Question 1

The Bureau of Labor Statistics is responsible for

Accepted Answer

A)  regulating accounting standards. 
B)  gathering various employment statistics. 
C)  administering the U.S. census. 
D)  calculating net marginal product for private businesses. 
A)  regulating accounting standards. 
B)  gathering various employment statistics. 
C)  administering the U.S. census. 
D)  calculating net marginal product for private businesses. B

Question 2

Goods that are produced but not immediately sold

Accepted Answer

A)  do not count in the GDP. 
B)  count in the GDP as a change in private inventories. 
C)  count in the GDP as intermediate input. 
D)  count in the GDP as private investment. 
A)  do not count in the GDP. 
B)  count in the GDP as a change in private inventories. 
C)  count in the GDP as intermediate input. 
D)  count in the GDP as private investment. B

Question 3

Macroeconomics is the study of specific parts of the economy.

Accepted Answer

A) True 
 B)False  False

Question 4

In the late 1930s,military planners needed to know the size of the economy so they could determine

Accepted Answer

A)  the tax base in case of war. 
B)  how many tanks and planes the economy could produce. 
C)  the military budget for the next five years. 
D)  whether military spending was too large. 
A)  the tax base in case of war. 
B)  how many tanks and planes the economy could produce. 
C)  the military budget for the next five years. 
D)  whether military spending was too large.

Question 5

The term "gross domestic purchases" refers to

Accepted Answer

A)  the amount spent by U.S. consumers, business, and government on final goods and services. 
B)  the amount spent only by U.S. consumers on final goods and services. 
C)  the amount spent only by businesses on final goods and services. 
D)  the amount spent only by government on final goods and services. 
A)  the amount spent by U.S. consumers, business, and government on final goods and services. 
B)  the amount spent only by U.S. consumers on final goods and services. 
C)  the amount spent only by businesses on final goods and services. 
D)  the amount spent only by government on final goods and services.

Question 6

If gross domestic purchases are _________,then net exports are __________.

Accepted Answer

A)  greater than gross domestic product; greater than net imports 
B)  equal to zero; also equal to zero 
C)  greater than gross domestic product; positive 
D)  less than gross domestic product; positive 
A)  greater than gross domestic product; greater than net imports 
B)  equal to zero; also equal to zero 
C)  greater than gross domestic product; positive 
D)  less than gross domestic product; positive

Question 7

Nonresidential investment is part of the GDP calculation.

Accepted Answer

A) True 
 B)False

Question 8

Government investment includes all purchases of long-lived assets such as tanks and planes.

Accepted Answer

A) True 
 B)False

Question 9

When companies reduce their inventories,

Accepted Answer

A)  the amount of the change gets added to the GDP. 
B)  the amount of the change gets subtracted from the GDP. 
C)  the amount of the change has no effect on the GDP. 
D)  net exports go up. 
A)  the amount of the change gets added to the GDP. 
B)  the amount of the change gets subtracted from the GDP. 
C)  the amount of the change has no effect on the GDP. 
D)  net exports go up.

Question 10

Gross domestic product (GDP)is the __________ of the total output of the economy in a given year.

Accepted Answer

A)  quantity 
B)  physical volume 
C)  dollar value 
D)  physical weight 
A)  quantity 
B)  physical volume 
C)  dollar value 
D)  physical weight

Question 11

The output of a government is equal to government consumption plus government investment.

Accepted Answer

A) True 
 B)False

Question 12

Which is NOT an example of an intermediate input?

Accepted Answer

A)  A new chair for a restaurant dining room. 
B)  Toilet paper used in an office. 
C)  A computer chip factory built in Arizona. 
D)  Electricity used in a school. 
A)  A new chair for a restaurant dining room. 
B)  Toilet paper used in an office. 
C)  A computer chip factory built in Arizona. 
D)  Electricity used in a school.

Question 13

In a BLS study,the average adult spends __________ per day on unpaid work.

Accepted Answer

A)  1.5 hours 
B)  3.5 hours 
C)  0 hours 
D)  5 hours 
A)  1.5 hours 
B)  3.5 hours 
C)  0 hours 
D)  5 hours

Question 14

Nonresidential investment does NOT include

Accepted Answer

A)  office chairs. 
B)  computers on desktops. 
C)  copy paper. 
D)  software. 
A)  office chairs. 
B)  computers on desktops. 
C)  copy paper. 
D)  software.

Question 15

In 2010,Brazil had a population of roughly 200 million people and a GDP of approximately $2.2 trillion.This means that GDP per capita in Brazil was approximately

Accepted Answer

A)  $91. 
B)  $11,000. 
C)  $11. 
D)  $91,000. 
A)  $91. 
B)  $11,000. 
C)  $11. 
D)  $91,000.

Question 16

Which country has a higher GDP per capita than the United States?

Accepted Answer

A)  China. 
B)  Switzerland. 
C)  Norway. 
D)  All three of these countries have a higher GDP per capita than does the United States. 
A)  China. 
B)  Switzerland. 
C)  Norway. 
D)  All three of these countries have a higher GDP per capita than does the United States.

Question 17

Since the 1950s,nonresidential investment has

Accepted Answer

A)  changed as we invest more in software and computers than buildings. 
B)  not changed. 
C)  declined. 
D)  decreased substantially. 
A)  changed as we invest more in software and computers than buildings. 
B)  not changed. 
C)  declined. 
D)  decreased substantially.

Question 18

Government consumption includes all

Accepted Answer

A)  salaries paid to factory workers. 
B)  fuel for nuclear submarines. 
C)  cola served in a company cafeteria. 
D)  pencils bought by a private university. 
A)  salaries paid to factory workers. 
B)  fuel for nuclear submarines. 
C)  cola served in a company cafeteria. 
D)  pencils bought by a private university.

Question 19

GDP is defined as the dollar value of __________ in a given year.

Accepted Answer

A)  the total output of the economy 
B)  all of the inputs used in the economy 
C)  all intermediate and final goods produced in the economy 
D)  the total purchases made in the economy 
A)  the total output of the economy 
B)  all of the inputs used in the economy 
C)  all intermediate and final goods produced in the economy 
D)  the total purchases made in the economy

Question 20

The salaries paid to government employees are an example of a government input.

Accepted Answer

A) True 
 B)False

The Bureau of Labor Statistics is responsible for

Goods that are produced but not immediately sold

Macroeconomics is the study of specific parts of the economy.

In the late 1930s,military planners needed to know the size of the economy so they could determine

The term "gross domestic purchases" refers to

If gross domestic purchases are _,then net exports are __.

Nonresidential investment is part of the GDP calculation.

Government investment includes all purchases of long-lived assets such as tanks and planes.

When companies reduce their inventories,

Gross domestic product (GDP)is the __________ of the total output of the economy in a given year.

The output of a government is equal to government consumption plus government investment.

Which is NOT an example of an intermediate input?

In a BLS study,the average adult spends __________ per day on unpaid work.

Nonresidential investment does NOT include

In 2010,Brazil had a population of roughly 200 million people and a GDP of approximately $2.2 trillion.This means that GDP per capita in Brazil was approximately

Which country has a higher GDP per capita than the United States?

Since the 1950s,nonresidential investment has

Government consumption includes all

GDP is defined as the dollar value of __________ in a given year.

The salaries paid to government employees are an example of a government input.

Introduction

Demand and Supply: The Basics of the Market Economy

Market Equilibrium and Shifts

How Businesses Work

Competition and Market Power

Government and the Economy

Inflation

Growth

Business Cycles, unemployment and Inflation

Fiscal Policy

Monetary Policy

The Financial Markets

International Trade

Technological Change

Economics of the Labor Market

The Distribution of Income

Economics of Retirement and Healthcare

Economics of Energy, the Environment, and Global Climate Change Glossary

Filters

Exam 7: The First Step Into Macroeconomics

The Bureau of Labor Statistics is responsible for

Goods that are produced but not immediately sold

Macroeconomics is the study of specific parts of the economy.

In the late 1930s,military planners needed to know the size of the economy so they could determine

The term "gross domestic purchases" refers to

If gross domestic purchases are _________,then net exports are __________.

Nonresidential investment is part of the GDP calculation.

Government investment includes all purchases of long-lived assets such as tanks and planes.

When companies reduce their inventories,

Gross domestic product (GDP)is the __________ of the total output of the economy in a given year.

The output of a government is equal to government consumption plus government investment.

Which is NOT an example of an intermediate input?

In a BLS study,the average adult spends __________ per day on unpaid work.

Nonresidential investment does NOT include

In 2010,Brazil had a population of roughly 200 million people and a GDP of approximately $2.2 trillion.This means that GDP per capita in Brazil was approximately

Which country has a higher GDP per capita than the United States?

Since the 1950s,nonresidential investment has

Government consumption includes all

GDP is defined as the dollar value of __________ in a given year.

The salaries paid to government employees are an example of a government input.

Introduction

Demand and Supply: The Basics of the Market Economy

Market Equilibrium and Shifts

How Businesses Work

Competition and Market Power

Government and the Economy

Inflation

Growth

Business Cycles, unemployment and Inflation

Fiscal Policy

Monetary Policy

The Financial Markets

International Trade

Technological Change

Economics of the Labor Market

The Distribution of Income

Economics of Retirement and Healthcare

Economics of Energy, the Environment, and Global Climate Change Glossary

Filters

If gross domestic purchases are _,then net exports are __.