Name:___________________________________EconS 102.4Test 2This quiz is closed book, closed notes, closed phone, and closed neighbor. A simple calculator and foreign language dictionary are permitted. Feel free to write on this test, it is yours to keep.You will have one hour to complete this test, after which time the test will be collected and we will go over the answers.Multiple ChoiceIdentify the choice that best completes the statement or answers the question.____ 1.Gross Domestic Product measures the value of all final goods and services produced within a nation's borders during a given time period (usually a year). a.Trueb.False, GDP also includes intermediate goods as well as final goods and servicesc.False, GDP is based only on goods and not servicesd.False, GDP measures quantities of goods and services, not valuese.False, GDP is a measurement of quality of life, which includes the value of leisure time and the quality of the environment____ 2.Which of the following is not aflow variable? ____ 3.Long-term growth in production can be partially explained by ____ 4.As the price level increases, the amount of goods and services that consumers, businesses, and governments desire to purchase will change. How will this be illustrated? ____ 5.The aggregate supply curve indicates a.the quantity of aggregate output that producers are willing and able to supply at each possible price levelb.the total quantity of a particular good that all producers are willing to supply at each possible price levelc.the total quantity of a particular good that all producers are willing to supply at the equilibrium price leveld.the quantity of aggregate output that producers are willing and able to supply at the equilibrium price level e. the quantity of aggregate output that producers are willing and able to supply at the equilibrium level of GDP
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