Week 6 Quiz

  • Question 1

    2 out of 2 points

    For most high-income countries of the world, GDP _________________ over time.

    Selected Answer:

    has risen gradually

    Answers:

    has proven to be stable

    has risen gradually

    has declined slightly

    has sharply risen

  • Question 2

    2 out of 2 points

    Which is now the largest single component of the supply side of GDP, representing over half of GDP?

    Selected Answer:

    Services

    Answers:

    Durable goods

    Services

    Nondurable goods

    Structures

  • Question 3

    2 out of 2 points

    Which of the following statements is true?

    Selected Answer:

    The expansions and contractions of real-world business cycles last varying lengths of time and often differ in magnitude.

    Answers:

    A depression is a mild and relatively brief recession.

    The expansions and contractions of real-world business cycles last varying lengths of time and often differ in magnitude.

    The timing of business fluctuations is regular and therefore easily predictable.

    During the contractionary phase of the business cycle, the rate of unemployment is generally quite low.

  • Question 4

    2 out of 2 points

    Economists would most likely classify which of the following as consumer durable goods?

    Selected Answer:

    automobiles and furniture

    Answers:

    food and clothing

    drugs, toys, magazines, and books

    automobiles and furniture

    stocks and bonds

  • Question 5

    2 out of 2 points

    Which of the following does GDP not directly include?

    Selected Answer:

    The value of intermediate goods sold during a period

    Answers:

    The value of goods produced domestically and sold abroad

    The value of intermediate goods sold during a period

    The value of services rendered during a period

    The value of final goods and services produced, but not sold, during a period

  • Question 6

    2 out of 2 points

    Which of the following is included in GDP calculations?

    Selected Answer:

    the university tuition paid to enroll in a course

    Answers:

    sales revenue received from a garage sale

    cash income received by a self-employed landscaper that is not reported to the IRS

    a $100 bill received on your graduation

    the university tuition paid to enroll in a course

  • Question 7

    2 out of 2 points

    ___________ is about two-thirds of the demand side of GDP, but it moves relatively little over time.

    Selected Answer:

    Consumption

    Answers:

    Government

    Consumption

    Investment

    Services

  • Question 8

    0 out of 2 points

    What is the difference between nominal GDP and real GDP?

    Selected Answer:

    Nominal GDP adjusts for inflation.

    Answers:

    Nominal GDP measures actual productivity.

    Nominal GDP adjusts for inflation.

    Real GDP adjusts for inflation.

    Real GDP excludes imports and exports.

  • Question 9

    2 out of 2 points

    _______________, which can be estimated by the growth of GDP, ultimately determines the prevailing standard of living in a country.

    Selected Answer:

    Economic growth

    Answers:

    Trade balance

    Inflation

    Education

    Economic growth

  • Question 10

    2 out of 2 points

    The nominal value of any economic statistic refers to the number that is actually announced at that time, while the ________________ refers to the statistic after it has been adjusted for inflation.

    Selected Answer:

    real value

    Answers:

    empirical value

    adjusted value

    real value

    net value

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