2012_exam2 - ECON 2012: Principles of Macroeconomics EXAM...

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Unformatted text preview: ECON 2012: Principles of Macroeconomics EXAM 2: Spring 2008, 100 pointsName___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Suppose you purchased in 2006 a house built in 2000. Which of the following would be included in gross domestic product for 2006? 1) ______ _ A ) T h e v a l u e o f t h e s e r v i c e s of th e re al es tat e ag en t w ho he lp ed yo u bu y th e ho us e. T h e v alue of the house in 2000. The value of the house in 2006. D) The value of the house in 2006 minus depreciation. 2) The purchase of a new house is included in 2) ______ _ A ) net exports. B) consu mption xpenditures. government purchases. D) invest ment xpenditures. 3 ) Which of the following is NOT included in GDP? 3) ______ _ A ) government transfer payments B) govern ment purchases residential investment D) change s in business nventories 4 ) The value of total income for an economy ________ the value of total productio n. 4) ______ _ A ) may be greater than or less than B) is less than equals D) is greater than 5 ) Gross domestic product understate s the total productio n of final goods and services because of the omission of 5) ______ _ A ) exports. B) interm ediate goods. inflation. D) the underground conomy. 6 ) Consider the following data (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals 6) ______ _ A ) $2,200. B) $2,100. C) $1,700. D) $1 , Nominal GDP is GDP in a given year 7) ______ _ A ) valued in the prices of the base year. B) adjuste d for inflation. adjusted for anticipated inflation. D) valued in the prices of hat year. Consider the following data for a fictional economy that produces only two products: guns and butter. 8 ) Refer to the table above. Real GDP for this fictional economy for 2006 using 2000 as the base year equals 8) ______ _ A ) $560. B) $690. C) $1,140. D) $8 8 Refer to the table above. Nominal GDP for this fictional economy in 2006 equals 9) ______ _ A ) $880. B) $1,140. C) $560. D) $6 9 10) If the GDP deflator is less than 100, then for that year nominal GDP ________ real GDP. 10) ______ A ) equals B) may be greater than r less than is greater than...
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This note was uploaded on 06/27/2008 for the course ECON 2012 taught by Professor Kellogg during the Spring '08 term at University of Colorado Denver.

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2012_exam2 - ECON 2012: Principles of Macroeconomics EXAM...

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