quiz 3 sp 2011

quiz 3 sp 2011 - Quiz 3 Multiple Choice Identify the choice...

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Quiz 3 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Over time, people have come to rely more on market-produced goods and less on goods that they produce for themselves. For example, busy people with high incomes, rather than cleaning their own houses, hire people to clean their houses. By itself, this change has a. caused GDP to fall. b. not caused any change in GDP. c. caused GDP to rise. d. probably changed GDP, but in an uncertain direction; the direction of the change depends on the difference in the quality of the cleaning that has resulted. ____ 2. Which of the following events would cause GDP for 2007 to increase? a. In February 2007, Amanda sells a 1996 Honda Accord to Isabella. b. In February 2007, Amanda buys a ticket to visit a zoo in Florida. She visits the zoo in April 2007. c. In December 2007, Isabella eats onions that she harvested from her backyard garden in October 2007. d. All of the above transactions will cause the 2007 GDP to increase. ____ 3. Gina, a U.S. citizen, works only in Germany. The value of Gina’s production is included in a. U.S. GDP and German GDP. b. U.S. GDP and German GNP. c. U.S. GNP and German GDP. d.
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quiz 3 sp 2011 - Quiz 3 Multiple Choice Identify the choice...

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