macro sheflin hwk 4

macro sheflin hwk 4 - Review Assessment: HW 4 Name: Status:...

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Review Assessment: HW 4 Name: HW 4 Status: Completed Score: 72 out of 98 point(s) Time Elapsed: 41 minutes and 2 seconds out of 55 minutes allowed. Instructions: Question 1 Multiple Choice 0 of 2 point(s) In 2007, U.S. GDP (nominal) was almost Your Answer: $24 trillion. Correct Answer: $14 trillion. Question 2 Multiple Choice 0 of 2 point(s) If nominal GDP increases it must mean that Your Answer: prices increased Correct Answer: either prices or output increased or both Question 3 Multiple Choice 2 of 2 point(s) Retained earnings is the part of income that Your Answer: corporations have earned but have not paid out to their owners. Correct Answer: corporations have earned but have not paid out to their owners. Question 4 Multiple Choice 2 of 2 point(s) One bag of flour is sold for $1.50 to a bakery, which uses the flour to bake bread that is sold for $4.00 to consumers. A second bag of flour is sold to a consumer in a grocery store for $2.00. Taking these three transactions into account, what is the effect on GDP? Your Answer: GDP increases by $6.00. Correct Answer: GDP increases by $6.00. Question 5 Multiple Choice 2 of 2 point(s) Which government entity prepares the U.S. national income accounts? Your Answer: the Department of Commerce Correct Answer: the Department of Commerce Question 6 Multiple Choice 2 of 2 point(s) Which of the following items is included in GDP?
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Your Answer: the sale of services such as those performed by a doctor Correct Answer: the sale of services such as those performed by a doctor Question 7 Multiple Choice 2 of 2 point(s) Greg, a U.S. citizen, works only in Canada. The value that his labor contributes to U.S. output is Your Answer: included in U.S. GNP, but it is not included in U.S. GDP. Correct Answer: included in U.S. GNP, but it is not included in U.S. GDP. Question 8 Multiple Choice 2 of 2 point(s) International data on GDP and socioeconomic variables Your Answer: leave no doubt that a nation's GDP is closely associated with its citizens' standard of living. Correct Answer: leave no doubt that a nation's GDP is closely associated with its citizens' standard of living. Question 9 Multiple Choice 0 of 2 point(s) What’s a Value-Add Tax (VAT) Your Answer: national income tax Correct Answer: national sales tax Question 10 Multiple Choice 0 of 2 point(s) In the United States in 2007, consumption represented approximately Your Answer: 30 percent of GDP. Correct Answer: 90 percent of GDP. Question 11 Multiple Choice 2 of 2 point(s) The component of GDP called consumption consists of Your Answer: household spending on durable and nondurable goods as well as household spending on services. Correct Answer: household spending on durable and nondurable goods as well as household spending on services. Question 12 Multiple Choice
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macro sheflin hwk 4 - Review Assessment: HW 4 Name: Status:...

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