
ECO 3
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Business
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University
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Practice Problem
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Easy
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
QN=51 (17770) Refer to Table 23-5. In 2007, Batterland's nominal GDP was
a. $300.
.b. $390
c. $400.
d. $540.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
QN=52 (17765) The consumption component of GDP includes spending on
a. durable goods and nondurable goods, but not spending on services
b. durable goods and services, but not spending on nondurable goods.
c. nondurable goods and services, but not spending on durable goods.
d. durable goods, nondurable goods, and services.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
QN=53 (17768) Suppose an economy's production consists only of corn and soybeans. In 2005, 20 bushels of corn are sold at $4 per bushel and 10 bushels of soybeans are sold at $2 per bushel. In 2004, the price of corn was $2 per bushel and the price of soybeans was $1 per bushel. Using 2004 as the base year, it follows that, for 2005,
a. nominal GDP is $50, real GDP is $100, and the GDP deflator index is 50
b. nominal GDP is $50, real GDP is $100, and the GDP deflator index is 200
c. nominal GDP is $100, real GDP is $50, and the GDP deflator index is 50.
d. nominal GDP is $100, real GDP is $50, and the GDP deflator index is 200.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
QN=54 (17788) Which of the following statements is correct?
a. The value of intermediate goods is always included in GDP
b. The value of intermediate goods is included in GDP only if those goods were produced in the previous year.
c. The value of intermediate goods is included in GDP only if those goods are added to firms' inventories to be used or sold at a later date.
d. The value of intermediate goods is never included in GDP.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
QN=55 (17775) A good is produced by a firm in 2010, added to the firm's inventory in 2010, and sold to a household in 2011. It follows that
a. the value of the good is added to the investment category of 2010 GDP and added to the investment category of 2011 GDP
b. the value of the good is added to the investment category of 2010 GDP and subtracted from the investment category of 2011 GDP.
c. the value of the good is subtracted from the investment category of 2010 GDP and added to the investment category of 2011 GDP
d. the value of the good is subtracted from the investment category of 2010 GDP and subtracted from the investment category of 2011 GDP.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
QN=56 (17782) GDP is defined as
a. the market value of all goods and services produced within a country in a given period of time
b. the market value of all goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.
c. the market value of all final goods and services produced within a country in a given period of time.
d. the market value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
QN=57 (17784) In the economy of Wrexington in 2008, consumption was 60% of GDP, government purchases were $212, imports were $67 and 67% of the value of exports, investment was one-half of the value of consumption. What was Wrexington's GDP in 2008?
a. $1450
b. $1790
c. $2450
d. $2790
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