Custom Writing Help For You!

Special Discounts Offers! 20-30% Off!

Posted: June 21st, 2020

Economics : gdp growth and stability : 20 m/c questions.

+++

Exam: 050473RR – GDP, GROWTH, AND STABILITY

When you have completed your exam and reviewed your answers, click Submit Exam. Answers will not be recorded until you hit Submit Exam. If you need to exit before completing the exam, click Cancel Exam.

Questions 1 to 20: Select the best answer to each question. Note that a question and its answers may be split across a page break, so be sure that you have seen the entire question and all the answers before choosing an answer.

1. Which one of the following statements about GDP is correct? A. GDP is the monetary value of all goods and services, final and intermediate, produced in a specific year. B. GDP is the national income minus all nonincome charges against output. C. GDP is the monetary value of all final goods and services produced within the borders of a nation in a particular year. D. GDP is the monetary value of all economic resources used in producing a year’s output.

2. The system that measures the economy’s overall performance is formally known as A. GDP assessment. B. business cycle measurement. C. national income accounting.

D. final output and income statistics. 3. Which one of the following statements about competitive market systems is correct?

A. A competitive market system encourages growth by allowing producers to make profitable investment decisions based on market signals.

B. A competitive market system discourages growth unless government protects domestic firms from foreign competition. C. A competitive market system encourages growth by ensuring that everyone in society will receive a decent standard of living. D. A competitive market system discourages growth because firms busy competing have no time to innovate or invest.

4. Suppose the total monetary value of all final goods and services produced in a particular country in 2008 is $500 billion and the total monetary value of final goods and services sold is $450 billion. We can conclude that

A. GDP in 2008 is $500 billion. B. NDP in 2008 is $450 billion. C. GDP in 2008 is $450 billion. D. inventories in 2008 fell by $50 billion.

5. The production of durable goods varies more than the production of nondurable goods because A. durables purchases are nonpostponable. B. producers of durables are highly competitive. C. durables purchases are postponable.

D. the producers of nondurables have monopoly power.

prices

6. Inflation initiated by increases in wages or other resource prices is labeled _______ inflation. A. cost-push B. cost-pull C. demand-push

D. demand-pull

7. Given the annual rate of economic growth, the “rule of 70” allows one to A. determine the accompanying rate of inflation. B. calculate the size of the GDP gap. C. determine the growth rate of per capita GDP.

D. calculate the number of years required for real GDP to double.

8. The two topics of primary concern in macroeconomics are A. short-run fluctuations in output and employment, and long-run economic growth. B. monopoly power of corporations, and small business profitability. C. oil prices and housing markets. D. unemployment, and wage rates in labor markets.

9. The percentage of the working-age population in the labor force is called the A. labor force participation rate. B. work-nonwork ratio. C. employment-population ratio.

D. work-activity rate. 10. Which one of the following economic regions has experienced the least growth in real GDP per capita

since 1820? A. Africa B. Latin America C. Asia excluding Japan D. Western Europe

11. Which one of the following is most closely related to recessions? A. Falling rates of unemployment B. Rapid growth in the price level C. Negative growth in output

D. Positive long-run economic growth 12. Which one of the following statements correctly describes real GDP?

A. Real GDP measures the value of final goods and services produced within the borders of a country, corrected for price changes.

B. Real GDP measures the value of all goods and services produced in the world, using current prices.

C. Real GDP measures the total dollar value of all goods and services produced within the borders of a country using current prices.

D. Real GDP measures the total dollar value of all goods and services consumed within the borders of a country, adjusted for price changes.

13. Prices tend to be sticky because A. firms are worried about frequent price changes that would annoy consumers. B. government controls most prices. C. most firms have agreements with each other to fix prices at profit-maximizing levels. D. foreign competition discourages domestic firms from price changes.

14. Melissa voluntarily quit her job as an insurance agent to return to school full-time to earn an MBA degree. With degree in hand, she’s now searching for a position in management. At the present time, Melissa is considered to be

A. frictionally unemployed. B. structurally unemployed. C. cyclically unemployed. D. not a member of the labor force.

15. Innovations such as the microchip and the Internet lead to business cycle variations because A. significant innovations occur irregularly and unexpectedly. B. the central bank will often change the money supply in response. C. they cause prices to be sticky.

D. they cause prices to be flexible.

16. Which one of the following statements about national income is correct? A. National income is the before-tax income received by households. B. National income is the income earned by U.S. resource suppliers plus taxes on production and imports. C. National income is the income received by households less personal taxes. D. National income is the market value of the annual output net of consumption of fixed capital.

17. Which one of the following is an example of a supply shock? A. A dramatic increase in energy prices increases production costs for firms in the economy. B. A surge in consumer optimism prompts increased buying of goods and services. C. Government increases spending on education. D. A surprise tax rebate from the government gives people more money to spend.

18. Other things equal, which one of the following would increase the rate of economic growth, as measured by changes in real GDP?

A. A decline in the average length of the work week B. An increase in the size of the working-age population C. A decrease in the labor force participation rate D. A decline in the amount of capital per worker

19. The largest component of total expenditures in the United States is

A. government purchases. B. consumption. C. net exports. D. gross investment.

20. Which one of the following is not considered to be a growth-promoting institutional structure? A. Financial institutions that effectively link savers to investors B. Strong government restrictions on international trade C. A competitive market system

D. Well-established and enforced property rights

Order for this Paper or similar Answer/Assignment Writing Service

Place your order by filling a guided instructions form in 3 easy steps.

Why choose our Study Bay Services?

Like every student, Focusing on achieving the best grades is our main goal

Top Essay Writers

We have carefully cultivated a team of exceptional academic writers, each with specialized expertise in particular subject areas and a proven track record of research writing excellence. Our writers undergo rigorous screening and evaluation to ensure they hold relevant advanced degrees and demonstrate mastery of English grammar, citation style, and research methodology. Recent projects completed by our writers include research papers on topics such as sustainable energy policy, cognitive behavioral therapy, and molecular genetics.

Student-Based Prices

We prioritize attracting highly skilled writers through competitive pay and strive to offer the most cost-effective services for students. References from recent years include surveys of customer satisfaction with online writing services conducted by the American Customer Satisfaction Index between 2018 to 2022, demonstrating our commitment to balancing affordable costs with high standards of work through positive reviews and retention of expert writers.

100% Plagiarism-Free

We guarantee 100% original and plagiarism-free final work through a thorough scanning of every draft copy using advanced plagiarism detection software before release, ensuring authentic and high-quality content for our valued customers. To note, we also do not generate assignment content with AI tool, thus you a guaranteed 0% similarity index for your final research paper.

How it works

When you decide to place an order with Study Pro Essay, here is what happens:

Complete the Order Form

You will complete our order form, filling in all of the fields and giving us as much detail as possible.

Assignment of Writer

We analyze your order and match it with a writer who has the unique qualifications to complete it, and he begins from scratch.

Order in Production and Delivered

You and,the support and your writer communicate directly during the process, and, once you receive the final draft, you either approve it or ask for revisions.

Giving us Feedback (and other options)

We want to know how your experience went. You can read other clients’ testimonials too. And among many options, you can choose a favorite writer.