macro sheflin midterm B

macro sheflin midterm B - Review Assessment: MIDB Name:...

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Review Assessment: MIDB Name: MIDB Status: Completed Score: 30 out of 30 point(s) Question 1 Multiple Choice 1 of 1 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. Feedback: Feedback not available until question is graded. Question 2 Multiple Choice 1 of 1 point(s) How is Net National Product (NNP) calculated? Your Answer: Depreciation losses are subtracted from the total income of a nation’s permanent residents. Correct Answer: Depreciation losses are subtracted from the total income of a nation’s permanent residents. Feedback: Feedback not available until question is graded. Question 3 Multiple Choice 1 of 1 point(s) In a simple circular-flow diagram total income and total expenditure are Your Answer: always equal because every transaction has a buyer and a seller. Correct Answer: always equal because every transaction has a buyer and a seller. Feedback: Feedback not available until question is graded. Question 4 Multiple Choice 1 of 1 point(s) The value of goods added to a firm's inventory in a certain year is treated as Your Answer: investment, since GDP aims to measure the value of the economy's production. Correct Answer: investment, since GDP aims to measure the value of the economy's production. Feedback:
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Feedback not available until question is graded. Question 5 Multiple Choice 1 of 1 point(s) Unemployment compensation is Your Answer: not part of GDP because it is a transfer payment. Correct Answer: not part of GDP because it is a transfer payment. Feedback: Feedback not available until question is graded. Question 6 Multiple Choice 1 of 1 point(s) If real GDP doubles and the GDP deflator doubles, then nominal GDP Your Answer: quadruples. Correct Answer: quadruples. Feedback: Feedback not available until question is graded. Question 7 Multiple Choice
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macro sheflin midterm B - Review Assessment: MIDB Name:...

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