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Economics Multiple Choice Questions

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Question;1)THE GDP IS THE VALUE OF AL FINAL GOODS AND SERVICES PROVIDEDA)WITHIN THE NATIONS BOUNDRIESB)BY DOMESTICALLY OWNED COMPANIESC)BY CITIZENS OF THE COUNTRD)BY DOMESTICALLY CONTROLLED COMPANIES2)NET DOMESTIC PORDUCTI IS USUALLY PREFERRED TO GDP BY ECONOMISTS BECAUSE NET NATIONAL PRODUCTA)INCLUDES DEPRECIATIONB)EXCLUDES DEPRECIATIONC)INCLUDES INDIRECT BUSINESS TAXESD)EXCLUDES INDIRECT BUSINESS TAXES3)THE LARGEST ITEM AMOUNT AMONG THOSE LISTED HERE ISA)NATIONAL INCOMEB)NET INTERESTC)NET DOMESTIC PRODUCTD)COPORATE PROFITS4)WHICH IS NOT COUNTED IN GDPA)A SOCIAL SECURITY CHECK SENT TO A RETIREEB)GOVERNMENT SPENDING ON HIGHWAY BUILDINGC)MONEY SPENT ON AN AIRLINE TICKETD)MONEY SPENT BY A COMPANY TO BUILD ANEW OFFICE PARK5)THE SMALLEST COMPONENT OF NATIONAL INCOME ISA)RENTB)INTERESTC)PROFITSD)SALAIRES AND WAGES6)OUR GDP INCLUDES ALL THE OUTPUT PORDUCED BY AMERICANSA)AND FOREIGNERS WITHIN OUR BORDERSB)WITHIN OUR BORDERSC)WITHIN OUR BORDER AND ABOARDD)WITH OUR BORDERS AND BY AMERICAN-OWNED, MULTINATIONAL COMPAINES WITH OFFICES AND FACTORES ABROAD7)WICH OF THE FOLLOWING IS THE BEST EXAMPLE OF AN INTERMEDIATE PRODUCTA) A ROADB)STEELC)BREADD)A TV SET8)WHICH OF THE FOLLOWING WOULD INCREASE GDPA)MORE IMPORTS B)ADDITIONAL LISURE TIMEC)GOVERNMENT REMOVING MORE LITTERD)PEOPLE ENGAGING IN MORE DOIT YOURSELF PROJECTS9)NATIONAL INCOME ACCOUNTANTS CAN AVOID MULTIPLE ACCOUNTING BYA)INCLUDING TRANSFERS IN THEIR CACULATIONSB)COUNTING BOTH INTERMEDIATE AND FINAL GOODSC)ONLY COUNTING FINAL GOODSD)ONLY COUNTING INTERMEDIATE GOODS10)THE CONCEPT OF NET DOMESTIC INVESTMENT REFERS TOA)THE AMOUNT OF MACHINERY AND EQUIPMENT USED UP IN PRODUCING THE GDP IN A GIVEN YEARB)THE DIFFERENCE BETWEEN THE MARKET VALUE AND BOOK VALUE OF OUTSTANDING CAPITAL STOCKC)GROSS DOMESTIC INVESTMENT LESS NET EXPORTSD)TOTAL INVESTMENT LESS THE AMOUNT OF INVESTMENGOODS USED UP IN ACCOMPLISHING THE YEARS PRODUCTION11)GDP CAN INCREASE AT A FASTER RATE THAN REAL GDP ONLY IF A) THERE IS INFLATIONB)THE UNEMPLOYMENT RATE IS INCREASING C)THE VALUE OF THE DOLLAR IS STABLED)THE POPULATION IS GROWING12)WHICH STATEMENT IS TRUEA)GDP IS A VIRTUALLY PERFECT MEASURE OF NATIONAL OUTPUTB)GDP TAKES INTO ACCOUNT POLLUTION,CRIME, AND EVEN PERSONAL STATISFACTIONC)GDP IS A SINGLE NUMBER THA TSEEKS TO MEASURE OUR NATIONAL OUTPUTD)THERE IS NO RELATIONSHIP BETWEEN OUR GDP AND OUR NAITON OUTPUT13)WHICH OF THE FOLLOWIN IS AN INTERMEDIATE GOOD OR SERVICEA)A PAINT GUN PURCHASED BY HANDY ANDYB)A DOZEN BOXES OF GIRL SCOUT COOKIES PURCHASED BY YOUR INSTRUCTORC)A COMPUTER PURCHASE BY A FARMER IN SMALLVILLE, KANSASD)GULE PURCHASED BY MCGRAWHILL TO BIND YOUR TEXTBOOK14) --------------- IS THE MARKET VALUE OF A FIRMS OUTPUT LESS THE VALUE OF THE INPUTS THE FIRM HAS BOUGHT FROM THE PREVIOUS SELLERA) VALUE ADDEDB)NET DOMESTIC PRODUCTC)REAL GDPD)GENUINE PROGRESS INDEX15)WHICH THE SMALLESTA) NET DOMESTIC PRODUCTB)NATIONAL INCOMEC)GOVERNMENT EXPENDITURESD)NET EXPORTS16)GDP IS LESS THAN PERFECT MEASURE OF ECONOMIC WELL BEING IT MAY BE FAULTED FOR EACH OF THESE PRACTICES EXCEPT THAT ITA)DOES NOT TAKE LEISURE TIME INTO ACCOUNTB)INVOLVES MULTIPLE COUNTINGC)DOES NOT TAKE PSYCHIC COSTS INTO ACCOUNTD) DOES NOT TAKE PSYCHIC INCOME INTO ACCOUNT17)NET DOMESTI PRODUCT IS EQUAL TO A)GOSS NATIONAL PRODUCT B)THE INFLATION RATEC)NATION INCOME PULUS COPORATE PROFITS TAXESD)NI PLUIS INDIRECT BUSINESS TAXES18)WE DO NOT COUNT____________ AS PART OF GDPA) PRICE INCREASESB)TRANSFER PAYMENTSC)FINAL GOODSD)DEPRECIATION19)ABOUT SEVEN OUT OF TEN DOLLARS OF OUR GDP IS SPENT ONA)GOVERNMENT PURCHASESB)NET EXPORTSC)INVESTMENT SPENDINGD)CONSUMER GOODS20)THE VLAUE ACTUALLY EARNED BY MEMBERS OF HOUSEHOLDS WHO SUPPLY THE INPUTS NECESSARY TO PRODUCT GDP IS CALLEDA) NET INVESTMENT B)NATIONAL INCOMEC)PERSONAL INCOMED)DISPOSABLE INCOME

 

Paper#57820 | Written in 18-Jul-2015

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