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CH 6 EC 202 Test

Authored by Anna Johnson

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12th Grade

Used 2+ times

CH 6 EC 202 Test
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28 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

National Income accountants can avoid multiple counting by:

Including transfers in their calculations

Counting both intermediate and final goods

Only counting final goods

Only counting intermediate goods

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

GDP can be calculated by summing:

Consumption, investment, government purchases, exports, and imports

Investment, government purchases, consumption, and net exports

Consumption, investment, wages, and rents

Consumption, investment, government purchases, and imports

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is this nation's GDP?

All figures are in billions of dollars:

Gross Investment: 18

National Income: 100

Net Exports: 2

Personal Income: 85

Personal Consumption Expenditures: 70

Savings: 5

Government Purchases: 20

Net Domestic Product: 105

Statistical Discrepancy: 0

$100

$95

$110

$107

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If the population of the nation above was 10, GDP was 110, GNP is 107, and the workforce is 5, what is the GDP per capita?

22

11

18

55

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Real GDP refers to:

The value of domestic output after adjustments have been made for environmental pollution and changes in the distribution of income

GDP data that embody changes in price level, but not changes in physical output

GDP data that reflects changes in both physical output and price level

GDP data that have been adjusted for changes in the price level

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Answer the next question based on the following information. Only three goods are produced in the economy in the following amounts A=10, B=30, C=5. The current year per unit prices are A=$2, B=$3, C=$1& Base year are A=$1 B=$1 C=$1

Refer to the information above. Nominal GDP for the current year is:

$110

$115

$45

$90

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Answer the next question based on the following information. Only three goods are produced in the economy in the following amounts A=10, B=30, C=5. The current year per unit prices are A=$2, B=$3, C=$1 & Base year are A=$1 B=$1 C=$1

Refer to the information above. Real GDP for the current year is:

$110

$115

$90

$45

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