Question 1

You are given the following data for Country ABC:
   What is the value of GDP?

Accepted Answer

$240

Question 2

Which of the following best defines disposable income?

Accepted Answer

A) The after-tax income received by households. 
B) The before-tax income received by households. 
C) All income earned by resource suppliers from whatever source. 
D) The money value of all final goods and services produced minus all sales taxes. 
E) Consumption expenditures less personal savings. 
A) The after-tax income received by households. 
B) The before-tax income received by households. 
C) All income earned by resource suppliers from whatever source. 
D) The money value of all final goods and services produced minus all sales taxes. 
E) Consumption expenditures less personal savings. A

Question 3

An increase in the quality of goods produced would increase the well-being of people,but this will not be captured in real GDP figures.

Accepted Answer

A) True 
 B)False  True

Question 4

Given the following data:
   Put the following national income statistics in order of size (from largest to smallest):
GDP
National income
Net domestic income

Accepted Answer

GDP
Nation

Question 5

What is included in consumption and investment spending respectively?

Accepted Answer

A) Spending on domestically produced goods and services and on new capital goods. 
B) Spending on domestically and foreign-produced goods and services,and on new capital goods. 
C) Spending on domestically produced goods and services and on net foreign investment income. 
D) Spending on domestically produced goods and services and on the purchase of stocks and bonds. 
A) Spending on domestically produced goods and services and on new capital goods. 
B) Spending on domestically and foreign-produced goods and services,and on new capital goods. 
C) Spending on domestically produced goods and services and on net foreign investment income. 
D) Spending on domestically produced goods and services and on the purchase of stocks and bonds.

Question 6

Below are some national income data (all figures in $ billions):
  
-Refer to the information above to answer this question.What is the value of gross domestic product?

Accepted Answer

A) $354 
B) $329 
C) $349 
D) $319 
A) $354 
B) $329 
C) $349 
D) $319

Question 7

What is the distinction between money and income?

Accepted Answer

A) They are synonymous. 
B) Income is a stock concept and money is a flow concept. 
C) Income is a flow concept and money is a stock concept. 
D) Both can be used to purchase goods and services. 
A) They are synonymous. 
B) Income is a stock concept and money is a flow concept. 
C) Income is a flow concept and money is a stock concept. 
D) Both can be used to purchase goods and services.

Question 8

-Refer to the graph above to answer this question.What are flows (3)and (4)respectively?

Accepted Answer

A) Goods and services and factor payments. 
B) Goods and services and factors. 
C) Consumption expenditures and goods and services. 
D) Goods and services and consumption expenditures. 
E) Factor payments and factors. 
A) Goods and services and factor payments. 
B) Goods and services and factors. 
C) Consumption expenditures and goods and services. 
D) Goods and services and consumption expenditures. 
E) Factor payments and factors.

Question 9

-Refer to the information above to answer this question.What is the value of net national income at basic prices?

Accepted Answer

A) $845 
B) $855 
C) $910 
D) $935 
E) $1010 
A) $845 
B) $855 
C) $910 
D) $935 
E) $1010

Question 10

The population of a country has increased while the value of its real GDP has decreased,over the previous year.Which of the following will be true:

Accepted Answer

A) Nominal GDP has increased. 
B) Nominal GDP has decreased. 
C) Real GDP per capita has increased. 
D) Real GDP per capita has decreased. 
A) Nominal GDP has increased. 
B) Nominal GDP has decreased. 
C) Real GDP per capita has increased. 
D) Real GDP per capita has decreased.

Question 11

Below are some national income data:
  
-Refer to the information above to answer this question.What is the value of personal consumption expenditures?

Accepted Answer

A) $230 
B) $200 
C) $270 
D) $260 
A) $230 
B) $200 
C) $270 
D) $260

Question 12

What is national income?

Accepted Answer

A) It is the income of Canadians earned abroad. 
B) It is the income earned in Canada. 
C) It is the income of Canadians earned in Canada. 
D) It is the income earned by Canadians. 
A) It is the income of Canadians earned abroad. 
B) It is the income earned in Canada. 
C) It is the income of Canadians earned in Canada. 
D) It is the income earned by Canadians.

Question 13

Savings is equal to consumption minus income.

Accepted Answer

A) True 
 B)False

Question 14

-Refer to the figure above to answer this question.What is flow 3?

Accepted Answer

A) Consumer goods and services. 
B) Factor services. 
C) Factor incomes. 
D) Investment. 
A) Consumer goods and services. 
B) Factor services. 
C) Factor incomes. 
D) Investment.

Question 15

The goods and services flow and the factors of production flow are money flows.

Accepted Answer

A) True 
 B)False

Question 16

What is the term for spending on new capital goods?

Accepted Answer

A) Consumer durables. 
B) Investment. 
C) Consumption. 
D) Factor incomes. 
A) Consumer durables. 
B) Investment. 
C) Consumption. 
D) Factor incomes.

Question 17

Define economic growth.

Accepted Answer

Economic growth is the increas

Question 18

Below are some national income data:
  
-Refer to the information above to answer this question.What is the value of depreciation?

Accepted Answer

A) $28 
B) $64 
C) $39 
D) $53 
A) $28 
B) $64 
C) $39 
D) $53

Question 19

In 2017 the Fancy Footwork Shoe Company delivered $1,000 worth of fancy shoes to a retail outlet.Only $200 worth were sold by the retail outlet in 2017.The remaining $800 worth of inventory,unsold in 2017,was eventually sold during 2018.What would the analysis of the national income accountants be?

Accepted Answer

A) The consumption in 2017 is $1,000. 
B) The disinvestment in 2017 is $800 and consumption in 2017 is $200. 
C) The consumption in 2018 is $800 and disinvestment in 2018 is $800. 
D) The investment in 2017 is $200 and disinvestment in 2018 is $800. 
E) The investment in 2017 is $800 and disinvestment in 2018 is $200. 
A) The consumption in 2017 is $1,000. 
B) The disinvestment in 2017 is $800 and consumption in 2017 is $200. 
C) The consumption in 2018 is $800 and disinvestment in 2018 is $800. 
D) The investment in 2017 is $200 and disinvestment in 2018 is $800. 
E) The investment in 2017 is $800 and disinvestment in 2018 is $200.

Question 20

-Refer to the graph above to answer this question.What is flow (9)?

Accepted Answer

A) Savings. 
B) Imports. 
C) Factor services. 
D) Exports. 
A) Savings. 
B) Imports. 
C) Factor services. 
D) Exports.

You are given the following data for Country ABC: What is the value of GDP?

Which of the following best defines disposable income?

An increase in the quality of goods produced would increase the well-being of people,but this will not be captured in real GDP figures.

Given the following data: Put the following national income statistics in order of size (from largest to smallest): GDP National income Net domestic income

What is included in consumption and investment spending respectively?

Below are some national income data (all figures in $ billions): -Refer to the information above to answer this question.What is the value of gross domestic product?

What is the distinction between money and income?

-Refer to the graph above to answer this question.What are flows (3)and (4)respectively?

-Refer to the information above to answer this question.What is the value of net national income at basic prices?

The population of a country has increased while the value of its real GDP has decreased,over the previous year.Which of the following will be true:

Below are some national income data: -Refer to the information above to answer this question.What is the value of personal consumption expenditures?

What is national income?

Savings is equal to consumption minus income.

-Refer to the figure above to answer this question.What is flow 3?

The goods and services flow and the factors of production flow are money flows.

What is the term for spending on new capital goods?

Define economic growth.

Below are some national income data: -Refer to the information above to answer this question.What is the value of depreciation?

In 2017 the Fancy Footwork Shoe Company delivered $1,000 worth of fancy shoes to a retail outlet.Only $200 worth were sold by the retail outlet in 2017.The remaining $800 worth of inventory,unsold in 2017,was eventually sold during 2018.What would the analysis of the national income accountants be?

-Refer to the graph above to answer this question.What is flow (9)?

The Economic Problem

Demand and Supply: an Introduction

Measuring the Economy 2: Unemployment and Inflation

Aggregate Demand and Supply

Aggregate Expenditures

Fiscal Policy

Money and Banking

The Money Market and Monetary Policy

International Trade

Exchange Rates and the Balance of Payments

Macroeconomic Policy Revisited

A Walk Through the Twentieth Century and Beyond

Filters

Exam 3: Measuring the Economy 1: GDP and Economic Growth

You are given the following data for Country ABC: What is the value of GDP?

Which of the following best defines disposable income?

An increase in the quality of goods produced would increase the well-being of people,but this will not be captured in real GDP figures.

Given the following data: Put the following national income statistics in order of size (from largest to smallest): GDP National income Net domestic income

What is included in consumption and investment spending respectively?

Below are some national income data (all figures in $ billions): -Refer to the information above to answer this question.What is the value of gross domestic product?

What is the distinction between money and income?

-Refer to the graph above to answer this question.What are flows (3)and (4)respectively?

-Refer to the information above to answer this question.What is the value of net national income at basic prices?

The population of a country has increased while the value of its real GDP has decreased,over the previous year.Which of the following will be true:

Below are some national income data: -Refer to the information above to answer this question.What is the value of personal consumption expenditures?

What is national income?

Savings is equal to consumption minus income.

-Refer to the figure above to answer this question.What is flow 3?

The goods and services flow and the factors of production flow are money flows.

What is the term for spending on new capital goods?

Define economic growth.

Below are some national income data: -Refer to the information above to answer this question.What is the value of depreciation?

In 2017 the Fancy Footwork Shoe Company delivered $1,000 worth of fancy shoes to a retail outlet.Only $200 worth were sold by the retail outlet in 2017.The remaining $800 worth of inventory,unsold in 2017,was eventually sold during 2018.What would the analysis of the national income accountants be?

-Refer to the graph above to answer this question.What is flow (9)?

The Economic Problem

Demand and Supply: an Introduction

Measuring the Economy 2: Unemployment and Inflation

Aggregate Demand and Supply

Aggregate Expenditures

Fiscal Policy

Money and Banking

The Money Market and Monetary Policy

International Trade

Exchange Rates and the Balance of Payments

Macroeconomic Policy Revisited

A Walk Through the Twentieth Century and Beyond

Filters