Question 1

GDP is the market value of all _____ goods and services produced within an economy in a given period of time.

Accepted Answer

A) used 
B) intermediate 
C) consumer 
D) final 
A) used 
B) intermediate 
C) consumer 
D) final

Question 2

The market value of all final goods and services produced within an economy in a given period of time is called:

Accepted Answer

A) industrial production. 
B) gross domestic product. 
C) the GDP deflator. 
D) general durable purchases. 
A) industrial production. 
B) gross domestic product. 
C) the GDP deflator. 
D) general durable purchases.

Question 3

In 2018 John buys a factory built in 2012 and constructs a new storage house within the premises. The transaction of buying the factory is not counted in the GDP, but the construction of the storage house in the same factory is counted in the GDP. Why?

Accepted Answer

The factory was built in the year 2012,

Question 4

An estimate of the number of unemployed workers in the economy can be obtained from:

Accepted Answer

A) both the Labour Force survey and the Survey of Employment, Payroll, and Hours. 
B) the Labour Force survey, but not from the Survey of Employment, Payroll, and Hours. 
C) the Survey of Employment, Payroll, and Hours, but not from the Labour Force survey. 
D) neither the Labour Force survey nor the Survey of Employment, Payroll, and Hours. 
A) both the Labour Force survey and the Survey of Employment, Payroll, and Hours. 
B) the Labour Force survey, but not from the Survey of Employment, Payroll, and Hours. 
C) the Survey of Employment, Payroll, and Hours, but not from the Labour Force survey. 
D) neither the Labour Force survey nor the Survey of Employment, Payroll, and Hours.

Question 5

Assume that a tire company sells four tires to an automobile company for $400, another company sells a Blu-ray player for $500, and the automobile company puts all of these items in or on a car that it sells for $20,000. In this case, the amount from these transactions that should be counted in GDP is:

Accepted Answer

A) $20,000. 
B) $20,000 less the automobile company's profit on the car. 
C) $20,900. 
D) $20,900 less the profits of all three companies on the items that they sold. 
A) $20,000. 
B) $20,000 less the automobile company's profit on the car. 
C) $20,900. 
D) $20,900 less the profits of all three companies on the items that they sold.

Question 6

The amount of capital in an economy is a(n) _____, and the amount of investment is a(n) _____.

Accepted Answer

A) flow; stock 
B) stock; flow 
C) final good; intermediate good 
D) intermediate good; final good 
A) flow; stock 
B) stock; flow 
C) final good; intermediate good 
D) intermediate good; final good

Question 7

Economists can calculate the Canadian unemployment rate by using:

Accepted Answer

A) the Labour Force survey, but not the Survey of Employment, Payroll, and Hours. 
B) both the Labour Force survey and the Survey of Employment, Payroll, and Hours. 
C) the Survey of Employment, Payroll, and Hours, but not the Labour Force survey. 
D) neither the Labour Force survey nor the Survey of Employment, Payroll, and Hours. 
A) the Labour Force survey, but not the Survey of Employment, Payroll, and Hours. 
B) both the Labour Force survey and the Survey of Employment, Payroll, and Hours. 
C) the Survey of Employment, Payroll, and Hours, but not the Labour Force survey. 
D) neither the Labour Force survey nor the Survey of Employment, Payroll, and Hours.

Question 8

Into which of the three categories-employed, unemployed, out of the labour force-would an interviewer for the Labour Force Survey place each of the following people? Explain.
a.Jennifer Temple is working as a second-grade schoolteacher.
b.Frank Peabody is attending university full-time to earn a degree in elementary education.
c.Martin Hampton is working as a high school social science teacher but is at home sick with the flu.
d.Kyle Brown does not currently have a job. He wants to be a primary school teacher. He has the appropriate degree. He has not looked for a position in the past month because he doesn't believe schools are currently hiring.
e.Brenda Dewey does not currently have a job. She has sent her resume to several school districts in the past week in the hope of finding a teaching position.

Accepted Answer

a.Employed. She is working as a full-tim

GDP is the market value of all _____ goods and services produced within an economy in a given period of time.

The market value of all final goods and services produced within an economy in a given period of time is called:

In 2018 John buys a factory built in 2012 and constructs a new storage house within the premises. The transaction of buying the factory is not counted in the GDP, but the construction of the storage house in the same factory is counted in the GDP. Why?

An estimate of the number of unemployed workers in the economy can be obtained from:

The amount of capital in an economy is a(n) _, and the amount of investment is a(n) _.

Economists can calculate the Canadian unemployment rate by using:

The Science of Macroeconomics

National Income: Where It Comes From and Where It Goes

The Monetary System: What It Is and How It Works

Inflation: Its Causes, Effects, and Social Costs

The Open Economy

Unemployment and the Labour Market

Economic Growth I: Capital Accumulation and Population Growth

Economic Growth II: Technology, Empirics, and Policy

Introduction to Economic Fluctuations

Aggregate Demand I: Building the Islm Model

Aggregate Demand Ii: Applying the Islm Model

The Open Economy Revisited: the Mundellfleming Model and the Exchange-Rate Regime

Aggregate Supply and the Short-Run Tradeoff Between Inflation and Unemployment

A Dynamic Model of Economic Fluctuations

Alternative Perspectives on Stabilization Policy

Government Debt and Budget Deficits

The Financial System: Opportunities and Dangers

The Microfoundations of Consumption and Investment

Filters

Exam 2: The Data of Microeconomics

GDP is the market value of all _____ goods and services produced within an economy in a given period of time.

The market value of all final goods and services produced within an economy in a given period of time is called:

In 2018 John buys a factory built in 2012 and constructs a new storage house within the premises. The transaction of buying the factory is not counted in the GDP, but the construction of the storage house in the same factory is counted in the GDP. Why?

An estimate of the number of unemployed workers in the economy can be obtained from:

The amount of capital in an economy is a(n) _____, and the amount of investment is a(n) _____.

Economists can calculate the Canadian unemployment rate by using:

The Science of Macroeconomics

National Income: Where It Comes From and Where It Goes

The Monetary System: What It Is and How It Works

Inflation: Its Causes, Effects, and Social Costs

The Open Economy

Unemployment and the Labour Market

Economic Growth I: Capital Accumulation and Population Growth

Economic Growth II: Technology, Empirics, and Policy

Introduction to Economic Fluctuations

Aggregate Demand I: Building the Islm Model

Aggregate Demand Ii: Applying the Islm Model

The Open Economy Revisited: the Mundellfleming Model and the Exchange-Rate Regime

Aggregate Supply and the Short-Run Tradeoff Between Inflation and Unemployment

A Dynamic Model of Economic Fluctuations

Alternative Perspectives on Stabilization Policy

Government Debt and Budget Deficits

The Financial System: Opportunities and Dangers

The Microfoundations of Consumption and Investment

Filters

The amount of capital in an economy is a(n) _, and the amount of investment is a(n) _.