[boodo300]

1. To measure total output for an economy the measure GBP is utilized.
2. GDP is considered a macroeconomic variable.
3. Economic activity is indicated by the measure GDP.
4. GDP is a qualitative measure of total output.
5. Households own the factors of production.
6. Factors of production are provided in the goods markets.
7. A recession is generally defined as a decline in economic activity.
8. An expansion is generally defined as a fall in economic activity.
9. Inflation is an increase in prices.
10. The employment rate measures the amount of people out of work.

[boodo300]

Answer the correct choice for each of the following questions:
11. Gross Domestic Product measures which of the following?
A. Total output produced by one firm.
B. Total output produced by GM.
C. Total output produced by the government.
D. Total output produced within a country.

12. The measure of total output is considered a
A. Quantitative measure.
B. Qualitative measure.
C. Comprehensive characteristic measure.
D. Non-numeric measure.

13. In the circular flow diagram income is received in which of the following markets?
A. The goods markets.
B. The output markets.
C. The factor markets.
D. The product markets.

14. In the circular flow diagram expenditure is made in which of the following markets?
A. The resource markets.
B. The factor markets.
C. The input markets.
D. The goods markets.

15. In calculating GDP which of the following is correct?
A. Income must be equal to the factors of production.
B. Income must be equal to expenditure.
C. Income must be equal to resources.
D. Income must be equal to inputs.

16. Income represents which of the following?
A. Aggregate supply.
B. Aggregate demand.
C. Aggregate expenditure.
D. Aggregate spending.

17. If net exports is positive then
A. GDP will be smaller.
B. GDP will be the same.
C. GDP will be bigger.
D. GDP will be lower.

18. Total income generated in production must be equal to
A. The value of total raw materials.
B. The value of total non-physical inputs.
C. The value of total goods produced.
D. The value of total implicit inputs.

19. Omissions from GDP include
A. Market activities.
B. Paint bought at a paint store.
C. Tires bought at a tire shop.
D. Manhours used to produce output.

20. Actual physical output produced in the economy is
A. Real GDP.
B. Nominal GDP.
C. Quantitative GDP.
D. Inflation unadjusted GDP.21. Structural unemployment is the result of
A. Domestic competition.
B. Foreign competition.
C. Having up to date skills.
D. Having too many skills.

22. Because Boeing produces expensive durable goods, the demand for their goods
A. Is likely to increase during recession.
B. Declines when income in the economy is rising.
C. Is consistently high, regardless of the state of the economy.
D. Tends to follow the business cycle.

23. When production in an economy grows more quickly than the population in that economy, which of the following must be occurring?
A. Real GDP is falling.
B. Income is growing at a slower rate than the population.
C. Real GDP per capita is rising.
D. Living standards are falling.

24. In calculating price indices the base year is set at
A. 100.
B. 200.
C. 300.
D. 400.

25. Which of the following describes the growth in real GDP per person in the U.S. from 1900 to the present.
A. It has decreased.
B. It has increased by eight times.
C. It has doubled.
D. It has increased twenty times.

26. The best measure of the standard of living is
A. Nominal GDP.
B. Real GDP.
C. Nominal GDP per capita.
D. Real GDP per capita.

27. Entrepreneurship in China is
A. Relatively a new resource.
B. The most fundamental tenet of the communist government.
C. The result of government controlled production.
D. All of the above.

28. The Industrial Revolution
A. Marked the beginning of significant economic growth in the world.
B. Started in France around the year 1750.
C. Produced goods exclusively using human or animal capital.
D. Had no impact on the standard of living in the world.

29. Which of the following countries has the lowest GDP per capita in 2006?
A. France.
B. Mexico.
C. Somalia.
D. Argentina.

30. High income countries are also referred to as
A. Developing countries.
B. Industrial countries.
C. Growing countries.
D. Agrarian countries.

[Curlyben]

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