120mc - Final Practice Multiple Choice Multiple Choice...

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Final Practice Multiple Choice Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. The goal of macroeconomics is a. to explain how economic changes affect prices of particular goods. b. to devise policies to deal with market failures such as externalities and monopoly. c. to explain changes that affect households and firms in general. d. None of the above are correct. ____ 2. GDP is computed using market prices as the value of final goods and services because ____ 3. Roommates Grace and Kelly are sharing household chores and think they have an even exchange. Other things the same, if instead they paid each other for the chores the other did GDP would ____ 4. A movie company makes 500,000 DVDs of one of its latest releases. It sells 300,000 of them before the end of the second quarter, and holds the others in its warehouse. ____ 5. Which of the following is included in GDP? a. the sale of stocks and bonds b. the estimated rental value of owner occupied housing c. unpaid production of goods and services at home d. All of the above are correct. ____ 6. In the nation of Ophelia, quarterly GDP is always higher in the second quarter than in other quarters. In order to account for this predictable jump in GDP, Ophelia's government statisticians will ____
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