| show | peak, contraction, trough, recovery, expansion
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| What does annual economic growth refer to? | show 🗑
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| show | b and c
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| show | $80 billion
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