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Chapter 19

ECO 252

QuestionAnswer
A computer company builds a new factory. This is included in the ________ category of GDP. investment
A shortcoming of nominal GDP is that: an increase in nominal GDP can be caused by changes in either price or quantity
Between two given years, if real GDP and nominal GDP grow at the same rate, then: an increase in nominal GDP can be caused by changes in either price or quantity
Economic growth is best measured by changes in: real GDP
Ford produces 100,000 cars this year and only sells 95,000. The 5,000 cars that are not sold _______ listed in ________ category of GDP. are; the investment
GDP is best defined as the total market value of all: final goods and services produced within a country within a given time.
GDP is most often measured by: the year
Goods that firms repackage with other goods for sale at a later stage are: intermediate goods
Hollister Co. stocks up on T-shirts for the holiday season. This inventory is included in the _______ category of GDP. investment
In macroeconomics: output and income are essentially identical
Net exports can be defined as: exports minus imports
Nominal GDP is GDP measured in: current prices
Real GDP is GDP adjusted for changes in: overall price levels
The consumption category of GDP includes all purchases of final goods and services by households except: new houses
The difference between nominal GDP and real GDP is: the price level
The four major expenditure categories of GDP are: consumption, investment, government purchases, and net exports
The government purchases category of GDP includes spending by: federal, state, and local government
The investment spending category of GDP does NOT include: purchases of stocks and bonds
The percent change in the overall level of prices in the economy is called: the inflation rate
The phase of the business cycle where the economy is growing faster than usual is called: an economic expansion
The phase of the business cycle where the economy is growing slower than usual is called: an economic contraction
The sale of American-grown corn to China is included in the ________ category of GDP. export
The short-run fluctuations in economic activity that can cause output to be above or below the long-run trend are called: business cycles
To determine living standards for the average person, we calculate: per capita GDP
When GDP increases, national income ________ and national output __________. increases; increases
When George buys a new computer for his business, it is included in GDP as _______, and when he buys a new computer for use at home, it counts as ________. investment; consumption
When John buys new tires for his car it _______, and when Ford buys tires to put on new cars it ____________. counts toward consumption; does not count toward GDP
When people in the United States buy clothing made in China, this counts as: consumption and imports
Which is the largest component of U.S. GDP? consumption
Which of the following is a service? a visit to your doctor
Which of the following is a topic of macroeconomics? the number of people in the economy with no jobs
Which of the following is included in the government purchases category of GDP? payments to people in the military
Which of the following represents the largest share of U.S. GDP? services
You bought a popular video game last year for $75 and sold it to a store this year for $20. The store sells the used game to a consumer for $40. When you sell your game to the store, how is this included in GDP? This does not count in GDP
Created by: mghamiter
 

 



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