Case_macro8c1_Ch6 - Chapter 6 Measuring National Output and...

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Unformatted text preview: Chapter 6 Measuring National Output and National Income Principles of Macroeconomics , Case/Fair, 8e 6.1 Gross Domestic Product Multiple Choice 1 The total market value of all final goods and services produced within a given period by factors of production located within a country is A . gross domestic product. B . gross national product. C . net national product. D . net national income. Answer : A Gross domestic product measures A . the total spending of everyone in the economy. B . the value of all output in the economy. C . the total income of everyone in the economy. D . All of the above Answer : D Which of the following is an example of a final good or service? A . Wheat a bakery purchases to make bread. B . Coffee beans Starbucks purchases to make coffee. C . Lumber purchased by a construction company to used in building houses. D . A tractor purchased by a farmer to cultivate his farm. Answer : D Which of the following is a good or service counted in GDP? A . Tires Ford buys to put on a car. B . A used tire you buy for your personal car. C . A new tire you buy for your personal car. D . All of the above Answer : C Which of the following is an example of an intermediate good? A . The dough you buy to fix yourself a pizza for dinner. B . The chocolate you buy to make yourself some cookies. C . The pizza sauce you purchase to make pizzas to sell for a fund-raiser for an organization you belong to. D . None of the above Answer : C Double counting can be avoided by A . including the value of intermediate goods in the current year. B . not counting the value of intermediate goods in GDP. C . including the value of intermediate goods in the GNP but not in the GDP. D . including the value of intermediate goods in the production year but not in the selling year of those goods. Answer : B Which of the following would NOT be counted in 2003's GDP? A . The value of a 2001 car you purchase from a car dealer in 2003. B . The 2003 salary of a used car salesperson. C . The commission s earned by a real estate agent in selling houses built prior to 2003. D . The value of a computer manufactured in 2003 but not sold in 2003. Answer : A Which of the following would be counted in 2003's GDP? A . The value of a loan you take in 2003. B . The value of a TV that was produced in 2002 but not sold until 2003. C . The bonus check a stockbroker gets from his/her company in 2003. D . The ....
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Case_macro8c1_Ch6 - Chapter 6 Measuring National Output and...

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