Gross domestic product understates the total production of final goods

Gross domestic product understates the total production of final goods and services because of the omission of

			exports.
			inflation.
			intermediate goods.
			nonmarket household production.

	Points Received:	1 of 1
	Comments:

Question 2.

Question :

Which of the following is not a durable good?

			furniture
			automobile
			clothing
			refrigerator

	Points Received:	1 of 1
	Comments:

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Question 3.

Question :

Increases in real GDP wouldoverstatethe increase in the well-being of a country over time if, over that time period, the

			average hours worked per week increased.
			amount of pollution decreased.
			price level increased.
			crime rate decreased.

	Points Received:	1 of 1
	Comments:

Question 4.

Question :

The best measure of the income households actually have available to spend is

			personal income.
			disposable personal income.
			national income.
			net national income.

	Points Received:	1 of 1
	Comments:

Question 5.

Question :

Suppose Bob works for Mary as a proofreader. Mary and Bob fall deeply in love, marry and have eight children. Bob stops working for Mary in order to care for the children. What will be the effect on GDP?

			GDP will decrease.
			GDP will increase.
			GDP will not change.
			GDP may increase or may decrease depending on inflation.

	Points Received:	1 of 1
	Comments:

Question 6.

Question :

Under which of the following circumstances would the government be running a deficit?

			G = $5 trillion T = $5 trillion TR = $1 trillion
			G = $5 trillion T = $7 trillion TR = $1 trillion
			G = $7 trillion T = $7 trillion TR = $0
			G = $7 trillion T = $10 trillion TR = $3 trillion

	Points Received:	1 of 1
	Comments:

Question 7.

Question :

What two factors are the keys to determining labor productivity?

			the business cycle and the growth rate of real GDP
			the growth rate of real GDP and the interest rate
			technology and the quantity of capital per hour worked
			the average level of education of the workforce and the price level

	Points Received:	1 of 1
	Comments:

Question 8.

Question :

The response of firm investment to an increase in the government budget deficit is called

			expansionary investment.
			private dissaving.
			crowding out.
			income minus net taxes.

	Points Received:	1 of 1
	Comments:

Question 9.

Question :

A firm can fund an expansion of its operations by

			issuing bonds.
			buying stock.
			paying dividends.
			loaning money.

	Points Received:	1 of 1
	Comments:

Question 10.

Question :

If consumers decide to be more frugal and save more out of their income, then this will cause

			a shift in the supply for loanable funds to the right.
			a shift in the supply for loanable funds to the left.
			a movement along the supply for loanable funds curve to the right.
			a movement along the supply for loanable funds curve to the left.

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