Question 1

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

Accepted Answer

A)  inventory. 
B)  final goods. 
C)  intermediate goods. 
D)  used goods. 
E)  value-added goods. 
A)  inventory. 
B)  final goods. 
C)  intermediate goods. 
D)  used goods. 
E)  value-added goods.

Question 2

Company X sells leather to company Y for $60,000. Company Y uses the leather to make shoes, selling them to consumers for $180,000. The total contribution to GDP is:

Accepted Answer

A)  $240,000. 
B)  $180,000. 
C)  $60,000. 
D)  $120,000. 
E)  $30,000. 
A)  $240,000. 
B)  $180,000. 
C)  $60,000. 
D)  $120,000. 
E)  $30,000.

Question 3

Which of the following is a service?

Accepted Answer

A)  a visit to your local beach 
B)  a visit to your doctor 
C)  a trip to the store to buy a T-shirt 
D)  a trip to your favorite restaurant for dinner 
E)  having to write a check to pay your taxes 
A)  a visit to your local beach 
B)  a visit to your doctor 
C)  a trip to the store to buy a T-shirt 
D)  a trip to your favorite restaurant for dinner 
E)  having to write a check to pay your taxes

Question 4

For the next  questions, suppose a country has the following quarterly growth data for the last three years:  
-The country's long-run average growth rate is 3%. In how many of these quarters did GDP contract?

Accepted Answer

A)  two 
B)  six 
C)  five 
D)  four 
E)  three 
A)  two 
B)  six 
C)  five 
D)  four 
E)  three

Question 5

Consider the following data that identifies real GDP in comparison to the long-run trend of real GDP to answer the next  questions:  
-On average, what percentage does real GDP grow over the long run?

Accepted Answer

A)  1% 
B)  2% 
C)  3% 
D)  4% 
E)  5% 
A)  1% 
B)  2% 
C)  3% 
D)  4% 
E)  5%

Question 6

Hollister Co. stocks up on T-shirts for the holiday season. This inventory is included in the _______ category of GDP.

Accepted Answer

A)  consumption 
B)  investment 
C)  government purchases 
D)  net exports 
E)  services 
A)  consumption 
B)  investment 
C)  government purchases 
D)  net exports 
E)  services

Question 7

Consider the following data, where GDP values are measured in millions of dollars, to answer the next questions:  
-What is the value of nominal GDP in 2012? Round to the nearest second decimal.

Accepted Answer

A)  $480.60 million 
B)  $955.50 million 
C)  $1,146.60 million 
D)  $500.50 million 
E)  $720.72 million 
A)  $480.60 million 
B)  $955.50 million 
C)  $1,146.60 million 
D)  $500.50 million 
E)  $720.72 million

Question 8

Bob sells his car to Stan's Used Car Lot for $5,000. Stan's Used Car Lot sells the car to Bill for $5,500. This transaction contributes ________ to GDP.

Accepted Answer

A)  nothing 
B)  $500 
C)  $5,500 
D)  $5,000 
E)  $10,500 
A)  nothing 
B)  $500 
C)  $5,500 
D)  $5,000 
E)  $10,500

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

Company X sells leather to company Y for $60,000. Company Y uses the leather to make shoes, selling them to consumers for $180,000. The total contribution to GDP is:

Which of the following is a service?

For the next questions, suppose a country has the following quarterly growth data for the last three years: -The country's long-run average growth rate is 3%. In how many of these quarters did GDP contract?

Consider the following data that identifies real GDP in comparison to the long-run trend of real GDP to answer the next questions: -On average, what percentage does real GDP grow over the long run?

Hollister Co. stocks up on T-shirts for the holiday season. This inventory is included in the _______ category of GDP.

Consider the following data, where GDP values are measured in millions of dollars, to answer the next questions: -What is the value of nominal GDP in 2012? Round to the nearest second decimal.

Bob sells his car to Stan's Used Car Lot for $5,000. Stan's Used Car Lot sells the car to Bill for $5,500. This transaction contributes ________ to GDP.

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

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

Company X sells leather to company Y for $60,000. Company Y uses the leather to make shoes, selling them to consumers for $180,000. The total contribution to GDP is:

Which of the following is a service?

For the next questions, suppose a country has the following quarterly growth data for the last three years: -The country's long-run average growth rate is 3%. In how many of these quarters did GDP contract?

Consider the following data that identifies real GDP in comparison to the long-run trend of real GDP to answer the next questions: -On average, what percentage does real GDP grow over the long run?

Hollister Co. stocks up on T-shirts for the holiday season. This inventory is included in the _______ category of GDP.

Consider the following data, where GDP values are measured in millions of dollars, to answer the next questions: -What is the value of nominal GDP in 2012? Round to the nearest second decimal.

Bob sells his car to Stan's Used Car Lot for $5,000. Stan's Used Car Lot sells the car to Bill for $5,500. This transaction contributes ________ to GDP.

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