QUESTION 1

1. What was the name of the book sent to Congress that included the first real measurements of the U.S.economy?
2. A.Gross Domestic Product, 1929-1932
3. B.Gross National Product,1929-1932
4. C.National Income,1929-1932
5. D.None of the above.

QUESTION 2

1. Which U.S.senator,from Wisconsin,authored a resolution requiring the Commerce Department tomake estimates of the nation's income from 1929to 1932?
2. A.Robert McCarthy
3. B.Joseph McCarthy
4. C.Bob LaFollette
5. D.Simon Kuznets

QUESTION 3

1. Who directed the government study of the economy?
2. A.Robert R.Nathan
3. B.Bob LaFollette
4. C.Simon Kuznets
5. D.Joseph McCarthy

QUESTION 4

1. How did the developers of GNP avoid the problem of "double-counting"?
2. A.They only counted household goods at their estimated value.
3. B.They counted only the final sales of goods and services.
4. C.They only counted legal goods, not illegal ones.
5. D.They counted the value of each factor as it was added to a product.

QUESTION 5

1. Why was work done at homenot counted toward GNP?
2. A.The value of such work was too hard to measure.
3. B.They believed such work was part an integral part of the family, not the market.
4. C.They realized how hard it would be to estimate the value of such services.
5. D.All of the above.

QUESTION 6

1. What was the "bad news"included in the first report on national income?
2. A.National income had dropped by 10 billion dollars.
3. B.National income had dropped by 40billion dollars
4. C.Unemployment had increased sixfold.
5. D.Both B and C.

QUESTION 7

1. What program did Franklin D. Roosevelt use to help supply the Allies prior to the U.S. entrance into World War II
2. A.The Atlantic Charter
3. B.Reparations
4. C.Lend Lease
5. D.Marshall Plan

QUESTION 8

1. Why was the concept of GNP helpful to the government in its efforts to prevent inflation during the war?
2. A.Without GNP numbers, they would not have known how many tanks and planes they could build.
3. B.GNP enabled the government to adjust taxes and reduce the amount of disposable income households had, which was necessary because there were fewer consumer goods available.
4. C.It enabled the government to raise taxes to to prevent government deficits.
5. D.All of the above.

QUESTION 9

1. When was "Black Monday"?
2. A.October 24th,1929
3. B.October 29th,1929
4. C.October 26th,1988
5. D.October 19th,1987

Question 1 https://youtu.be/mjJmo5mN5yA

Which of the following statements isnottrue about GDP?

1. A.The value of a used car is included in GDP.
2. B.The goods or services must be produced in the country.
3. C.Only final goods are counted.
4. D.Only things that have market value are counted .

QUESTION 2

1. A tractor sold to a farmer is included in GDP.
2. Agree
3. Disagree

QUESTION 3

1. My wife and I purchased our lake cabin, built in 1973,in Sept,2013.The purchase price would be counted in GDP for 2013.
2. Agree
3. Disagree

QUESTION 4

1. GDP includes
2. A.All final goods.
3. B.All final services.
4. C.Both final goods and final services.

QUESTION 5

1. Which of the following is counted in US GDP?
2. A.Used car purchased by a student for his commute to school
3. B.Used oven purchased by a baker for her cake shop
4. C.Drill purchased by a construction company
5. D.b & c only
6. E.None of the above

QUESTION 6

1. Which of the following is counted in US GDP?
2. A.A New video game made in China but purchased in the United States
3. B.New growth in rainforests
4. C.A new quilt made by Jane and given to her grandmother for her 80th birthday
5. D.A & C only
6. E.None of the above

1 points

QUESTION 7 https://youtu.be/rGqhTQyY6g4

1. Which of the following isnota true statement?
2. A.Real GDP measures the actual output of goods and service, adjusted for inflation.
3. B.Nominal GDP measures the output of goods and services in current dollars.
4. C.Real GDP is a better way to measure economic growth than Nominal GDP.
5. D.Nominal GDP removes the effects of inflation from GDP.

QUESTION 8

1. Real GDP controls for
2. A.changes in preferences.
3. B.changes in population.
4. C.changes in prices.
5. D.A & C only
6. E.A, B,&C

QUESTION 9

1. Nominal GDP is always larger than real GDP.
2. True
3. False

QUESTION 10

1. Real GDP is always larger than real GDP per capita.
2. True
3. False

QUESTION 11

1. If a country's nominal GDP increases, it means the country is producing more goods and services.
2. True
3. False

QUESTION 12

1. If a country's nominal GDP increases more than the inflation rate does, it means the country is producing more goods and services.
2. True
3. False

QUESTION 13

1. Real GDP per capita in the US ____________ during the great recession of 2009.
2. A.increased
3. B.decreased
4. C.did not change

QUESTION 14

1. Given the impact of the COVID 19pandemic,real GDP is most likely to ________________ in the 2ndquarter of 2020.
2. A.increase
3. B.decrease
4. C.remain the same

QUESTION 15 https://youtu.be/Z0qHA93oOSc

1. Which of the following isnottrue regarding per capita GDP?
2. A.It is the nation's population divided by its real GDP.
3. B.it is the nation's total GDP divide by the nation's population.
4. C.It is not a perfect measure of our health,happiness, or education.
5. D.It is probably the best measure of a nation's standard of living.

QUESTION 16

1. In which of thesecountries do 80% of the people live on less than $2 per day?
2. A.Pakistan
3. B.Nigeria
4. C.Honduras
5. D.Malaysia

QUESTION 17

1. Which of the following is true of Real GDP per capita?
2. A.Growth in Real GDP per capita usually indicates growth in everyone's incomes,including the poor.
3. B.Real GDP per capita is a good measure for comparing the standard of living in different countries.
4. C.Real GDP per capita is a good measure for comparing the standard of living in different time periods.
5. D.All of the above.

QUESTION 18

1. Real GDP per capita is positively correlated with all of the followingexcept
2. A.malaria cases per capita.
3. B.life expectancy.
4. C.happiness.
5. D.education.
6. E.B & D only
7. F.A, B,C, & D

QUESTION 19

1. Real GDP per capita is usually used to compare the standard of living of
2. A.the same country at different points in time.
3. B.two different individuals at one point in time.
4. C.two different countries at one point in time.
5. D.A & C only.
6. E.None of the above.

QUESTION 20 https://youtu.be/ChnRwedmO64

1. Which of the following is a way to describe GDP?
2. A.The total dollar value of all final goods and services produced in a country in a given period of time.
3. B.The total dollar value of employee compensation,rent,interest, and profit.
4. C.Consumption +Investment +Government purchases +Net exports.
5. D.All of the above.

QUESTION 21

1. Measuring GDP using the national spending approach include
2. A.Consumption.
3. B.Net exports.
4. C.Government spending.
5. D.A & B only
6. E.A,B,&C

QUESTION 22

1. Measuring GDP using the factor income approach includes
2. A.Employee compensation.
3. B.Interest.
4. C.Profit.
5. D.B &C only
6. E.A,B,&C

QUESTION 23

1. Government purchases includes all of the following: social security payments, government employee wages, and tanks purchased by the government.
2. True
3. False

QUESTION 24

1. Which of the following categories is the largest when calculating GDP?
2. A.Government Purchases
3. B.Net Exports
4. C.Investment
5. D.Consumption

QUESTION 25

1. Which of the following wouldnotadd toU.S. GDP?
2. A.A newF150Pickup purchased at Vision Ford of Wahpetonby the North DakotaNational Guard.
3. B.Pizza from Pizza Ranch in Wahpeton for ND National Guardsmen on weekend drills.
4. C.MolsonCanadian beer purchased by individual guardsmen to go with their pizza.
5. D.ND National Guardsmen purchasing fuel for their convoy vehicles.