Exam 5: Introduction to Macroeconomics

(Table) When you look at "Table: GDP Data for Two Countries," what evidence do you see that suggests which country has the highest savings rate? Country GDP Population C I G X-M Econia \ 90 billion 30 million \5 5 billion \ 3 billion \ 30 billion \ 2 billion Macland \ 200 billion 50 million \ 100 billion \ 30 billion \ 50 billion \ 20 billion

If personal consumption is $100, investment is $25, government purchases total $25, imports equal $20, and exports equal $10, then GDP equals:

Cancer treatments to ease lung cancer caused by smoking cigarettes are included in the GDP accounts.

Which of the following is true about business cycles?

Which of the following statements does NOT describe an adjustment to national income to obtain GDP?

What impact will a rising price level have on real GDP?

A simple circular flow diagram shows that the factors of production are:

U.S. business cycles since 1950 have shown:

One of the key concepts involved in the circular flow diagram is that:

Gross domestic product is a measure of:

GDP includes output produced _____ but it does not include output produced _____.

Within the circular flow diagram, the arrows pointing counterclockwise represent flows of money.

Which of the following statements is correct?

In the national income accounts, which of the following is NOT classified as government spending?

The U.S. Congress has taken an interest in the development of "green" GDP accounts.

The national income and product accounts are released quarterly to ensure that accurate economic information is readily available.