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ECON102 quiz 1

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Question;Question 1 of 10 0.0/;10.0 Points;Economics is best defined as the study of;A.financial;decision-making;B.how consumers make;purchasing decisions.;C.choices made by;people faced with scarcity.;D.inflation;unemployment, and economic growth;Question 2 of 10 10.0/;10.0 Points;Macroeconomics differs from microeconomics in that;A.macroeconomics is;the study of individual markets, while microeconomics deals with the nation's;economy as a whole.;B.microeconomics is;the study of individual markets, while macroeconomics deals with the nation's;economy as a whole.;C.macroeconomics;focuses principally on social and political issues, while microeconomics;involves the study of a nation's monetary system.;D.microeconomics;focuses principally on social and political issues, while macroeconomics;involves the study of a nation's monetary system.;Question 3 of 10 10.0/;10.0 Points;Gross domestic product calculations count only final goods;and services because;A.these are the only;goods and services that are purchased in an economy.;B.counting all goods;and services would lead to double-counting of many activities.;C.it is difficult to;measure the prices of intermediate goods produced.;D.one cannot;calculate the quantities of intermediate goods produced.;Question 4 of 10 10.0/;10.0 Points;Gross investment is;A.what is left over;from total new private investment after depreciation.;B.the total amount of;private investment purchases, whether new or previously-existing.;C.the total amount of;new private investment purchases.;D.the wear and tear;on private investment.;Question 5 of 10 10.0/;10.0 Points;Depreciation is;A.what is left over;from total new private investment after use for a year.;B.the total amount of;private investment purchases, whether new or previously-existing.;C.the total amount of;new private investment purchases.;D.the wear and tear;on private investment.;Question 6 of 10 10.0/;10.0 Points;Transfer payments are excluded from government purchases in;GDP accounting because;A.they are difficult;to measure.;B.they are a reward;to individuals who have been productive their entire lives.;C.they are already;included as part of investment.;D.nothing is being;produced in return for the payment.;Question 7 of 10 10.0/;10.0 Points;A trade surplus occurs when;A.a country purchases;more from abroad than other countries purchase from it.;B.a country sells;more abroad than it purchases from abroad.;C.a country's firms;open more stores abroad than foreign firms open in the country.;D.foreign firms open;more stores in a country than the country opens in foreign countries.;Question 8 of 10 10.0/;10.0 Points;A firm's value added can be measured as the value of its;A.profits.;B.purchases of inputs;from other firms.;C.total sales.;D.total sales, less;purchases from other firms.;Question 9 of 10 0.0/;10.0 Points;GDP understates the value of output produced by an economy;because it;A.includes;transactions that do not take place in organized markets, such as home-cooked;meals.;B.excludes value;added from the underground economy, such as tips taken "under the table.;C. includes;environmental degradation caused by increased output production.;D.excludes the value;of the wages and benefits of government employees.;Question 10 of 10 10.0/;10.0 Points;One of the flaws of GDP is that it;A.includes only;transactions that take place in formal businesses.;B.ignores;transactions that do not take place in organized markets.;C.includes measures;of the underground economy.;D.includes measures;of changes of quality of life associated with producing output.

 

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