Exam 6: Introduction to Macroeconomics and Gross Domestic Product

A country's nominal GDP has declined over the last year.Are the people in the country necessarily worse off,on average? Please explain.

(Essay)

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Question 101

Consider the following figure to answer the next five questions: -During which period was the economy in an expansion?

(Multiple Choice)

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Question 102

A shortcoming of nominal GDP is that:

(Multiple Choice)

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Question 103

When GDP increases,national income and national output __.

(Multiple Choice)

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Question 104

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions: Assume that the base year is 2012. -Economic growth is best measured by changes in:

(Multiple Choice)

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Question 105

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions: Assume that the base year is 2012. -What was the nominal GDP in 2012?

(Multiple Choice)

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Question 106

Consider the following data to answer the next five questions: -Although countries C and D have the same level of GDP,country C has a level of per capita GDP that is ________ times that of country D.

(Multiple Choice)

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Question 107

Which of the following is a topic of microeconomics?

(Multiple Choice)

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Question 108

When George buys a new computer for his business,it is included in GDP as _,and when he buys a new computer for use at home,it counts as __.

(Multiple Choice)

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Question 109

The state of Florida spends $3 million to repave highways.This is included in the ______ category of GDP.

(Multiple Choice)

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Question 110

The percent change in the overall level of prices in the economy is called:

(Multiple Choice)

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Question 111

The investment component of GDP can be broken down into three main categories.Identify these categories and briefly explain what is included in each category.

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Question 112

Consider the following data that identifies real GDP in comparison to the long-run trend of real GDP to answer the next six questions: -Between quarter 10 and quarter 11,real GDP grew by what percentage?

(Multiple Choice)

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Question 113

When an unemployed worker receives a payment from the government as a result of being unemployed,it is:

(Multiple Choice)

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Question 114

Nominal GDP increased from $14.0 trillion to $14.7 trillion,and the price level increased from 120 to 126.Which of the following is true?

(Multiple Choice)

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Question 115

A company sells 100 boxes of chocolate,yet it only produced 90 boxes of chocolate during the year.Which of the following is true?

(Multiple Choice)

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Question 116

Consider the following data, where GDP values are measured in millions of dollars, to answer the next seven questions: -What was the growth rate of nominal GDP from 2010 to 2011? Round to the nearest second decimal.

(Multiple Choice)

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Question 117

An index of the average prices of all goods and services throughout the economy is called:

(Multiple Choice)

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Question 118

Consider the following data that identifies real GDP in comparison to the long-run trend of real GDP to answer the next six questions: -Between quarter 2 and quarter 3,real GDP grew by what percentage?

(Multiple Choice)

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Question 119

Goods that firms repackage with other goods for sale at a later stage are:

(Multiple Choice)

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Question 120

Showing 101 - 120 of 148

A country's nominal GDP has declined over the last year.Are the people in the country necessarily worse off,on average? Please explain.

Consider the following figure to answer the next five questions: -During which period was the economy in an expansion?

A shortcoming of nominal GDP is that:

When GDP increases,national income and national output __.

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions: Assume that the base year is 2012. -Economic growth is best measured by changes in:

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions: Assume that the base year is 2012. -What was the nominal GDP in 2012?

Consider the following data to answer the next five questions: -Although countries C and D have the same level of GDP,country C has a level of per capita GDP that is ________ times that of country D.

Which of the following is a topic of microeconomics?

When George buys a new computer for his business,it is included in GDP as _,and when he buys a new computer for use at home,it counts as __.

The state of Florida spends $3 million to repave highways.This is included in the ______ category of GDP.

The percent change in the overall level of prices in the economy is called:

The investment component of GDP can be broken down into three main categories.Identify these categories and briefly explain what is included in each category.

Consider the following data that identifies real GDP in comparison to the long-run trend of real GDP to answer the next six questions: -Between quarter 10 and quarter 11,real GDP grew by what percentage?

When an unemployed worker receives a payment from the government as a result of being unemployed,it is:

Nominal GDP increased from $14.0 trillion to $14.7 trillion,and the price level increased from 120 to 126.Which of the following is true?

A company sells 100 boxes of chocolate,yet it only produced 90 boxes of chocolate during the year.Which of the following is true?

Consider the following data, where GDP values are measured in millions of dollars, to answer the next seven questions: -What was the growth rate of nominal GDP from 2010 to 2011? Round to the nearest second decimal.

An index of the average prices of all goods and services throughout the economy is called:

Consider the following data that identifies real GDP in comparison to the long-run trend of real GDP to answer the next six questions: -Between quarter 2 and quarter 3,real GDP grew by what percentage?

Goods that firms repackage with other goods for sale at a later stage are:

The Five Foundations of Economics

Model Building and Gains From Trade

The Market at Work: Supply and Demand

Price Controls

The Efficiency of Markets and the Costs of Taxation

Unemployment

The Price Level and Inflation

Savings, interest Rates, and the Market for Loanable Funds

Financial Markets and Securities

Economic Growth and the Wealth of Nations

Growth Theory

The Aggregate Demandaggregate Supply Model

The Great Recession, the Great Depression, and Great Macroeconomic Debates

Federal Budgets: the Tools of Fiscal Policy

Fiscal Policy

Money and the Federal Reserve

Monetary Policy

International Trade

International Finance

Filters

Exam 6: Introduction to Macroeconomics and Gross Domestic Product

A country's nominal GDP has declined over the last year.Are the people in the country necessarily worse off,on average? Please explain.

Consider the following figure to answer the next five questions: -During which period was the economy in an expansion?

A shortcoming of nominal GDP is that:

When GDP increases,national income ________ and national output __________.

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions: Assume that the base year is 2012. -Economic growth is best measured by changes in:

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions: Assume that the base year is 2012. -What was the nominal GDP in 2012?

Consider the following data to answer the next five questions: -Although countries C and D have the same level of GDP,country C has a level of per capita GDP that is ________ times that of country D.

Which of the following is a topic of microeconomics?

When George buys a new computer for his business,it is included in GDP as _______,and when he buys a new computer for use at home,it counts as ________.

The state of Florida spends $3 million to repave highways.This is included in the ______ category of GDP.

The percent change in the overall level of prices in the economy is called:

The investment component of GDP can be broken down into three main categories.Identify these categories and briefly explain what is included in each category.

Consider the following data that identifies real GDP in comparison to the long-run trend of real GDP to answer the next six questions: -Between quarter 10 and quarter 11,real GDP grew by what percentage?

When an unemployed worker receives a payment from the government as a result of being unemployed,it is:

Nominal GDP increased from $14.0 trillion to $14.7 trillion,and the price level increased from 120 to 126.Which of the following is true?

A company sells 100 boxes of chocolate,yet it only produced 90 boxes of chocolate during the year.Which of the following is true?

Consider the following data, where GDP values are measured in millions of dollars, to answer the next seven questions: -What was the growth rate of nominal GDP from 2010 to 2011? Round to the nearest second decimal.

An index of the average prices of all goods and services throughout the economy is called:

Consider the following data that identifies real GDP in comparison to the long-run trend of real GDP to answer the next six questions: -Between quarter 2 and quarter 3,real GDP grew by what percentage?

Goods that firms repackage with other goods for sale at a later stage are:

The Five Foundations of Economics

Model Building and Gains From Trade

The Market at Work: Supply and Demand

Price Controls

The Efficiency of Markets and the Costs of Taxation

Unemployment

The Price Level and Inflation

Savings, interest Rates, and the Market for Loanable Funds

Financial Markets and Securities

Economic Growth and the Wealth of Nations

Growth Theory

The Aggregate Demandaggregate Supply Model

The Great Recession, the Great Depression, and Great Macroeconomic Debates

Federal Budgets: the Tools of Fiscal Policy

Fiscal Policy

Money and the Federal Reserve

Monetary Policy

International Trade

International Finance

Filters

When GDP increases,national income and national output __.

When George buys a new computer for his business,it is included in GDP as _,and when he buys a new computer for use at home,it counts as __.