Question 1

Exhibit 11-1 Expenditure approach
  
-As shown in Exhibit 11-1,total spending by government is:

Accepted Answer

A) $100 billion. 
B) $200 billion. 
C) $300 billion. 
D) $600 billion. 
E) $800 billion. 
A) $100 billion. 
B) $200 billion. 
C) $300 billion. 
D) $600 billion. 
E) $800 billion.

Question 2

Intermediate goods are goods and services used:

Accepted Answer

A) by the ultimate user. 
B) by state and local governments. 
C) as inputs. 
D) both as inputs and final goods. 
A) by the ultimate user. 
B) by state and local governments. 
C) as inputs. 
D) both as inputs and final goods.

Question 3

Real GDP means GDP:

Accepted Answer

A) valued at prices in a base year. 
B) that does not change from year to year. 
C) corrected for changes in quality. 
D) valued at prices at which goods are actually sold. 
A) valued at prices in a base year. 
B) that does not change from year to year. 
C) corrected for changes in quality. 
D) valued at prices at which goods are actually sold.

Question 4

Capital goods,like factories and machinery,are classified as intermediate goods.

Accepted Answer

A) True 
 B)False

Exhibit 11-1 Expenditure approach -As shown in Exhibit 11-1,total spending by government is:

Intermediate goods are goods and services used:

Real GDP means GDP:

Capital goods,like factories and machinery,are classified as intermediate goods.

Thinking like an economist

Production possibilities and opportunity cost

Market demand and supply

Markets in action

Elasticity of demand and supply

Production costs

Perfect competition

Monopoly

Monopolistic competition and oligopoly

Policy issues: resource taxes and climate change

Business cycles and economic growth

Inflation and unemployment

A simple model of the macro economy

The monetary and financial system

Macroeconomic policy I: monetary policy

Macroeconomic policy II: fiscal policy

International trade and finance

Applying graphs to economics

Filters

Exam 11: Measuring the size of the economy

Exhibit 11-1 Expenditure approach -As shown in Exhibit 11-1,total spending by government is:

Intermediate goods are goods and services used:

Real GDP means GDP:

Capital goods,like factories and machinery,are classified as intermediate goods.

Thinking like an economist

Production possibilities and opportunity cost

Market demand and supply

Markets in action

Elasticity of demand and supply

Production costs

Perfect competition

Monopoly

Monopolistic competition and oligopoly

Policy issues: resource taxes and climate change

Business cycles and economic growth

Inflation and unemployment

A simple model of the macro economy

The monetary and financial system

Macroeconomic policy I: monetary policy

Macroeconomic policy II: fiscal policy

International trade and finance

Applying graphs to economics

Filters