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1. What event was a major influence on the development of macroeconomics? the Great Depression the Employment Act of 1946 the establishment of the Federal Reserve System in the United States the U.S. entry into World War II 2. An economy has historically grown at a rate of 1.25%. Economic activity decreased every quarter over the past year, but the decline stopped this quarter. The economy is expected to grow at a rate of 1.4% in the near future, and the monetary authorities are concerned that inflation may increase. This economy is probably in the _____________ stage of the business cycle. expansion recovery contraction trough 3. A business cycle is: the periodic fluctuation of economic activity. the engine of economic growth. a period lasting about 50 years. identical to the consumption life cycle. 4. U.S. business cycles since 1950 have shown: expansions to be just as lengthy as recessions. expansions to be longer than recessions. expansions to be shorter than recessions. stable unemployment rates. 5. Which organization determines the beginning and end dates of a recession? the Council of Economic Advisers the National Bureau of Economic Research the U.S. Treasury Department the Federal Reserve Board of Governors 6. We are most likely to see a recession if interest rates on long-term bonds are: higher than interest rates on short-term bonds. the same as interest rates on short-term bonds. rising. lower than interest rates on short-term bonds. 7. Simon Kuznets: devised the gross national product as a way of measuring a nation's economic output. set up the National Bureau of Economic Research. was Secretary of Treasury during World War II. invented the hair net. 8. The idea that all income ultimately goes to households, which then use it to buy goods and services from firms, is a central idea of the: production possibilities frontier. supply and demand model. circular flow diagram. classical model. 9. GDP can be found either by adding up all of the __________ or all of the __________ in the economy. spending; taxes spending; income investment; income net interest payments; taxes 10. The U.S. gross domestic product is equal to the total market value of all: intermediate goods and services produced by resources in the United States. final goods and services produced by resources in the United States. final goods and services produced by U.S. citizens in the United States. intermediate goods and services produced by U.S. citizens in the United States. 11. The largest component of GDP is: consumption expenditure. gross private domestic investment. government spending. net exports. 12. The four types of spending in GDP are personal consumer spending, ___________ private domestic investment, government spending, and _______. gross; net exports gross; net imports net; net exports 13. net; net imports GDP Expenditures for 2010 Expenditure Personal consumption Gross private domestic investment Exports Imports Government purchases Capital consumption allowance Reference: Ref 5-1 Billions $10,353.5 1,769.1 1,746.1 2,251.5 2,975.1 1,030.2 __(Table) According to the table, GDP for 2010 was: $15,603.1 billion. $16,843.8 billion. $14,592.3 billion. $13,562.1 billion. 14. Which of the following is NOT included in gross private domestic investment? construction of residential housing new equipment purchased by businesses purchases of common stock by investors an increase in business inventories 15. The value of the cars that the Ford Motor Company produces in a German plant: is a part of U.S. GDP. is a part of U.S. GNP. is a part of German GNP. is not a part of German GDP. 16. When Mr. Wilson worked full time, he paid a cleaning service to have his house cleaned twice a month. Now that he is retired, Mr. Wilson does his own cleaning. What is the effect on GDP? GDP is unaffected by this change. GDP falls as a result of this change. GDP at first rises but then falls. GDP rises as a result of this change. 17. The U.S. median household income in 2013 was about: $20,000. $35,000. $55,000. $85,000. 18. Which of the following items would be included in the GDP accounts? personal time spent learning how to use accounting software personally rotating the tires on your neighbor's car caring for your aged grandmother at home $50 consultation on the phone with a psychic adviser