Quiz 3-Macroeconomics

Quiz 3-Macroeconomics - Macroeconomics Quiz 3 Name_A_1...

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Macroeconomics Quiz 3 Name:____ ___A_____1. Gross domestic product adds together many different kinds of goods and services into a single measure of the value of economic activity. To do this, GDP makes use of
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a. market prices. b. prices that government economists believe reflect the true value of goods and services to society. c. the assumption that quantities of goods and services produced are unchanged from year to year.
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d. the assumption that prices of goods and services are unchanged from year to year.
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___A____2. Which of the following lists correctly identifies the four expenditure categories of GDP?
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a. consumption, government purchases, investment, net-exports b. consumption, investment, depreciation, net-exports c. consumption, saving, investment, depreciation,
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d. consumption, government purchases, investment, savings
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___B____3. A steel company sells some steel to a bicycle company for $150. The bicycle company uses the steel to produce a bicycle, which it sells for $250. Taken together, these two transactions contribute
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a. $150 to GDP. b. $250 to GDP. c. between $250 and $400 to GDP, depending on the profit earned by the bicycle company when it sold the bicycle.
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d. $400 to GDP.
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___B____4. Anna, a U.S. citizen, works only in Germany.
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Quiz 3-Macroeconomics - Macroeconomics Quiz 3 Name_A_1...

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