chapter 12 - Chapter 12: National Income Accounting and the...

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Chapter 12: National Income Accounting and the Balance of Payments Multiple Choice Questions 1. Over the decade from 1991 to 2000, A. Japan’s national product grew at an annual average rate of only 3.0 percent while that of the United States grew by nearly 3.5 percent per year. B. Japan’s national product grew at an annual average rate of only 1.5 percent while that of the United States grew by nearly 3.5 percent per year. C. The United States’ national product grew at an annual average rate of only 1. percent while that of Japan grew by nearly 3.5 percent per year. D. Japan’s national product grew at the same annual average rate as that of the United States. E. Japan’s national product grew at an annual average rate of 3.5 percent while that of the United States grew only by 1.5 percent per year. Answer: B 2. Over the decade from 1991 to 2000, A. Japan’s unemployment rate rose, reaching nearly 3 percent. B. Japan’s unemployment rate rose, reaching nearly 4 percent. C. Japan’s unemployment rate rose, reaching nearly 5 percent. D. Japan’s unemployment rate rose, reaching nearly 5 percent and overtaking that of the United States for the first time in fifty years. E. Japan’s unemployment rate rose, reaching nearly 8 percent and overtaking that of the United States for the first time in fifty years. Answer: D 3. A country’s gross national product (GNP) is A. the value of all final goods and services produced by its factors of production and sold on the market in a given time period. B. the value of all intermediate goods and services produced by its factors of production and sold on the market in a given time period. C. the value of all final goods produced by its factors of production and sold on the market in a given time period. D. the value of all final goods and services produced by its factors of production and sold on the market. E. the value of all final goods and services produced by its factors of production, excluding land, and sold on the market in a given time period.
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Answer: A 4. For most macroeconomists, A. national income accounts and national output accounts are equal to each other. B. national income accounts exceed national output accounts. C. national output accounts exceed national income accounts. D. it is impossible to tell whether national income accounts are equal to national output accounts. E. None of the above. Answer: A 5. For most macroeconomists, A. gross national income and gross national product are the same. B. gross national income exceeds gross national product. C. gross national product exceeds gross national product. D. it is hard to tell whether gross national income equals gross national product. E.
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This note was uploaded on 01/20/2010 for the course BUSINESS A FNC 402 taught by Professor Salaarfarooq during the Summer '09 term at Lahore School of Economics.

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chapter 12 - Chapter 12: National Income Accounting and the...

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