GDP

Question 1

Which is generally the most volatile component of GDP

Accepted Answer

I

Question 2

Which of the following is GDP adjusted for changes in price levels?

Accepted Answer

Real GDP

Question 3

Reasons why owners and managers of firms desires good information about the macro economy

Accepted Answer

to avoid poor business decsions, to make good business decisions

Question 4

Which component of GDP actually decreases it?

Accepted Answer

Imports

Question 5

What is the largest component of GDP?

Accepted Answer

Consumption

Question 6

Which of the following, if adjusted for in MEW, would result in a higher value than GDP

Accepted Answer

benefits of positive externalities, a great day hanging out with good friends

Question 7

What is the GDP if: C = $100b, I = $25b, G = $50b, EX = $15b, IM = $ 20b

Accepted Answer

$170 billion

Question 8

When Nike builds a new office in Beaverton, OR, in what category of GDP is it placed?

Accepted Answer

I

Question 9

Which of the following purchases is calculated in GDP?

Accepted Answer

a new 2017 Ford F-150

Question 10

Three major macroeconomic goals of the Employment Act of 1946...

Accepted Answer

None of the previous

Question 11

Which probably has the highest living standard?

Accepted Answer

Nation C's GDP =$200b; pop. = 12m

Question 12

Which of the following is GDP in current dollars?

Accepted Answer

Nominal GDP

Question 13

___ refers to the study of individual actors and single markets or industries

Accepted Answer

microeconomics

Question 14

When Carl's Jr. buys hamburger to cook and prepare menu items, as related to GDP, it is

Accepted Answer

not directly counted in GDP

Question 15

When Stoddard gets paid in unreported cash for mowing the fairway at a golf course it...

Accepted Answer

part of the underground economy

Question 16

What metric is best to compare standards of living?

Accepted Answer

Real GDP per Capita

Question 17

___ refers to the the study of economic systems as a whole

Accepted Answer

macroeconomics

Question 18

term which refers to "total""

Accepted Answer

gross, aggregate

Question 19

Which component of GDP directly increases it?

Accepted Answer

Exports

Question 20

When Stoddard gets his monthly Social Security check (direct deposit) it:

Accepted Answer

is not directly counted (nothing new is directly created), only adds to GDP if he spends the $$ on new final products, is not directly counted in GDP ("transfer payment")

GDP

Questions 20

GDP

Questions 20