ch 12 ec test

1. Which of the following is not a purpose for collecting national economic data?

• 1. To determine the nation's economic progress 

• 1. To calculate the appropriate income tax rates

• 2. To assess the overall health of the nation's economy

• 1. To evaluate the nation's success in international markets

1. Which of the following is designed primarily to be used as an intermediate good?

• washing machines

• real estate

• steel beams

• picture frames

1. Which item would be included as a final good in the GDP?

• 1. Trucks that a dealership has not sold at the end of the year

• steel slabs purchased by a refrigerator manufacturer

• 1. A house purchased by a real-estate investment firm

• 1. Vegetables raised in family gardens

1. Which of the following purchases would not be counted in a nation's GDP?

• an apartment

• an airline ticket

• a designer gown

• a Monet painting

1. Which of the following categories accounts for the largest number of purchases in America?

• 1. Consumer services

• 1. Consumer durable goods

• 1. Consumer nondurable goods

• 1. Business investments

1. Which category of the GDP includes furniture?

• 1. Consumer services

• 1. Consumer durable goods 

• 1. Consumer nondurable goods

• 1. Business investments

1. Which category of the GDP includes spending on unplanned inventories?

• 1. Consumer services

• 1. Consumer durable goods

• 1. Consumer nondurable goods

• 1. Business investments

1. Which of the following activities is included in the GDP?

• 1. Buying wood for a new fence

• 1. Building a fence around your yard

• 1. Trading some leftover wood for paint

• 1. Dumping leftover paint in a landfill

1. What is the true measure of a nations wealth?

• 1. Nominal GDP

• 1. Real GDP

• 1. GDPI

• 1. Per capita real GDP

1. The American trade deficit is generally considered problematic for all the following reasons except which one?

• 1. It generally produces more foreign jobs at the expense of American jobs

• 1. It indicates that the country is more of a consumer than a producer

• 1. It damages America’s reputation as a quality manufacturer 

• It shows that governmental regulation has stifled manufacturing