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Macro Midterm - ECN 222 Macroeconomics Midterm Multiple...

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ECN 222- Macroeconomics Midterm Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Gross Domestic Product is equal to the market value of all final goods and services a. manufactured and sold oversees during a period. b. produced domestically during a period. c. produced by the citizens of all nations during a period. d. produced domestically during a period minus the depreciation of productive assets. ____ 2. GDP during a period can be calculated by summing either a. the purchases of domestically produced final goods and services or the cost incurred in the production of those goods. b. the amount received by business firms for consumer goods and service or the spending of business firms on investment goods and services. c. all household expenditures on final goods and services or all business purchases of factors of production. d. sales of goods and services to foreigners or the purchase of goods and services from for- eigners ____ 3. A price index is designed to measure ____ 4. An increase in the Consumer Price Index indicates that ____ 5. In contrast with nominal GDP, real GDP refers to nominal GDP
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____ 6. Over time, GDP may increase as the result of either (i) expansion in the quantities of goods produced or (ii) high- er prices. Which of the following is true? a. (i.) will generally increase living standards, but (ii) will not. b. (ii) will generally increase living standards, but (i) will not. c. Both (i) and (ii) will generally increase living standards. d. Neither (i) nor (ii) will generally increase living standards. ____
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