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Unit III Macro Review--GDP Questions provided by students Which is the most meaningful measure of economic performance? A. B. C. D. Nominal GDP Real GDP Per capita GDP Undetermined GDP Real GDP is A. The value of final g and s produced and expressed in prices of a base year. B. Market value of all g and s produced. C. Total inflammation. D. The opposite of fake GDP. To calculate Ig you A. Add net domestic investment and CFC B. Subtract CFC from net domestic investment C. Add net domestic investment and net foreign factor D. Subtract personal taxes from net domestic investment The price index A. Is used to measure inflation by the government. B. Total market value of all final g and s. C. Measure of a specific collection of g and s in a given year, as compared with a collection in a reference year. D. Measures price levels. The GDP A. B. C. D. Does not include final goods Includes nonproductive transactions Excludes nonproductive transactions Is not beneficial to the economy Which of the following counts in GDP? A. B. C. D. Teaching a child how to read Producing pencils in Indonesia Government hiring new workers You buy 100 shares of Google stock What is CFC? A. B. C. D. Consumption of free candy Consumption of fixed capital Corporate fixed capital Corporate foreign capital What is an example of Ig? A. B. C. D. Secondhand sales Construction Government hiring workers Purchasing stocks Which of the following is FALSE about GDP? A. B. C. D. Includes only final goods Services are produced within a country Is the value of what has been produced Includes unreported activities When is the GDP measured? A. B. C. D. Once a month Once a year Every 3 months Every 4 months What isn’t used in the income approach? A. B. C. D. Interest Profits Statistical adjustments Transfer fees GDP excludes all of the following except: A. B. C. D. Transfer payments Labor Secondhand sales Overseas production Which of the following counts in GDP? A. B. C. D. Social Security checks Secondhand sales Broker service Overseas production What accounts for most of the GDP? A. B. C. D. C Ig G Xn Xn has been negative since A. B. C. D. WWI The Great Depression WWII Vietnam What do you subtract from PI to get DI? A. B. C. D. Personal income tax Consumption of fixed capital Net income Transfer payments The index the gov’t uses to measure inflation is the A. B. C. D. Consumer price index Personal price index Net price index Domestic price index What doesn’t count as a part of the “Underground” economy? A. B. C. D. Smugglers Personal income Stolen goods Gamblers What does the gov’t use CPI to adjust? A. B. C. D. Income tax brackets and ss benefits GDP / rGDP Average level of prices Base year prices To get Xn, what equation do you use? A. B. C. D. Imports – exports Exports – imports CFC – government spending Exports + imports Which of the following does NOT count in GDP? A. B. C. D. Steel used to make car New car Dentist bill New house What does count in GDP? A. B. C. D. Stocks Cash tips Big Mac US production overseas A specific collection of goods and services are a A. B. C. D. Company Unified trade union GDP Market basket The income approach does not include: A. B. C. D. Wages Rents Interest Stocks and bonds In the expenditures approach, what does G mean? A. B. C. D. Government spending Gross investment Gross domestic product Government savings What counts in GDP? A. Buying 250 shares of Apple Inc. B. Baby sitting your little sister as a favor C. Making muffins for your cousin's birthday D. Buying a cola for a homeless man The expenditure approach to GDP includes all EXCEPT A. B. C. D. Personal savings Gross investment Net Exports Government spending Disposable income is A. The money in the US gov’t treasury B. The result of spending on g and s made in the US C. The income an individual can use for consumption or savings D. None of the above When assessing the economy the national income accounts serve A. To Help other countries realize how much better the US economy is B. A purpose just as income statements do for a business C. Provides national deficit reports D. Nothing concerning GDP or CPI Which of the following is not a consumer purchase counted in GDP? A. B. C. D. A box of raisins from Kroger A t-shirt from the mall A pair of shoes from Goodwill A pretzel from Pretzeltime Name one purpose of estimating rGDP. A. To compare standard of living over time B. To compare standard of living by price C. To compare standard of living over regions D. To compare standard of living over states If nGDP rises but rGDP remains unchanged, prices have A. B. C. D. Decreased Stayed the same Increased None of these Why do intermediate goods not count in GDP? A. We can’t track intermediate goods B. Not counting them avoids multiple counting C. Mrs. Duez says so D. It is too hard to calculate CFC = A. B. C. D. Consumption of fixed capital Depreciation Consumer fixed consumption Both A and B Intermediate goods are: A. B. C. D. Good that are neither hard nor easy Goods resold All goods sold to consumers None of the above The GDP is determined by the value of goods_________, not ________. A. B. C. D. Sold; produced Consumed; produced Produced; sold Consumed; sold Who is hurt by inflation? A. Retirees or those on a fixed income B. Ninjas C. People leasing apartments at a fixed rate D. None of the above What is Net Domestic Product? A. B. C. D. C + Ig + G +Xn Imports – exports Exports – imports GDP - CFC Underground activity could possibly add ___% to the GDP if it could be counted. A. B. C. D. 7 8 9 10 Are second hand sales calculated in GDP? A. Yes B. No C. Depends on the condition of the product D. Depends on the seller What is a COLA? A. B. C. D. A soft drink Cost of living adjustment Cost of level adjustment Capital of legal activities What is the formula to find rGDP? A. B. C. D. PI / nGDP X 10 nGDP / PI X 100 DI / C X 10 G / NI X 100 The CPI has _____ products in the market basket. A. B. C. D. 30 300 400 500 The formula for the income approach is: A. B. C. D. W + R + I + P + SA C + Ig + G + Xn PI + NDP CFC + In CPI is used to measure? A. B. C. D. GDP Deflation Inflation Distance The largest part of WRIPSA is? A. B. C. D. Wages Rents Profits Interests rGDP is A. B. C. D. nGDP + inflation nGDP – inflation CPI + inflation Donuts