HW 4 - Question 1 of 50 0.0/ 1.0 Points Greg, a U.S....

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Question 1 of 50 0.0/ 1.0 Points Greg, a U.S. citizen, works only in Canada. The value that his labor contributes to U.S. output is A. included in both U.S. GDP and U.S. GNP. B. included in U.S. GDP, but it is not included in U.S. GNP. C. included in U.S. GNP, but it is not included in U.S. GDP. D. included in neither U.S. GDP nor U.S. GNP. Answer Key: C Question 2 of 50 1.0/ 1.0 Points In 2009, U.S. GDP (nominal) was roughly A. $8 trillion. B. $14 trillion. C. $24 trillion. D. $44 trillion. Answer Key: B Question 3 of 50 1.0/ 1.0 Points If Consumption is 70 and Investment is 15 and Government Spending is 15 and Exports are 10 and Imports are 15 and Taxes are 5 and Saving is 20 then nominal GDP is A. 95 B. 100 C. 130 D. 150 E. 180
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Answer Key: A Question 4 of 50 1.0/ 1.0 Points Being able to measure the behavior of the economy with statistics such as GDP A. is useful only in the accounting sense. B. is all that is necessary in order for us to be able to understand macroeconomics. C. can be helpful in developing macroeconomic science, but is not useful for policymaking. D. is a crucial step toward developing the science of macroeconomics. Answer Key: D Question 5 of 50 1.0/ 1.0 Points The total sales of all firms in the economy for a year A. equals GDP for the year. B. is larger than GDP for the year. C. is smaller than GDP for the year. D. equals GNP for the year. Answer Key: B Question 6 of 50 0.0/ 1.0 Points Household spending on education is included in A. consumption, although it might be argued that it would fit better in investment. B. investment, although it might be argued that it would fit better in consumption. C. government spending, based on the fact that most higher-education students attend publicly-supported colleges and universities.
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D. None of the above is correct; in general, household spending on services is not included in any component of GDP. Answer Key: A Question 7 of 50 1.0/ 1.0 Points If nominal gdp is 14.5 (trillion) and the gdp deflator is 110, then real gdp is approximately A. .132 trillion B. 13.2 trillion C. 14.5 trillion D. 16 trillion Answer Key: B Question 8 of 50 1.0/ 1.0 Points If real GDP doubles and the GDP deflator doubles, then nominal GDP A. remains constant. B. doubles. C. triples. D. quadruples. Answer Key: D Question 9 of 50 1.0/ 1.0 Points In 2009, GDP (nomial) per person in the United States was somewhat more than A. $12,000. B. $21,000.
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C. $42,000. D. $97,000. Answer Key: C Question 10 of 50 1.0/ 1.0 Points Which of the following items is counted as part of government purchases? A. The federal government pays $2,000 in Social Security benefits to a retired person. B. The city of Des Moines, Iowa pays $10,000 to a tree-trimming firm to trim trees along city boulevards. C. The state of Iowa pays $1,000 to help a low-income family pay its medical bills.
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This note was uploaded on 10/29/2011 for the course ECON 101 taught by Professor Gottlieb during the Spring '08 term at Rutgers.

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HW 4 - Question 1 of 50 0.0/ 1.0 Points Greg, a U.S....

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