Question 1

Real GDP is a better measure of the economy's real output than nominal GDP.

Accepted Answer

A) True 
 B)False

Question 2

Among the stimulants to long-run economic growth are the incentives that induce individuals to work and firms to invest in production technology, within the limits imposed by demographics and the rate of technological advance.

Accepted Answer

A) True 
 B)False

Question 3

In the calculation of GDP, which of the following purchases is included as a personal consumption expenditure?

Accepted Answer

A)  a new apartment building by a landlord 
B)  a new calculator required for a statistician's job 
C)  a new computer by a college student 
D)  a new tractor by a farmer 
A)  a new apartment building by a landlord 
B)  a new calculator required for a statistician's job 
C)  a new computer by a college student 
D)  a new tractor by a farmer

Question 4

Investments in public capital, such as roads and bridges, can significantly raise a nation's productivity growth.

Accepted Answer

A) True 
 B)False

Question 5

Real GDP does not address issues of quality of output and work versus leisure choices. Therefore, it

Accepted Answer

A)  is an imperfect measure of society's well-being 
B)  should not be calculated 
C)  discriminates against low-income consumers 
D)  is not valid for income-tax purposes 
A)  is an imperfect measure of society's well-being 
B)  should not be calculated 
C)  discriminates against low-income consumers 
D)  is not valid for income-tax purposes

Question 6

A slowdown in the economy's productivity growth could be caused by

Accepted Answer

A)  increasing investment in machinery and factories 
B)  falling prices of oil and natural gas 
C)  adding more inexperienced workers to the labor force 
D)  workers' obtaining higher levels of education 
A)  increasing investment in machinery and factories 
B)  falling prices of oil and natural gas 
C)  adding more inexperienced workers to the labor force 
D)  workers' obtaining higher levels of education

Question 7

Economic growth can be expressed in all of the following ways except

Accepted Answer

A)  the value of the nominal GDP in a given year 
B)  an outward shift in the production possibilities curve 
C)  an increase in full production output per person 
D)  percentage changes in the real GDP from one year to the next 
A)  the value of the nominal GDP in a given year 
B)  an outward shift in the production possibilities curve 
C)  an increase in full production output per person 
D)  percentage changes in the real GDP from one year to the next

Real GDP is a better measure of the economy's real output than nominal GDP.

Among the stimulants to long-run economic growth are the incentives that induce individuals to work and firms to invest in production technology, within the limits imposed by demographics and the rate of technological advance.

In the calculation of GDP, which of the following purchases is included as a personal consumption expenditure?

Investments in public capital, such as roads and bridges, can significantly raise a nation's productivity growth.

Real GDP does not address issues of quality of output and work versus leisure choices. Therefore, it

A slowdown in the economy's productivity growth could be caused by

Economic growth can be expressed in all of the following ways except

Scarcity and Choice

Market Transactions: Demand and Supply Analysis

Demand and Supply Applications

Production and the Costs of Production

Competition and Monopoly: Virtues and Vices

Imperfect Competition

Labor Markets

Government and Markets

The Mixed Economy of the United States

The Business Cycle, Unemployment, and Inflation

Macroeconomic Instability: Aggregate Demand and Aggregate Supply

Fiscal Policy and the Federal Budget

Money and the Banking System

The Federal Reserve and Monetary Policy

The United States and the Global Economy

International Finance

Economic Systems and Developing Countries

Filters

Exam 10: Gross Domestic Product and Economic Growth

Real GDP is a better measure of the economy's real output than nominal GDP.

Among the stimulants to long-run economic growth are the incentives that induce individuals to work and firms to invest in production technology, within the limits imposed by demographics and the rate of technological advance.

In the calculation of GDP, which of the following purchases is included as a personal consumption expenditure?

Investments in public capital, such as roads and bridges, can significantly raise a nation's productivity growth.

Real GDP does not address issues of quality of output and work versus leisure choices. Therefore, it

A slowdown in the economy's productivity growth could be caused by

Economic growth can be expressed in all of the following ways except

Scarcity and Choice

Market Transactions: Demand and Supply Analysis

Demand and Supply Applications

Production and the Costs of Production

Competition and Monopoly: Virtues and Vices

Imperfect Competition

Labor Markets

Government and Markets

The Mixed Economy of the United States

The Business Cycle, Unemployment, and Inflation

Macroeconomic Instability: Aggregate Demand and Aggregate Supply

Fiscal Policy and the Federal Budget

Money and the Banking System

The Federal Reserve and Monetary Policy

The United States and the Global Economy

International Finance

Economic Systems and Developing Countries

Filters