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l. Macroeconomics is concerned with: a) only longrun trends in economic activity. b) only short-run uctuations in the business cycle. c) both long-run trends and short-term uctuations in economic activity. d) only with changes in the overall price level. 2. GDP is: a) a measure of all spending in the economy on foreign and domestic goods and services. b) the total market value of all final goods and services produced in an economy in a given year. c) the value of all output produced within an economy. d) made up of three components: consumption, investment, and government expenditure. 3. Which of the following is an example of a final good or service? a) wheat a bakery purchases to make bread b) coffee beans Starbucks purchases to make coffee c) lumber purchased by a construction company to be used in building houses d) a tractor purchased by a farmer to cultivate his farm 10. Consumer expenditures on household appliances represent which of the following components of GDP? a) services b) nondurable goods c) durable goods d) private investment 11. Which of the following is a nondurable good? a) laptop computer b) truck c) food d) washing machine 12. Which of the following is n_ot a durable good? a) furniture b) automobiles c) clothing d) household appliances 13. Which of the following is n_ot included in investment expenditure? a) changes in business inventories b) the purchase of a new factory c) the purchase of a new home d) the purchase of common stock 14. A company produced 10 dishwasher machines in 2013. The company sold 3 in 2013 and added 2 to its inventories. The market value of the dishwasher machines in 2013 was $200 per unit. What is the value of this company's output that will be included in the 201 3 GDP? a) $ 1,600 b)$400 c) $2,000 d) 3 1,300 15. A farmer buys a new tractor from John Deere to use it in her cotton farm. This tractor is included in GDP as: a) part of private investment. b) a durable consumption good. c) a service. d) A nondurable consumption good. 16. Suppose that net national product in 2013 was $50 billion and depreciation was $15 billion. Gross national product in 2013 was: a) $35 billion b) -$35 billion c) $65 billion d) $55 billion 17. 1f net national product in 2013 is $300 billion and gross national product in 2018 is $475 billion, depreciation in 2018 is: a) $.67 billion. b) $175 billion. c) $250 billion. d) $500 billion. 18. If no foreign companies produce in a country, but many of the country's companies produce abroad, then it is probably true: a) the country's GNP exceeds its GDP. b) the country's GDP exceeds its GNP. c) the country's GNP and GDP are equal. d) The country's GDP equals its domestic income. 19. Which of the following is included in both the U.S. GDP and GNP? a) the value of all cars produced by Ford in Mexico b) the value of all cars produced by General Motors in the U.S. c) the value of all cars produced by Toyota in the U.S. d) the value of cars produced by Nissan in Japan and the U.S. 20. If personal income is $645 billion, indirect taxes are $20 billion, and subsidies are $15 billion, then net national product is: a) $167 billion. b) $645 billion. c) $650 billion d) $685 billion 21. Nominal GDP measures the value of all goods and services: a) in constant dollars. b) in current dollars. c) in fixed dollars. d) without ination. 22. Real GDP is gross domestic product measured: a) at a constant output level but at current prices. b) In current dollars. c) In the prices of a base year. d) As the difference between the current year's GDP and last year's GDP. Table 6.1: Production Price YEAR Yr. 1 Yr. 2 Yr. 3 Yr.l Yr 2 Yr 3 GoodX 50 75 100 $1 $1 $1.20 GoodY 100 100 130 $.60 $75 $1.00 23. Refer to Table 6.1. Assume that this economy produees only two goods Good X and Good Y. The value for this economy's nominal GDP in Year 1: a) is $110 b) is $150 o) is $240 d) cannot be determined from this information. 24. Refer to Table 6.1. Assume that this economy produees only two goods Good X and Good Y. The value for this economy's nominal GDP in Year 3: a) is $178 b) is $230 o) is $250 d) cannot be determined from this information. 4. Which of the follovving would be included in GDP? a) the purchase of a used car b) the broker's fee one pays when purchasing stocks c) the sale of Firestone tires to ford Motor Company d) none of the above 5. Which of the following is an example of an intermediate good? a) the dough you buy to x yourself a pizza for dinner b) the chocolate you buy to make yourself some cookies c) the pizza sauce you purchase to make pizzas to sell for a fund-raiser for an organization you belong to d) none of the above 6. Double counting can be avoided by: a) including the value of intermediate goods in the current year. b) not counting the value of intermediate goods in GDP. c) including the value of intermediate goods in the GNP but not in the GDP. d) including the value of intermediate goods in the production year but not in the selling year of those goods. 7. The equation for GDP using the expenditure approach is: a) GDP= Consumption + Investment + Government Purchases + Exports Imports. b) GDP= Consumption + Investment + Government Purchases + Imports Exports c) GDP= Consumption + Investment + Government Purchases + Imports + Exports d) GDP= Consumption + Investment + Government Purchases Imports Exports 3. The single largest expenditure component in GDP is: a) government spending. b) investment. c) consumption. d) net exports. 9. Which of the following statements is correct? a) Investment represents household purchases of assets. 1)) Consumption is spending by rms and households on new capital c) Net exports are imports minus exports. d) The purchase of a new home is treated as investment