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Unformatted text preview: LO2: Discuss whether GDP is a good measure AACSB Coding: of wellbeing Reflective Thinking Special Feature: None 14. Which of the following is not a true statement about the impact of World War II on the U.S. economy? A) Increased production of tanks, ships, planes, and munitions accounted for most of the increase in GDP. B) More than 40% of the labor force was in the military or producing war goods. C) U.S. GDP increased dramatically from 1941 to 1945. D) The war time years were a period of prosperity for U.S. consumers. Answer: D Diff: 2 Type: MC Page Ref: To pic : 644-5/224-5 S S Conceptual Objective: LO2: Discuss whether GDP is a good measure AACSB Coding: of wellbeing Reflective Thinking Special Feature: Making the Connection: Did World War II Bring 15. Prosperit y? Increases GDP would overstate the increase in the well-being of a country over time if, over that time period, the in real A) amount of pollution decreased. B) price level increased. C) crime rate decreased. D) average hours worked per week increased. Answer: D Diff: 2 Type: MC Page Ref: To pic : 644/224 S S Conceptual Objective: LO2: Discuss whether GDP is a good measure AACSB Coding: of wellbeing Reflective Thinking Special Feature: None 16. Increases in real GDP would understate the well-being of a country over time if, over that time period, the A) average hours worked per week decreased. B) divorced rate increased. C) amount of pollution decreased. D) crime rate increased. Answer: C Diff: 2 Type: MC Page Ref: To pic : 644/224 G S Conceptual Objective: LO2: Discuss whether GDP is a good measure AACSB Coding: of wellbeing Reflective Thinking Special Feature: None 17. Statistics GDP during World War II may give a misleading indication of whether World War II was a period of on real prosperity because A) government agencies were shorthanded and did a particularly poor job of collecting data. B) most of the increased production was for military goods, not consumption goods. C) inflation may have been considerably higher than estimated. D) government agents purposely inflated the production numbers to maintain American support for the war. Answer: B Diff: 1 Type: MC Page Ref: To pic : 644-5/224-5 S S Factual Objective: LO2: Discuss whether GDP is a good measure AACSB Coding: of wellbeing Reflective Thinking Special Feature: Making the Connection: Did World War II Bring 18. Prosperit y? Developin g countries with large informal sectors tend to have firms that invest less in capital equipment. Answer: True F Dif f: 2 Type: TF Page Ref: To pic : 643/223 T S Conceptual Objective: LO2: Discuss whether GDP is a good measure AACSB Coding: of wellbeing Reflective Thinking Special Feature: Making the Connection: How the Underground Economy Hurts Developing Countries 19. If income is unequally distributed in an economy, increases in GDP may not raise well -being in an economy. Answer: True F Dif f: 1 Type: TF Page Ref: To pic : 644/224 G S Conceptual Objective: LO2: Discuss whether GDP is a good measure AACSB Coding: of wellbeing Reflective Thinking Special Feature: None 20. Real GDP per capi...
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