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How are intermediate goods treated in GDP computations? O They are excluded because there are too many to accurately measure. O They are excluded because their value is already counted in the value of final goods. O They are included so we can get a measure of sales. O They are included because they are final goods for the firm producing them. Question 2 (1 point) In 1990, Professor Fellswoop made $12,000, in 2000 he earned $24,000, and in 2015 he earned $36,000. If the CPI was 40 in 1990, 60 in 2000, and 100 in 2015, then in real terms, when was Professor Fellswoop's salary highest and lowest? O highest in 2015; lowest in 1990 O highest in 2015; lowest in 2000 O highest in 1990; lowest in 2000 O highest in 2000; lowest in 1990 Question 3 (1 point) Which of the following is counted in Canadian GDP? O American intermediate goods used in the production of Canadian final goods Canadian final goods and services purchased by the American government C goods and services produced by Canadian citizens working in the U.S. O American final goods and services purchased by the Canadian governmentIf nominal GDP is $1 trillion and real GDP is $0.8 trillion, what is the GDP deflator? 1.25 Oo.8 80 125 Question 5 (1 point) In computing GDP, what is investment? O spending on capital equipment, inventories, and structures, excluding household purchases of new housing O spending on new capital equipment, inventories, and structures, including new housing C spending on stocks, bonds, and other financial assets O spending on real estate and financial assetsTable 6-1 -~'. 14 per bushel ~39 per bushel - r 015 H. 12 per bushel H. 14 per bushel Refer to the Table 6-1. Suppose that the typical consumer basket consists of 5 bushels of peaches and 10 bushels of pecans and that the base year is 2014. What is the consumer price index for 2015? Question 7 (1 point) In a simple circular-ow diagram, how are total income and total expenditure interrelated? 0 They are always equal because every transaction has a buyer and a seller. 0 They are always equal because of accounting rules. 0 They are seldom equal because of uctuations in the business cycle that occur in an economy. 0 They are equal only when all goods and services produced are sold. Suppose that 25 years ago a country had nominal GDP of 1000, a GDP deator of 200, and a population of 100. Today, that country has a nominal GDP of 3000, a deator of 400, and a population of 150. What happened to the real GDP per person? 0 It more than doubled. Q It rose, but less than doubled. Q It fell. 0 It did not change. Question 9 (1 point) How are the weights on the various goods and services in the CPI basket determined? 0 Each good and service is weighted according to its quantity. 0 Each good and service is weighted according to its price. 0 A survey is conducted to determine how much of each good and service a typical consumer buys. The weights equal the ratio of expenditures on each good or service divided by the total consumption expenditures in the GDP accounts. Question 10 (1 point) What is the relationship between income and expenditure for an economy? 0 Income equals expenditure. 0 Income is greater than expenditure. 0 Income could be greater or less than expenditure. 0 Income is less than expenditure. What is an important difference between the GDP deflator and the consumer price index? The GDP deflator reflects the prices of all final goods and services produced domestically, whereas the consumer price index reflects the prices of some goods and services bought by consumers. The GDP deflator reflects the prices of goods and services bought by producers, whereas the consumer price ndex reflects the prices of goods and services bought by consumers The GDP deflator reflects the prices of all goods and services bought by producers and consumers, whereas the consumer price index reflects the prices of final goods and services bought by consumers. The GDP deflator reflects the prices of all final goods and services produced by a nation's citizens, whereas the consumer price index reflects the prices of final goods and services bought by consumers. Question 12 (1 point) With respect to GDP, how are welfare payments treated? O They are included in GDP because they represent payment for work performed in the past. O They are excluded from GDP because they are not private pensions. O They are excluded from GDP because they do not represent current government purchases of goods and services. O They are included in GDP because they represent potential consumption. Question 13 (1 point) What do economists believe about the bias in the CPI as a measure of the cost of living? O There is still debate among economists on the severity of the CPI bias and what to do about it. There is still debate among economists on whether CPI understates or overstates increases in the cost of living. Economists agree that the bias in the CPI is a very serious problem. O Economists agree on the severity of the CPI bias, but there is still debate on what to do about it.How is the value of housing services included in GDP? It is based on an estimate of its rental value. It is valued as the annual depreciation of the house. O It is valued as the mortgage payment made on the house. O It uses the purchase price of the house in the year it is sold. Question 15 (1 point) How often is the CPI calculated in Canada? O monthly quarterly weekly O yearly Question 16 (1 point) A Canadian tourist buys a $200 leather jacket in Italy. What happens to Canadian imports/exports and GDP? O Canadian exports increase by $200, and Canadian GDP increases by $200. O Canadian imports increase by $200, but Canadian GDP is unaffected. Canadian imports and Canadian GDP are unaffected. Canadian imports increase by $200, and Canadian GDP increases by $200.Table 6-1 -~'. 14 per bushel ~39 per bushel i. 12 per bushel i. 14 per bushel Refer to the Table 6-1. What was the ination rate in 2015? Question 18 (1 point) Over the past few decades, Canadians have chosen to cook less at home and eat more at restaurants. How has this practice affected GDP? 0 It has not affected measured GDP. 0 It has increased measured GDP. 0 It has had an ambiguous effect on GDP. 0 It has reduced measured GDP. What does the real interest rate tell you? 0 how fast the number of dollars in your bank account rises over time Q the number of dollars in your bank account 0 how fast the purchasing power of your bank account rises over time Q the purchasing power of your bank account Question 20 (1 point) What is the GDP deator? O a measure of total income 0 a measure of economic well-being O a measure of price changes 0 a measure of the overall price level Question 21 (1 point) A country reported a nominal GDP of $100 billion in 2015 and $75 billion in 2014 and reported 3 GDP deator of 125 in 2015 and 120 in 2014. What happened to real output and prices from 2014 to 2015? 0 Real output and prices both rose. 0 Real output rose and prices fell. 0 Real output and prices both fell. 0 Real output fell and prices rose. Ruth collected pension benefits, which are indexed to inflation, of $220 a month in 2015. If the price index rose from 90 to 105 in the period 2015-2020, what should her pension benefits for 2020 be? $252.43 O $231.00 C $256.67 $253.00 Question 23 (1 point) Suppose that the nominal interest rate was 3 percent and the inflation rate was 1 percent. What happened to the value of savings? The dollar value of savings increased by 3 percent, and the value of savings measured in goods increased by 2 percent. The dollar value of savings increased by 4 percent, and the value of savings measured in goods increased by 3 percent. The dollar value of savings increased by 2 percent, and the value of savings measured in goods increased by 3 percent. The dollar value of savings increased by 1 percent, and the value of savings measured in goods increased by 2 percent.What does the GDP deator reect? O the level of real output in the base year relative to the current level of real output 0 the level of prices in the base year relative to the current level of prices O the current level of prices relative to the level of prices in the base year 0 the current level of real output relative to the level of real output in the base year Question 25 (1 point) Most, but not all, athletic apparel sold in Canada is imported from other nations. If the price of athletic apparel increases, what will happen to the GDP deator? Q It will increase less than the consumer price index will. 0 It Will increase more than the consumer price index will. 0 It will increase, but the consumer price index will not increase. Q It will not increase, but the consumer price index will increase. Question 26 (1 point) In the country of Hyrkania, the CPI in 2014 was 140 and the CPI in 2015 was 154. Jake, a resident of Hyrkania, borrowed money in 2014 and repaid the loan in 2015. If the nominal interest rate on the loan was 14 percent, what was the real interest rate? Q 18 percent 0 10 percent O 4 percent O 14 percent Suppose an economy produces only wheat and rice. Last year, 20 bushels of wheat are sold at $4 per bushel, and 10 bushels of rice are sold at $2 per bushel. If the price of wheat was $2 per bushel and the price of rice was $1 per bushel in the base year, what can we conclude? 0 Nominal GDP is $50, real GDP is $100, and the GDP deator is 50. 0 Nominal GDP is $50, real GDP is $100, and the GDP deator is 200. 0 Nominal GDP is $100, real GDP is $50, and the GDP deator is 200. O Nominal GDP is $100, real GDP is $50, and the GDP deator is 50. Question 28 (1 point) What does \"substitution bias\" in the consumer price index refer to? 0 replacing old technology goods with new technology goods in consumer purchases 0 replacing old goods with new goods in consumer purchases 0 replacing expensive goods with cheaper goods in consumer purchases O replacing low-quality goods with high-quality goods in consumer purchases Question 29 (1 point) Because the CPI is based on a xed basket of goods, the introduction of new goods and services in the economy causes the CPI to overestimate the cost of living. Why is this? because when a new good is introduced, it gives consumers greater choice, thus reducing the amount they must spend to maintain their standard of living 0 because new goods and services cost more than existing goods and services 0 because new goods and services have better product warranties than existing goods and services 0 because new goods and services are always of higher quality than existing goods and services What is the basket of goods used to construct the CPI? O the average price of goods and services in each major category of consumer expenditures 0 goods and services weighted by the ratio of expenditures on them relative to the consumption component of GDP 0 a random sample of all goods and services produced in the economy 0 the goods and services typically bought by consumers, according to Statistics Canada surveys Question 31 (1 point) Which of the following is the consumer price index used for? O to track changes in the stock market 0 to monitor changes in the level of real GDP 0 to track changes in the level of wholesale prices in the economy 0 to monitor changes in the cost of living Question 32 (1 point) The local Nissan dealership has an increase in inventory of 25 cars in 2015. How will the sale of all 25 cars in 2016 affect the GDP? 0 The value of the cars will not be included in GDP in 2015 or 2016. O The value of the cars will not affect the 2015 GDP, but will be included in 2016 GDP. 0 The value of the cars will be included in both 2015 and 2016 GDP. 0 The value of the cars will be counted as part of GDP in 2015 but not in 2016, How often does the basket of goods in the consumer price index change? 0 yearly, while the basket of goods used to compute the GDP deator changes occasionally 0 yearly, as does the basket of goods used to compute the GDP deator O occasionally, while the basket of goods used to compute the GDP deator changes yearly O occasionally, as does the basket of goods used to compute the GDP deator Question 34 (1 point) StatCan has made technical adjustments, but the CPI probably still overstates ination by about 0 2.1 percentage points 0 0.6 percentage points 0 1.6 percentage points 0 3.4 of a percentage point Question 35 (1 point) When the quality of a good improves, what happens to the purchasing power of the dollar? 0 It increases, so the CPI understates the change in the cost of living if the quality change is not accounted for. Q It decreases, so the CPI overstates the change in the cost of living if the quality change is not accounted for. Q It decreases, so the CPI understates the change in the cost of living if the quality change is not accounted for. Q It increases, so the CPI overstates the change in the cost of living if the quality change is not accounted for. Which of the following is included in the investment component of GDP? 0 purchases of previously owned homes 0 purchases of new houses 0 purchases of new cars 0 purchases of government bonds Question 37 (1 point) In 1954, Canadian Prime Minister Louis Stephen St. Laurent was paid a salary of $15,000. Stephen Harper, the Prime Minister in 2014, was paid $157,731. The price index for 1954 is 14.1 and the price index for 2014 is 121.7. What is, approximately, Prime Minister St. Laurent's salary equivalent in 2014 dollars? Year Peaches Pecans 2014 $14 per bushel $9 per bushel 2015 $12 per bushel $14 per bushel Refer to the Table 6-1. Suppose that the typical consumer basket consists of 5 bushels of peaches and 10 bushels of pecans and that the base year is 2014. What is the consumer price index for 2014? 125 100 160 O 200 Question 39 (1 point) A farmer produces the same output in 2015 as in 2014. His input prices increase by 3 percent and so does his product price. As a result, his nominal profit also increases by 3 percent. Which inflation rate makes the farmer as well off (in real terms) in 2015 as in 2014? 6 percent 3 percent percent 1 percentWhich statement best describes real GDP? O Real GDP evaluates, at base-year prices, all goods and services produced in the current year. O Real GDP evaluates, at current prices, a current-year basket of goods and services. O Real GDP evaluates, at current prices, a base-year basket of goods and services. O Real GDP evaluates, at current prices, all goods and services produced in a base year