jh0uuhldb9r4qhe0k58a

jh0uuhldb9r4qhe0k58a - Macroeconomics, 3e (Williamson)...

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Unformatted text preview: Macroeconomics, 3e (Williamson) Chapter 2 Measurement 1) The principal printed source for reporting the U.S. National Income and Product Accounts is called the A) Monthly Labor Review. B) Survey of Current Business. C) Current Population Survey. D) GDP Statistical Review. Answer: B Question Status: Previous Edition 2) The three approaches to measuring GDP are called the A) accounting approach, the income approach, and the expenditure approach. B) product approach, the cost approach, and the expenditure approach. C) product approach, the income approach, and the expenditure approach. D) accounting approach, the statistical approach, and the income approach. Answer: C Question Status: Previous Edition 3) Approaches to measuring GDP include all of the following except the A) cost approach. B) product approach. C) income approach. D) expenditure approach. Answer: A Question Status: Previous Edition 4) Jim's Nursery produces and sells $1100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes and pays $200 in interest on a loan. Jim's contribution to GDP is A) $900. B) $1000. C) $1100. D) $1800. Answer: C Question Status: Previous Edition 5) Jim's Nursery produces and sells $1100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes and pays $200 in interest on a loan. Jim's profit is A) $100. B) $200. C) $400. D) $800. Answer: A Question Status: Previous Edition 6) Acme Steel Co. produces 1000 tons of steel. Steel sells for $30 per ton. Acme pays wages of $10,000. Acme buys $15,000 worth of coal, which is needed to produce the steel. Acme pays $2,000 in taxes. Acme's contribution to GDP is A) $15,000. B) $20,000. C) $30,000. D) $45,000. Answer: A Question Status: Previous Edition 7) Acme Steel Co. produces 1000 tons of steel. Steel sells for $30 per ton. Acme pays wages of $10,000. Acme buys $15,000 worth of coal, which is needed to produce the steel. Acme pays $2,000 in taxes. Acme's profit is A) $0. B) $2,000. C) $3,000. D) $15,000. Answer: C Question Status: Previous Edition 8) Pamela's bakery produces 500 loaves of bread in a given year. Pamela pays $100 for flour and yeast, pays $600 in wages, pays $50 in interest on an existing loan, and pays $100 in taxes to the government. One of Pamela's bread slicing machines, which cost $75 each, wears out over the course of the year and must be scrapped. Pamela's profit for the year equals $75. Pamela's bread, therefore, sells for A) $0.50 per loaf. B) $1.00 per loaf. C) $2.00 per loaf. D) cannot tell, insufficient information Answer: C Question Status: Previous Edition 9) Suppose we have the following information about a car manufacturer: car sales $1000M, steal purchases $600M, wages $300M, interest on business loans $50M, and profits $50M....
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This note was uploaded on 02/08/2012 for the course ECON 320 taught by Professor Chan during the Spring '11 term at SUNY Albany.

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jh0uuhldb9r4qhe0k58a - Macroeconomics, 3e (Williamson)...

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