Econ 07 Study Questions
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | dollar value at current prices.
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| Which of the following items is a final good? | show 🗑
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| show | value of the services of a person who mows his or her own lawn
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| Net exports equals | show 🗑
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| show | consumption, investment, government purchases, and net exports.
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| Suppose the total market value of all final goods and services produced this year in economy X is $4 million. Of the $4 million worth of goods, $3 million is sold and $1 million is held in inventory. For this year, the GDP for economy X is | show 🗑
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| Business firms make which of the following two types of investment? | show 🗑
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| show | capital goods being used up in production through natural wear, obsolescence, and
accidental destruction.
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| show | government transfer payments.
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| show | $2,150 + $692 + $250 + $331 + $300 - $320
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| Which of the following would not be included in the calculation of this year's GDP? | show 🗑
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| show | GDP this year exceeds the Real GDP this year.
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| show | Real GDP this year exceeds the Real GDP of last year.
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| The standard definition of "recession" is | show 🗑
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| Which of the following does GDP omit? | show 🗑
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| show | Yes, since the country with a relatively large GDP could have a relatively large
population.
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| show | $1,701 billion.
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| show | No, since data on inventory investment and services are missing.
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| show | lower GDP.
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| Why do economists prefer to compare Real GDP figures for various years instead of GDP figures? | show 🗑
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| show | 2.74 percent
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| What is the proper sequence of the phases of a business cycle? | show 🗑
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| show | annual increases in Real GDP
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| show | b and c
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| Suppose that fixed investment is $550 billion and (total) investment is $630 billion. What does inventory investment equal? | show 🗑
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