Question 1

Official GDP numbers do not include the activity of the __________ economy,which includes illegal activities and off-the-book transactions.

Accepted Answer

A)  underground 
B)  barter 
C)  unofficial 
D)  laissez-faire 
A)  underground 
B)  barter 
C)  unofficial 
D)  laissez-faire

Question 2

Which of the following describes an intermediate input?

Accepted Answer

A)  A business-to-business sale where the product is used in the production process. 
B)  A business-to-consumer sale included in the GDP. 
C)  A wholesale transaction. 
D)  The production of a good that has not yet been sold or delivered. 
A)  A business-to-business sale where the product is used in the production process. 
B)  A business-to-consumer sale included in the GDP. 
C)  A wholesale transaction. 
D)  The production of a good that has not yet been sold or delivered.

Question 3

Using the GDP to measure the economy began

Accepted Answer

A)  in the 1930s. 
B)  during the Ford administration. 
C)  after World War II. 
D)  as part of the Great Society legislation. 
A)  in the 1930s. 
B)  during the Ford administration. 
C)  after World War II. 
D)  as part of the Great Society legislation.

Official GDP numbers do not include the activity of the __________ economy,which includes illegal activities and off-the-book transactions.

Which of the following describes an intermediate input?

Using the GDP to measure the economy began

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

Official GDP numbers do not include the activity of the __________ economy,which includes illegal activities and off-the-book transactions.

Which of the following describes an intermediate input?

Using the GDP to measure the economy began

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