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business
macroeconomics

Questions and Answers of Macroeconomics

_____________ can lead to greater output because of the principle of comparative advantage.
If a country’s government is not enforcing property rights, the private sector must respond in _____________ ways that _____________ economic growth.
Economic growth rates tend to be higher in countries where the government enforces _____________.
Research and development can result in _____________ products, management _____________, production _____________, or learning by _____________.
Investment alone does not guarantee economic growth, which hinges on the _____________ and the _____________ of investment as well.
Generally speaking, higher levels of saving will lead to _____________ levels of investment and capital formation and, therefore, to _____________ economic growth.
Technological advance permits us to economize on _____________, _____________, or even _____________.
_____________ is the adoption of a new product or process.
_____________ formation has played a significant role in the economic development of nations.
It has become popular to view labor as _____________ capital that can be augmented or improved by education and on-the-job training.
If the labor force participation rate in a country _____________ or if workers put in _____________ hours, output per capita will tend to increase.
Several factors have contributed to economic growth in some or all countries: (1) growth in the quantity and quality of _____________ resources used (human capital); (2) increase in the use of inputs
The Rule of 70 says that the number of years necessary for a nation to double its output is approximately equal to the nation’s _____________ rate divided into 70.
A nation with _____________ economic growth will end up with a much higher standard of living, ceteris paribus.
_____________ in technology can increase the economy’s production capabilities.
How much the economy will produce at its potential output depends on the _____________ and _____________ of an economy’s resources.
Economic growth is usually measured by the annual percent change in _____________.
Many would argue that in the long run, economic growth is a(n) _____________ determinant of people’s well-being.
John Maynard Keynes was primarily concerned with explaining and reducing _____________ fluctuations in the level of business activity.
Which of the following are included in GDP calculations?a. cleaning services performed by Molly Maid Corporationb. lawn-mowing services performed by a neighborhood childc. drugs sold illegally on a
If country A has a bigger underground economy than country B, and country A’s citizens work fewer hours per week than the citizens of country B, other things being equal, thena. GDP comparisons
Which of the following is measured in per capita GDP?a. leisureb. underground economic transactionsc. the services of homemakersd. external benefits and costse. none of the above
Important factors that are excluded from GDP measurements includea. leisure.b. the underground economy.c. nonmarket transactions.d. the value of changes in the environment.e. all of the above.
If nominal GDP rises from $5 billion to $6 billion, when the GDP deflator goes from 100 to 120, real GDPa. rises.b. falls.c. stays the same.d. could either be rising or falling.
If real GDP increases and population increases, then real GDP per capitaa. will rise.b. will fall.c. will remain unchanged.d. could either rise, fall, or remain unchanged.
Suppose that nominal GDP in 2000 equals $8,000 trillion and that in 2001 nominal GDP equals $8,500 trillion. It can be concluded thata. total production of output decreased from 2000 to 2001.b. total
Real GDP in base year dollars equalsa. nominal GDP divided by the price index, times 100.b. nominal GDP divided by the price index.c. nominal GDP times the price index.d. nominal GDP times the price
The consumer price indexa. takes government purchases into account, unlike the GDP deflator.b. takes business investment purchases into account, unlike the GDP deflator.c. equals 100 in the base
Nominal GDP differs from real GDP in thata. nominal GDP tends to increase when total production of output in the economy increases, while real GDP does not.b. nominal GDP is measured in base year
Nominal GDP isa. the base year market value of all final goods and services produced domestically during a given period.b. the current year market value of all final goods and services produced
Disposable personal income will increase whena. taxes rise and transfer payments rise.b. taxes rise and transfer payments fall.c. taxes fall and transfer payments rise.d. taxes fall and transfer
Disposable income isa. a measure of the market value of total output.b. a measure of the income households have to spend before paying taxes.c. a measure of the income households have to spend after
What is not subtracted from GDP to get national income?a. the net income of foreignersb. depreciationc. indirect business taxesd. personal income taxese. All of the above are subtracted from GDP to
Which of the following is not considered a factor payment?a. wagesb. interestc. rentd. profite. transfer payments
In the income approach to measuring GDP, factor payments do not includea. wages and salaries for the use of labor services.b. rent for land.c. interest payments for the use of capital goods.d.
Which of the following will be counted as part of this year’s U.S. GDP?a. goods produced last year but not sold until this yearb. goods produced this year by an American working in Parisc.
The largest category of GDP is _____________, and the most unstable category of GDP is _____________.a. consumption, consumptionb. government, investmentc. consumption, investmentd. consumption,
If the United States imported $1.5 billion worth of goods and services and sold $2.9 billion worth of goods and services outside its borders, net exports would equala. $4.4 billion.b. $4.4
French perfume that is purchased in the United States is accounted for in which expenditure category of U.S. GDP?a. consumptionb. investmentc. government purchasesd. net exportse. none of the above
We can be certain that net exports fall ifa. both exports and imports rise.b. both exports and imports fall.c. exports rise and imports fall.d. exports fall and imports rise.e. either b or d occurs.
A negative amount of net exports in the GDP expenditures accounting meansa. exports are less than imports.b. imports are less than exports.c. the sum of this period’s exports and imports has
Which of the following is not included in government purchases?a. government purchases of investment goodsb. transfer paymentsc. government spending on servicesd. None of the above is included in
Included in the investment category under the expenditure approach to GDP accounting is (are)a. additions to inventory.b. machines and tools.c. newly constructed residential housing.d. all of the
Investment includesa. fixed investment.b. fixed investment plus government investment.c. fixed investment plus additions to business inventories.d. fixed investment plus subtractions from business
Which of the following are most likely to be classified by economists as consumer durable goods?a. stocks, bonds, EE savings bonds, CDs (certificates of deposit)b. automobiles, furniture, CD
Which category of consumption spending tends to be the most unstable over the business cycle?a. nondurable consumer goodsb. durable consumer goodsc. servicesd. All of these categories of consumer
The expenditure measure of GDP accounting adds togethera. consumption, interest, government purchases, and net exports.b. consumption, government purchases, wages and salaries, and net exports.c.
GDP is calculated includinga. intermediate products but not final products.b. manufactured goods but not services.c. final products but not intermediate products.d. only goods purchased by consumers
Which of the following is not included in the calculated gross domestic product?a. a new Ford Expedition sport-utility vehicleb. dinner at Burger Kingc. a construction firm’s purchase of lumber to
An example of an intermediate product isa. the purchase of tires by Ford Motor Company to put on its Ford Explorers.b. the purchase of wood by a home construction firm.c. the purchase of leather by a
GDP measuresa. the value of all intermediate goods produced domestically within a given period.b. the value of all final goods and services sold in an economy within a given period.c. the value of
GDP is defined as thea. value of all final goods and services produced in a country in a period of time.b. value of all final goods produced in a country in a period of time.c. value of all goods and
Severe shortcomings are involved when using real GDP as a welfare measure. Nonetheless, at the present time, no alternative measure is generally accepted as better. True or False.
GDP is decreased to reflect pollution resulting from production. True or False.
Almost all of the underground economy represents income from illegal sources, such as drug dealing. True or False.
In less-developed countries, where a significant amount of food and clothing output is produced in the home, the failure to include nonmarket economic activity in GDP is a serious deficiency. True or
Marrying one’s housekeeper would leave reported GDP unchanged. True or False.
Real GDP is a highly accurate measure of the economic welfare of a nation. True or False.
Nonmarket transactions, the underground economy, and the value of leisure are all omitted from official measures of GDP. True or False.
In a country with a growing population, real GDP per capita could be falling at the same time that real GDP was rising. True or False.
The measure of economic welfare most often cited is real per capita gross domestic product. True or False.
In periods of inflation, real GDP will tend to be greater than nominal GDP growth. True or False.
Nominal GDP equals real GDP divided by the price-level index, times 100. True or False.
The primary problem in calculating accurate U.S. GDP statistics is that the “yardstick” used in adding together the values of different products, the U.S. dollar, changes in value over time. True
National income is a measure of the income earned by owners of resources and available for spending after taxes. True or False.
The net income of foreigners must be subtracted from GDP to get GNP. True or False.
When someone makes an expenditure for a good or service, that spending creates income for someone else. True or False.
Net exports are a small proportion of GDP and are often negative for the United States. True or False.
Because exports are consumed in other countries, they are omitted from measures of domestic GDP. True or False.
Government expenditures on goods and services as a proportion of GDP have grown slowly over the last 30 years. True or False.
Investment spending is the most volatile category of GDP. True or False.
Fixed investments include all spending on capital goods as well as on residential construction. True or False.
Purchases of stock are included as part of investment in the national income accounts. True or False.
The share of total consumption going for services now exceeds 50 percent. True or False.
As incomes have risen, expenditures on services have been growing more slowly than expenditures on goods. True or False.
In boom periods, expenditures on consumer durables often increase more than expenditures on nondurables. True or False.
The distinction between whether a good is durable or nondurable is clear and easy to apply. True or False.
Following the expenditure method, GDP 5 C 1 I 1 G 1 X. True or False.
If we counted the value of intermediate goods as well as the full value of the final products in GDP, we would be double counting. True or False.
The value of a good or service is determined by the market prices at which goods and services sell. True or False.
All goods and services exchanged in the current period are included in this year’s GDP. True or False.
Measuring the performance of our economy is important to private businesses and to macroeconomic policymakers in setting goals and developing policy recommendations. True or False.
The value that individuals place on leisure is _____________ in calculating GDP.
The most important nonmarket transactions omitted from GDP are services provided directly _____________.
We do not have _____________ enough information on the output of nonmarket transactions to include it in the GDP.
To calculate real per capita GDP, we divide _____________ GDP by the _____________ to get the value of real output of final goods and services per person.
The formula for converting any year’s nominal GDP into real GDP (in base year dollars) is real GDP equals _____________ divided by the _____________, times 100.
_____________ income is the personal income available to individuals after taxes.
_____________ must be subtracted from gross domestic product to get net national product (NNP).
The incomes received by persons providing goods and services are actually payments to the owners of _____________ resources and are sometimes called _____________ payments.
Factor payments include _____________ for the use of labor services, _____________ for land, _____________ payments for the use of capital goods, and _____________ for entrepreneurs, who put labor,
Output creates _____________ of equal value.
The _____________ approach to measuring GDP involves summing the incomes received by producers of goods and services.
Imports must be _____________ from GDP in order to obtain an accurate measure of domestic production.
_____________ payments are not included in government purchases because that spending does not go to purchase newly produced goods or services.
When the economy is booming, investment purchases tend to _____________ dramatically.
The two categories of investment purchases measured in the expenditures approach are _____________ investment and _____________ investment.
Investment, as used by economists, refers to the creation of _____________ goods, whose purpose is to _____________.
Sales of nondurable consumer goods tend to be _____________ stable over time than sales of durable goods.
The most important single category of consumer durable goods is consumer _____________.

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