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Question 1 of 20The GDP is the value of all final goods and services produced:A. within the nations boundaries.B. by domestically owned companies.C. by citizens of the country.D. by domestically controlled companies.Question 2 of 20Net domestic product is usually preferred to GDP by economists because net national product:A. includes depreciation.B. excludes depreciation.C. includes indirect business taxes.D. excludes indirect business taxes.Question 3 of 20The largest item amount among those listed here is:A. national income.B. net interest.C. net domestic product.D. corporate profits.Question 4 of 20Which is NOT counted in GDP?A. A Social Security check sent to a retireeB. Government spending on highway buildingC. Money spent on an airline ticketD. Money spent by a company to build a new office park Question 5 of 20The smallest component of national income is:A. rent.B. interest.C. profits.D. salaries and wages.Question 6 of 20Our GDP includes all the output produced by Americans:A. and foreigners within our borders.B. within our borders.C. within our borders and abroad.D. within our borders and by American-owned, multinational companies with offices and factories abroad.Question 7 of 20Which of the following is the best example of an intermediate product?A. A roadB. SteelC. BreadD. A TV set Question 8 of 20Which of the following would increase GDP?A. More importsB. Additional leisure timeC. Government removing more litterD. People engaging in more "do-it-yourself" projectsQuestion 9 of 20National income accountants can avoid multiple accounting by:A. including transfers in their calculations.B. counting both intermediate and final goods.C. only counting final goods.D. only counting intermediate goods.Question 10 of 20The concept of "net domestic investment" refers to:A. the amount of machinery and equipment used up in producing the GDP in a given year.B. the difference between the market value and book value of outstanding capital stock.C. gross domestic investment less net exports.D. total investment less the amount of investment goods used up in accomplishing the year's production.Question 11 of 20GDP can increase at a faster rate than real GDP only if:A. there is inflation.B. the unemployment rate is increasing.C. the value of the dollar is stable.D. the population is growing.Question 12 of 20Which statement is true?A. GDP is a virtually perfect measure of national output.B. GDP takes into account pollution, crime, and even personal satisfaction.C. GDP is a single number that seeks to measure our national output.D. There is no relationship between our GDP and our national output.Question 13 of 20Which of the following is an intermediate good or service?A. A paint gun purchased by Handy AndyB. A dozen boxes of Girl Scout cookies purchased by your instructorC. A computer purchased by a farmer in Smallville, KansasD. Glue purchased by McGraw-Hill to bind your textbookQuestion 14 of 20__________ is the market value of a firm's output less the value of the inputs the firm has bought from the previous seller.A. Value addedB. Net Domestic ProductC. Real GDPD. Genuine Progress IndexQuestion 15 of 20Which is the smallest?A. Net domestic productB. National incomeC. Government expendituresD. Net exportsQuestion 16 of 20GDP is a less than perfect measure of economic well-being. It may be faulted for each of these practices EXCEPT that it:A. does not take leisure time into account.B. involves multiple counting.C. does not take psychic costs into account.D. does not take psychic income into account.Question 17 of 20Net domestic product is equal to:A. gross national product.B. the inflation rate.C. national income (NI) plus corporate profits taxes.D. NI plus indirect business taxes.Question 18 of 20We do NOT count __________ as part of GOPA. price increasesB. transfer paymentsC. final goodsD. depreciationQuestion 19 of 20About seven out of ten dollars of our GDP is spent on:A. government purchases.B. net exports.C. investment spending.D. consumer goods.Question 20 of 20The value actually earned by members of households who supply the inputs necessary to produce GDP is called:A. net investment.B. national incomeC. personal income.D. disposable income.
Consumers often identify brand names with quality. Do you think branded products usually are of higher quality than generic products and therefore justify their higher prices
If the company requires a minimum return of 25%, illustrate what should be the minimum yrly sales for 12 yrs to justify the investment.
number of items dry cleaned and p is the price of each item in dollars. What price will he sell services at?
The electric power industry is held up in the article as an example of a natural monopoly. Brainstorm other examples that can be readily identified in the present market economy.
Illustrate what type of market structure is auto industry. Has consumer surplus been affected in any way due to changes in auto industry structure and if so, how.
Explain how a group of nations could develop a cartel to maximize their profits of COFFEE. Be sure to address natural resources and/or factor endowments that could be leveraged in the creation of the cartel.
If offered the choice between a 10 percent increase in her hourly wage rate, which would Helga choose? Assume that she is free to choose her hours of work.
Explain why might the private market not reach the socially optimal level of traffic without the help of government.
Elucidate how Coldwell Banker can produce the same output at a lower total cost
A reputable study finds that a new workplace safety regulation will reduce the rate of economic growth of real GDP. Is this an argument against implementing the new reform? Why or why not?
what price and quantity of computers should you produce to maximize your firm's profits. What long run adjustments should you anticipate.
determinants of supply and demand, graph the supply and demand curves and illustrate the resulting change in the equilibrium price and quantity.
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