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Chapter 23 /Measuring a Nation's Income ? 5
12. In a simple circular-flow diagram,
a. households spend all of their income.
b. all goods and services are bought by households.
c. expenditures flow through the markets for goods and services, while income flows
through the markets for the factors of production. d. All of the above are correct. ANS: D DIF: 2 REF: 10-1 NAT: Analytic LOC: Understanding and applying economic models TOP: Circular flow MSC: Interpretive
13. In a simple circular-flow diagram, firms use the money they get from a sale to
a. pay wages to workers. b. pay rent to landlords.
c. pay profit to the firms’ owners. d. All of the above are correct. ANS: D DIF: 1 REF: 10-1 NAT: Analytic LOC: Understanding and applying economic models TOP: Circular flow MSC: Definitional
14. In a simple circular-flow diagram, households buy goods and services with the income they
get from a. wages. b. rents. c. profits.
d. All of the above are correct. ANS: D DIF: 1 REF: 10-1 NAT: Analytic LOC: Understanding and applying economic models TOP: Circular flow MSC: Definitional
15. In the actual economy, households
a. spend all of their income.
b. divide their income among spending, taxes, and saving. c. buy all goods and services produced in the economy. d. Both (a) and (c) are correct. ANS: B DIF: 2 REF: 10-1 NAT: Analytic LOC: Understanding and applying economic models TOP: Circular flow MSC: Interpretive
16. Total income from the domestic production of final goods and services equals
a. only household expenditures for these goods.
b. only household and business expenditures for these goods. c. only household and government expenditures for these goods. d. the expenditures for these goods whoever buys them. ANS: D DIF: 1 REF: 10-1 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Circular flow MSC: Definitional
? 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
6 ? Chapter 23/Measuring a Nation's Income
17. In the actual economy, goods and services are purchased by
a. households, but not firms or the government. b. households and firms, but not the government. c. households and the government, but not firms. d. households, firms, and the government. ANS: D DIF: 1 REF: 10-1 NAT: Analytic LOC: Understanding and applying economic models TOP: Circular flow MSC: Interpretive
18. According to the circular-flow diagram GDP
a. can be computed as the total income paid by firms or as expenditures on final goods and
services.
b. can be computed as the total income paid by firms, but not as expenditures on final
goods and services.
c. can be computed as expenditures on final goods and services, but not as the total income
paid by firms.
d. cannot be computed as either total income paid by firms or expenditures on final goods
and services.
ANS: A DIF: 2 REF: 10-1 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Circular flow MSC: Definitional
19. According to the circular-flow diagram GDP
a. can be computed as either the revenue firms receive from the sales of goods and
services or the payments they make to factors of production.
b. can be computed as the revenue firms receive from the sales of goods and services but
not as the payments they make to factors of production.
c. can be computed as payments firms make to factors of production but not as revenues
they receive from the sales of goods and services.
d. cannot be computed as either the revenue firms receive or the payments they make to
factors of production.
ANS: A DIF: 2 REF: 10-1 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Circular flow MSC: Definitional
THE MEASUREMENT OF GROSS DOMESTIC PRODUCT
1. GDP is defined as the
a. value of all goods and services produced within a country in a given period of time. b. value of all goods and services produced by the citizens of a country, regardless of
where they are living, in a given period of time.
c. value of all final goods and services produced within a country in a given period of
time.
d. value of all final goods and services produced by the citizens of a country, regardless of
where they are living, in a given period of time.
ANS: C DIF: 1 REF: 10-2 NAT: Analytic
LOC: The study of economics and definitions in economics TOP: Domestic production MSC: Definitional
? 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 23 /Measuring a Nation's Income ? 7
2. Which of the following is a way to compute GDP?
a. add up the wages paid to all workers
b. add up the quantities of all final goods and services c. add up the market values of all final goods and services
d. add up the difference between the market values of all final goods and services and then
subtract the costs of producing those goods and services
ANS: C DIF: 2 REF: 10-2 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Market value MSC: Interpretive
3. In order to include many different goods and services in an aggregate measure, GDP is
computed using, primarily,
a. values of goods and services based on surveys of consumers. b. market prices.
c. quantities purchased by a typical urban household. d. profits from producing goods and services. ANS: B DIF: 2 REF: 10-2 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Market value MSC: Interpretive
4. Gross domestic product adds together many different kinds of goods and services into a sin-gle measure of the value of economic activity. To do this, GDP makes use of a. market prices.
b. statistical estimates of the value of goods and services to consumers. c. prices based on the assumption that producers make no profits. d. the maximum amount consumers would be willing to pay. ANS: A DIF: 2 REF: 10-2 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Market value MSC: Interpretive
5. In computing GDP, market prices are used to value final goods and services because
a. market prices do not change much over time, so it is easy to make comparisons between
years.
b. market prices reflect the values of goods and services. c. market prices reflect the quantity sold.
d. None of the above is correct; market prices are not used in computing GDP. ANS: B DIF: 2 REF: 10-2 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Market value MSC: Interpretive
6. If the price of a Blu-Ray Disc player is three times the price of an MP3 player, then a
Blue-Ray Disc player contributes
a. more than three times as much to GDP as does a MP3 player. b. less than three times as much to GDP as does a MP3 player. c. exactly three times as much to GDP as does a MP3 player. d. None of the above is necessarily correct. ANS: C DIF: 2 REF: 10-2 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Market value MSC: Applicative
? 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
8 ? Chapter 23/Measuring a Nation's Income
7. Suppose that an economy produces 40,000 units of good A which sells at $4 a unit and
20,000 units of good B which sells at $5 per unit. Production of good A contributes a. 2 times as much to GDP as the production of good B. b. 8/5 times as much to GDP as the production of good B. c. 5/4 times as much to GDP as the production of good B. d. 4/5 times as much to GDP as production of good B. ANS: B DIF: 2 REF: 10-2 NAT: Analytic
LOC: The study of economics and definitions in economics TOP: Market value MSC: Applicative
8. Suppose that an economy produces 30,000 units of good A which sells at $3 a unit and
60,000 units of good B which sells at $2 per unit. Production of good A contributes a. 1/2 times as much to GDP as the production of good B. b. 3/2 times as much to GDP as the production of good B. c. 3/4 times as much to GDP as the production of good B. d. 4/3 times as much to GDP as production of good B. ANS: C DIF: 2 REF: 10-2 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Market value MSC: Applicative
9. Which of the following is included in GDP?
a. the market value of rental housing services, but not the market value of owner-occupied
housing services.
b. the market value of owner-occupied housing services, but not the market value of rental
housing services
c. both the market value of rental housing services and the market value of
owner-occupied housing services
d. neither the market value of owner-occupied housing services nor the market value of
rental housing services.
ANS: C DIF: 2 REF: 10-2 NAT: Analytic
LOC: The study of economics and definitions in economics TOP: Housing services MSC: Definitional
10. The value of the housing services provided by the economy's owner-occupied houses is
a. included in GDP, and the estimated rental values of the houses are used to place a value
on these housing services.
b. included in GDP, and the actual mortgage payments made on the houses are used to
estimate the value of these rental services.
c. excluded from GDP since these services are not sold in any market.
d. excluded from GDP since the value of these housing services cannot be estimated with
any degree of precision.
ANS: A DIF: 2 REF: 10-2 NAT: Analytic
LOC: The study of economics and definitions in economics TOP: Housing services MSC: Definitional
? 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.