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chapter_04_-_gross_domestic_product

chapter_04_-_gross_domestic_product - Test Bank...

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Page 1 of 12 Test Bank Macroeconomics: Theory and Policy Chapter 04: Gross Domestic Product B. Modjtahedi Question 1 The GDP deflator is not a good measure of cost of living because: A. It excludes the values of changes in inventories. B. It excludes the prices of intermediate goods. C. It includes the prices of goods households do not buy. D. It excludes the prices of a lot of things households buy. E. None of the above. Question 2 Some economists believe that not all the increase in the U.S. GDP that resulted from a higher participation of women in the labor force represents a larger amount of production made possible by these women. Their reason is most probably that: Question 3 Which of the following is included in 2007 GDP? Question 4 The value of which of the following will NOT be included in the 2007 GDP? Year Price of Good 1 Quantity of Good 1 Price of Good 2 Quantity of Good 2 2006 $2 5 $4 10 2007 $4 10 $8 5 Question 5
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