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[] (a) the CPI [] (b) the GDP deflator [] (c) GDP [] (d) the unemployment rate
Question 2: The economic statistic used to measure the level of prices is:
[] a GDP [] b GNP [] c real GDP [] d CPI
Question 3: The GDP is all of the following except the total:
[] a expenditure of everyone in the economy. [] b income of everyone in the economy. [] c expenditure on the economy's output of goods and services. [] d output of the economy
Question 4: The total income of everyone in the economy is exactly equal to the total:
[] a expenditure on the economy's output of goods and services. [] b consumption expenditures of everone in the economy. [] c expenditures of all businesses in the economy. [] d expenditures of government.
Question 5: An economy's _______ equals its _______ .
[] consumption; income [] consumption; expenditure on goods and services []expenditure on goods; expenditures on services []income;expenditure on goods and services
Question 6: All of the following are a stock except:
[] a consumer wealth [] the government budget deficit [] the number of unemployed people [] the amount of capital in the economy
Question 7: All of the following are a flow except:
[] purchases of new automobiles. [] people losing their jobs. [] business expenditures on plant and equipoment. [] the government debt.
Question 8: Assume that a firm hires workers and pays them wages, and that the workers produce more bread. GDP increases as a result of these acts in all of the following cases except where the bread:
[] is sold to households. [] is stored away for later sale. [] spoils [] is sold to other firms.
Question 9: When bread is baked but put away for later sale, this act is called:
[] waste. [] saving. [] fixed investment. [] inventory investment.
Question 10 Assume that total output consists of 4 apples and 6 oranges and that apples cost $1 each while oranges cost $0.50 each. In this case, the value of GDP is:
[] 10 pieces of fruit. [] $7. [] $8. [] $10.