post test - Assignment Essays

question

In 2015, government purchases were the largest component of U.S. GDP.

answer

false

question

International data on GDP and socioeconomic variables

answer

leave no doubt that a nation's GDP is closely associated with its citizens' standard of living.

question

For the purpose of calculating GDP, investment is spending on

answer

capital equipment, inventories, and structures, including household purchases of new housing.

question

Changes in real GDP reflect

answer

only changes in the amounts being produced.

question

Changes in the GDP deflator reflect only changes in the prices of goods and services

answer

true

question

Real GDP per person tells us the income and expenditure of the average person in the economy.

answer

true

question

Most goods and services produced at home

answer

and most goods and services produced illegally are excluded from GDP

question

A steel company sells some steel to a bicycle company for $150. The bicycle company uses the steel to produce a bicycle, which it sells for $250. Taken together, these two transactions contribute

answer

250 to GDP

question

Social Security payments are

answer

excluded from GDP because they do not reflect the economy's production.

question

If the U.S. government reports that GDP in the third quarter was $16 trillion at an annual rate, then the amount of income and expenditure during quarter three was $4 trillion.

answer

true

question

Which of the following statistics is usually regarded as the best single measure of a society's economic well-being?

answer

gross domestic product

question

In 2015, the level of U.S. real GDP was more than four times its 1965 level.

answer

true

question

Over the last few decades, Americans have chosen to cook less at home and eat more at restaurants. This change in behavior, by itself, has

answer

increased measured GDP by the value added by the restaurant's preparation and serving of the meals.

question

Macroeconomic statistics include GDP, the inflation rate, the unemployment rate, retail sales, and the trade deficit.

answer

true

question

Recessions are associated with lower incomes, rising unemployment, and falling profits.

answer

true

question

Other things equal, in countries with higher levels of real GDP per person, life expectancy and literacy rates are higher than in countries with lower levels of real GDP per person.

answer

True

question

If someone in the United States buys a surfboard produced in Australia, then that purchase is included in both the consumption component of U.S. GDP and the net exports component of U.S. GDP.

answer

true

question

GDP is the market value of all final goods and services produced within a country in a given period of time.

answer

true

question

Most goods whose purchases are included in the investment component of GDP are used to produce other goods in future periods.

answer

true

question

GDP can measure either the total income of everyone in the economy or the total expenditure on the economy's output of goods and services, but GDP cannot measure both at the same time.

answer

false

question

If a good produced this quarter goes into inventory, then it is included in this period's GDP. If it is sold in the next quarter, it will have no effect on GDP.

answer

true

question

U.S. GDP was almost $12 trillion in 2015.

answer

false

question

GDP excludes the purchases of sliced bread by a sandwich shop, because the bread is an intermediate good in this case.

answer

true

question

Which of the following is included in the calculation of GDP?

answer

The purchase of tutoring services from a tutor who holds citizenship outside the country but resides within the country.

question

GDP includes the value of paper clips but does not also count the value of the metal used to make them.

answer

true

question

Changes in inventory are included in the investment component of GDP.

answer

true

question

If net exports is a negative number for a particular year, then

answer

the value of foreign goods purchased exceeded the value of goods sold to foreigners during the year.

question

Refer to Table 23-1. Net national product for Chereaux in 2019 is

answer

198

question

Human capital is the term economists use to refer to the knowledge and skills that workers acquire through education, training, and experience.

answer

true

question

If a country has a higher level of productivity than another, then it also has a higher level of real GDP.

answer

false

question

Other things the same, an economy's factors of production are likely to be used more effectively if there is an economywide respect for property rights.

answer

true

question

Increases in both human capital per worker and physical capital per worker increase productivity.

answer

true

question

In order to promote growth in living standards, policymakers must

answer

protect property rights and maintain political stability.

question

Which of the following countries has had the greatest growth rate of real GDP per person within the last 10 years?

answer

india Wrong.... Germany?

question

Refer to Table 24-1. If Year 1 is the base year, then the inflation rate in Year 2 was

answer

4.4 percent

question

Persistent increases in the overall level of prices have been the norm.

answer

true

question

If you currently make $25,000 a year and the CPI rises from 110 today to 150 in five years, then you need to be making $43,333.33 in five years to have kept pace with consumer price inflation.
True
False

answer

false

question

A dollar figure from 1908 is converted into 2008 dollars by dividing the 2008 price level by the 1908 price level, then multiplying by the 1908 dollar figure.
True
False

answer

true

question

If the value of the consumer price index is 110 in 2005 and 121 in 2006, then the inflation rate is 11 percent for 2006.
True
False

answer

false

question

The U.S. income tax system is completely indexed for inflation.
True
False

answer

false

question

When the consumer price index rises, the typical family

answer

has to spend more dollars to maintain the same standard of living.

question

The PPI is a price index that measures the cost to consumers of a typical basket of goods sold by firms.

answer

false

question

The U.S. economy has never experienced deflation.

answer

false

1 of 43

question

In 2015, government purchases were the largest component of U.S. GDP.

answer

false

question

International data on GDP and socioeconomic variables

answer

leave no doubt that a nation's GDP is closely associated with its citizens' standard of living.

question

For the purpose of calculating GDP, investment is spending on

answer

capital equipment, inventories, and structures, including household purchases of new housing.

question

Changes in real GDP reflect

answer

only changes in the amounts being produced.

question

Changes in the GDP deflator reflect only changes in the prices of goods and services

answer

true

question

Real GDP per person tells us the income and expenditure of the average person in the economy.

answer

true

question

Most goods and services produced at home

answer

and most goods and services produced illegally are excluded from GDP

question

A steel company sells some steel to a bicycle company for $150. The bicycle company uses the steel to produce a bicycle, which it sells for $250. Taken together, these two transactions contribute

answer

250 to GDP

question

Social Security payments are

answer

excluded from GDP because they do not reflect the economy's production.

question

If the U.S. government reports that GDP in the third quarter was $16 trillion at an annual rate, then the amount of income and expenditure during quarter three was $4 trillion.

answer

true

question

Which of the following statistics is usually regarded as the best single measure of a society's economic well-being?

answer

gross domestic product

question

In 2015, the level of U.S. real GDP was more than four times its 1965 level.

answer

true

question

Over the last few decades, Americans have chosen to cook less at home and eat more at restaurants. This change in behavior, by itself, has

answer

increased measured GDP by the value added by the restaurant's preparation and serving of the meals.

question

Macroeconomic statistics include GDP, the inflation rate, the unemployment rate, retail sales, and the trade deficit.

answer

true

question

Recessions are associated with lower incomes, rising unemployment, and falling profits.

answer

true

question

Other things equal, in countries with higher levels of real GDP per person, life expectancy and literacy rates are higher than in countries with lower levels of real GDP per person.

answer

True

question

If someone in the United States buys a surfboard produced in Australia, then that purchase is included in both the consumption component of U.S. GDP and the net exports component of U.S. GDP.

answer

true

question

GDP is the market value of all final goods and services produced within a country in a given period of time.

answer

true

question

Most goods whose purchases are included in the investment component of GDP are used to produce other goods in future periods.

answer

true

question

GDP can measure either the total income of everyone in the economy or the total expenditure on the economy's output of goods and services, but GDP cannot measure both at the same time.

answer

false

question

If a good produced this quarter goes into inventory, then it is included in this period's GDP. If it is sold in the next quarter, it will have no effect on GDP.

answer

true

question

U.S. GDP was almost $12 trillion in 2015.

answer

false

question

GDP excludes the purchases of sliced bread by a sandwich shop, because the bread is an intermediate good in this case.

answer

true

question

Which of the following is included in the calculation of GDP?

answer

The purchase of tutoring services from a tutor who holds citizenship outside the country but resides within the country.

question

GDP includes the value of paper clips but does not also count the value of the metal used to make them.

answer

true

question

Changes in inventory are included in the investment component of GDP.

answer

true

question

If net exports is a negative number for a particular year, then

answer

the value of foreign goods purchased exceeded the value of goods sold to foreigners during the year.

question

Refer to Table 23-1. Net national product for Chereaux in 2019 is

answer

198

question

Human capital is the term economists use to refer to the knowledge and skills that workers acquire through education, training, and experience.

answer

true

question

If a country has a higher level of productivity than another, then it also has a higher level of real GDP.

answer

false

question

Other things the same, an economy's factors of production are likely to be used more effectively if there is an economywide respect for property rights.

answer

true

question

Increases in both human capital per worker and physical capital per worker increase productivity.

answer

true

question

In order to promote growth in living standards, policymakers must

answer

protect property rights and maintain political stability.

question

Which of the following countries has had the greatest growth rate of real GDP per person within the last 10 years?

answer

india Wrong.... Germany?

question

Refer to Table 24-1. If Year 1 is the base year, then the inflation rate in Year 2 was

answer

4.4 percent

question

Persistent increases in the overall level of prices have been the norm.

answer

true

question

answer

false

question

A dollar figure from 1908 is converted into 2008 dollars by dividing the 2008 price level by the 1908 price level, then multiplying by the 1908 dollar figure.
True
False

answer

true

question

If the value of the consumer price index is 110 in 2005 and 121 in 2006, then the inflation rate is 11 percent for 2006.
True
False

answer

false

question

The U.S. income tax system is completely indexed for inflation.
True
False

answer

false

question

When the consumer price index rises, the typical family

answer

has to spend more dollars to maintain the same standard of living.

question

The PPI is a price index that measures the cost to consumers of a typical basket of goods sold by firms.

answer

false

question

The U.S. economy has never experienced deflation.

answer

false

Order an Essay Now & Get These Features For Free:

Turnitin Report

Formatting

Title Page

Citation

Outline

Place an Order