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WorksheetsMacroeconomics - p.104-120
Total questions: 11
Worksheet time: 7mins
Name
Class
Date
1.
_________ keep track of the flows of money among different sectors of the economy.
a)
National Accounts
b)
Product Markets
c)
Stocks
d)
Financial Markets
2.
What is the difference between a household and a firm?
a)
A household consists of either an individual or a group of people who share their income; a firm is an organization that produces goods and services for sale.
b)
A firm consists of either an individual or a group of people who share their income; a household is an organization that produces goods and services for sale.
c)
They are the same.
3.
What is the difference between product markets and factor markets?
a)
Product markets are where goods and services are bought and sold; factor markets are where resources (such as capital and labor) are bought and sold.
b)
Factor markets are where goods and services are bought and sold; product markets are where resources (such as capital and labor) are bought and sold.
c)
They are the same.
4.
What is the difference between a stock and a bond?
a)
A stock is a share in the ownership of a company held by a shareholder; a bond is a loan in the form of an IOU that pays interest.
b)
A bond is a share in the ownership of a company held by a shareholder; a stock is a loan in the form of an IOU that pays interest.
c)
They are the same.
5.
The total income households have left after receiving government transfers and paying taxes is __________.
a)
Disposable Income
b)
Private Savings
c)
Gross Domestic Product
d)
Inventories
6.
__________ are stocks of goods and raw materials held to facilitate business operations.
a)
Inventories
b)
Stocks
c)
Bonds
d)
Product Markets
7.
_____________ is spending on new productive physical capital, such as machinery and structures, and on changes in inventories.
a)
Investment Spending
b)
Inventories
c)
Disposable Income
d)
Private Savings
8.
What is the difference between Final Goods and Services and Intermediate Goods and Services?
a)
Final goods and services are goods and services sold to the final, or end, user; intermediate goods and services are goods and services bought from one firm by another firm to be used as inputs into the production of final goods and services.
b)
Intermediate goods and services are goods and services sold to the final, or end, user; Final goods and services are goods and services bought from one firm by another firm to be used as inputs into the production of final goods and services.
c)
They are the same.
9.
__________ is the total value of all final goods and services produced in the economy during a given year.
a)
Gross Domestic Product
b)
Value-Added Number
c)
Economic Success Value
d)
Consumer Spending
10.
Which of the following is not an approach to the calculation of GDP?
a)
Export Approach
b)
Value-Added Approach
c)
Expenditure Approach
d)
Income Approach
11.
What is the difference between Real GDP and Nominal GDP?
a)
Real GDP is adjusted for inflation, and Nominal GDP is not.
b)
Nominal GDP is adjusted for inflation, and Real GDP is not.
c)
Real GDP is real, and Nominal GDP is made up.
d)
They are the same.
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