ECON 202 Study Guide for Mid Term #2
Authored by Addison Leber
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31 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Gross domestic product adds together many different kinds of goods and services into a single measure of the value of economic activity. To do this, GDP makes use of
market prices.
statistical estimates of the value of goods and services to consumers.
prices based on the assumption that producers make no profits.
the maximum amount consumers would be willing to pay.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ralph pays a landscaper to mow his lawn, while Mike mows his own lawn. Regarding these two practices, which of the following statements is correct?
Only Ralph’s payments are included in GDP.
Ralph’s payments as well as the estimated value of Mike’s mowing services are included in GDP.
Neither Ralph’s payments nor the estimated value of Mike’s mowing services is included in GDP.
Ralph’s payments are included in GDP, while the estimated value of Mike’s mowing services is included in GDP only if Mike voluntarily provides his estimate of that value to the government.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
$21,000
$14,000
$7,000
$0
4.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Over the last few decades, Americans have chosen to cook less at home and eat more at restaurants. This change in behavior, by itself, has
reduced measured GDP.
not affected measured GDP.
increased measured GDP by the value of the restaurant meals.
increased measured GDP by the value added by the restaurants preparation and serving of the meals.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Rachel babysits for her sister for no pay. When she babysits for a day care center she receives $8 an hour. When is Rachel’s babysitting included in GDP?
When she babysits for her sister and when she babysits for the day-care center.
When she babysits for her sister, but not when she babysits for the day-care center.
When she babysits for the day-care center, but not when she babysits for her sister.
Neither when she babysits for her sister nor for the day-care center.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
$500
$700
$1200
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
$0
$50,000
$75,000
$125,000
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