Marketing
EC 601 Fall 2011 Dr. Esin Cakan REVIEW QUESTIONS FOR CHP 19 GDP EC 133-05, Fall 08 QUESTIONS FOR CHP 10-12, SAMPLE EXAM I
10/21/2011
1) Gross domestic product serves as a measure of two things: a. the total spending of everyone in the economy and the total saving of everyone in the economy. b. the total income of everyone in the economy and the total expenditure on the nation's output of goods and services. c. the value of the nation's output of goods and services for domestic citizens and the value of the nation's output of goods and services for the rest of the world. d. the nation's saving and the nation's investment. ANS: B PTS: 1 DIF: 1 REF: 23-1 2) GDP is defined as a. the market value of all goods and services produced within a country in a given period of time. b. the market value of all goods and services produced by the citizens of a country, regardless of where they are living in a given period of time. c. the market value of all final goods and services produced within a country in a given period of time. d. the market value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time. ANS: C PTS: 1 DIF: 2 REF: 23-2 3) Which of the following transactions adds to U.S. GDP for 2006? a. In 2006, Ashley sells a car that she bought in 2002 to William for $5,000. b. An American management consultant works in Mexico during the summer of 2006 and earns the equivalent of $30,000 during that time. c. When John and Jennifer were both single, they lived in separate apartments and each paid $750 in rent. John and Jennifer got married in 2006 and they bought a house that, according to reliable estimates, could be rented for $1,600 per month. d. None of the above transactions adds to GDP for 2006. ANS: C PTS: 1 DIF: 3 REF: 23-2 4) Darla, a Canadian citizen, works only in the United States. The value that her labor contributes to U.S. output is a. included in both U.S. GDP and U.S. GNP. b.
10/21/2011
1) Gross domestic product serves as a measure of two things: a. the total spending of everyone in the economy and the total saving of everyone in the economy. b. the total income of everyone in the economy and the total expenditure on the nation's output of goods and services. c. the value of the nation's output of goods and services for domestic citizens and the value of the nation's output of goods and services for the rest of the world. d. the nation's saving and the nation's investment. ANS: B PTS: 1 DIF: 1 REF: 23-1 2) GDP is defined as a. the market value of all goods and services produced within a country in a given period of time. b. the market value of all goods and services produced by the citizens of a country, regardless of where they are living in a given period of time. c. the market value of all final goods and services produced within a country in a given period of time. d. the market value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time. ANS: C PTS: 1 DIF: 2 REF: 23-2 3) Which of the following transactions adds to U.S. GDP for 2006? a. In 2006, Ashley sells a car that she bought in 2002 to William for $5,000. b. An American management consultant works in Mexico during the summer of 2006 and earns the equivalent of $30,000 during that time. c. When John and Jennifer were both single, they lived in separate apartments and each paid $750 in rent. John and Jennifer got married in 2006 and they bought a house that, according to reliable estimates, could be rented for $1,600 per month. d. None of the above transactions adds to GDP for 2006. ANS: C PTS: 1 DIF: 3 REF: 23-2 4) Darla, a Canadian citizen, works only in the United States. The value that her labor contributes to U.S. output is a. included in both U.S. GDP and U.S. GNP. b.