ECO372T Week 1 Apply Output, Income, and Economic Growth

ECO372T Week 1 Apply Output, Income, and Economic Growth

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ECO372T Week 1 Apply Output, Income, and Economic Growth

Question 1

The equation for net investment is written as: multiple choice

1. Net Investment = Gross Investment – Depreciation
2. Net Investment = Nominal GDP – Gross Investment
3. Net Investment = Consumption – Gross Investment
4. Net Investment = Depreciation – Gross Investment

Question 2

The major difference between nominal GDP and real GDP is: multiple choice

1. Nominal GDP measures the value of output with constant output levels, while real GDP measures output using current-year output levels.
2. Nominal GDP measures the value of output in constant prices, while real GDP measures output using current-year prices.
3. Nominal GDP measures the value of output with current-year output levels, while real GDP measures output using constant output levels.
4. Nominal GDP measures the value of output in current-year prices, while real GDP measures output using constant prices.

Question 3

Which of the following correctly describes GDP using the income approach? multiple choice

1. GDP = Wages + Rents + Interest + Profits and Losses
2. GDP = National Income + Indirect Business Taxes + Depreciation + Net Foreign Factor Income
3. GDP = Wages + Rents + Interest + Profits and Losses + National Income
4. GDP = Consumption + Gross Investment + Net Exports + Government Purchases

Question 4

Which of the following scenarios would be included in GDP? Multiple choice

1. Darius unclogs the drain in his sink using the plunger he owns.
2. Pam buys a new 40-inch television at Walmart.
3. Sandra is a waitress at Morton’s Steakhouse. She receives a cash tip of $50 that she pockets and does not report.
4. Miguel won $100 in his office fantasy football league.

Question 5

Determine whether each of the following examples would be included in Gross Domestic Product (GDP).

• When Judy went to the grocery store yesterday, she bought three pounds of potatoes.
• Judy’s purchase of potatoes would be included in GDP as a consumption expenditure.
• Ford Motor Company buys four tires to put on a new Ford Mustang.
• The purchase of the tires would not be included in GDP.
• The U.S. Air Force purchases two new fighter jets from Boeing.
• The purchase of the two fighter jets would be included in GDP as a government purchase.
• When Joey had his birthday last week, his grandmother sent him a $100 bill that he could spend.
• Joey’s birthday gift of $100 would not be included in GDP

Question 6

Real GDP refers to _____.

Multiple Choice

1. GDP data that embodies changes in the price level but not changes in physical output
2. The value of the domestic output after adjustments have been made for environmental pollution and changes in the distribution of income
3. GDP data that does not reflect changes in both physical output and the price level
4. GDP data that has been adjusted for changes in the price level

Question 7

The gross domestic product (GDP) concept accounts for society’s valuation of the relative worth of goods and services by using a _____. Multiple Choice

1. measure of volume
2. utility measure
3. measure of physical weight
4. monetary measure

Question 8

“Net foreign factor income” in the national income accounts refers to the difference between the _____.

Multiple Choice

1. Value of products sold by Americans to other nations and the value of products bought by Americans from other nations.
2. Income Americans gain from supplying resources abroad and the income that foreigners earn by supplying resources in the U.S.
3. Income earned by Americans in the U.S. minus the income earned by foreigners in the U.S.
4. Value of investments that Americans made abroad and the value of investments made by foreigners in the U.S.

Question 9

Personal consumption expenditures consist of _____.

Multiple Choice

1. domestic investments
2. foreign investments in the United States
3. foreign plus domestic investments
4. household and individual purchases of services and durable and nondurable goods

Question 10

A distinguishing characteristic of public transfer payments is that they _____.

Multiple Choice

1. include wages to government workers
2. are counted as part of government purchases in the calculation of the gross domestic product
3. involve no contribution to current production in return for the payment
4. include the cost of maintaining public parks

Question 11

Answer the next question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.

Question 12

GDP excludes most nonmarket transactions. Therefore, GDP tends to _____.

Multiple Choice

1. underestimate the rate of inflation in the economy
2. overestimate the rate of inflation in the economy
3. underestimate the amount of production in the economy
4. overestimate the amount of production of the economy

Question 13

In the treatment of U.S. exports and imports, national income accountants _____.

Multiple Choice

1. subtract exports but add imports in calculating GDP
2. add both exports and imports in calculating GDP
3. subtract both exports and imports in calculating GDP
4. add exports but subtract imports in calculating GDP

Question 14

GDP measured using base year prices is called _____.

Multiple Choice

1. nominal GDP
2. constant GDP
3. real GDP
4. deflated GDP

Question 15

Which of the following is not an example of an intermediate good?

Multiple Choice

1. gasoline bought by a trucking company
2. an oven bought by a homeowner
3. flour bought by a bakery
4. office supplies bought by an accounting firm

Question 16

Suppose that real GDP per capita in the United States is $49,000. If the long-term growth rate of real GDP per capita is 1.6% per year, how many years will it take for real GDP per capita to reach $98,000?

Instructions: Enter your answer as a whole number.

44 Numeric Response Edit Unavailable. 45. Years

Question 17

Suppose that Italy can produce either goods or services with its resources, and that its PPF curve is shown on the graph as PPF1.

Using the graph, for each of the following situations, determine whether the PPF curve shifts.

• Suppose that Italy increases its spending on education, which increases the amount of human capital in Italy.
• Italy’s PPF curve would increase and move to PPF3.
• A recession causes Italy’s unemployment rate to increase above the natural rate of unemployment.
• Italy’s PPF curve would remain the same at PPF1.
• Italy experiences an influx of immigrants from surrounding countries, which causes the population of Italy to increase.
• Italy’s PPF curve would increase and move to PPF3.

Question 18

The table below shows real GDP per capita for the United States between the years 1950–2016. Instructions: Round your answers to one decimal place.

1. What is the growth rate in the standard of living from 1950 to 1975?

1.1  Numeric Response 1. Edit Unavailable. 3.1 Incorrect. %

1. b. What is the growth rate in the standard of living from 1975 to 2000?
2. 3.1 Numeric Response 2. Edit Unavailable. 3.1 Incorrect. %
3. What is the growth rate in the standard of living from 2000 to 2016?
4. 1.2 Numeric Response 3. Edit Unavailable. 1.2 Incorrect. %

ANSWER

Correct answers should be:

78.0%

78.6%

18.7%

Question 19

Providing a constant number of workers with additional capital with which to work will ______ labor productivity at a(n) ______ rate.

Multiple Choice

1. increase; constant
2. decrease; decreasing
3. increase; increasing
4. increase; decreasing

Question 20

Use the following diagram to answer the next question.

The most likely cause for a shift in the production possibilities frontier from AB to CD is

Multiple Choice

• An increase in government purchase of the economy’s output.
• The use of the economy’s resources in a less efficient way.
• An increase in the quantity and quality of labor resources.
• An increase in the spending of business and consumers.

Question 21

The application of new technologies to the production process will increase

Multiple Choice

• Labor productivity.
• The quantity of human capital.
• The unemployment rate.
• The share of the population employed.

Question 22

The key variable in determining changes in a country’s standard of living is the

Multiple Choice

• Interest rate.
• Long-run rate of economic growth.
• Unemployment rate.
• Inflation rate.

Question 23

Given the annual rate of economic growth, the “rule of 72” allows one to

Multiple Choice

• determine the accompanying rate of inflation.
• calculate the size of the GDP gap.
• determine the growth rate of per capita GDP.
• calculate the number of years required for real GDP to double.

Question 24

Before the Industrial Revolution, living standards in the world

Multiple Choice

• Were relatively stagnant for long periods of time.
• Were already rising significantly for many decades.
• We’re declining because of rapid increases in population.
• Are not known, for lack of reliable records from that period.

Question 25

the two countries are the same. According to the principle of diminishing returns to capital, an additional unit of capital will ______ in Alpha compared to Beta, holding other factors constant.

Multiple Choice

• increase output by the same amount
• have no effect on output
• increase output less
• increase output more

Question 26

When a firm builds a new factory, this is an example of an investment in

Multiple Choice

• The market.
• Human capital.
• Physical capital.
• Research and development.

Question 27

Increasing the capital available to the workforce, holding other factors constant, tends to ______ total output while ______ labor productivity.

Multiple Choice

• increase; decreasing
• increase; not changing
• increase; increasing
• decrease; increasing

Question 28

To increase future living standards by pursuing higher current rates of investment spending, an economy must

Multiple Choice

• Reduce current rates of consumption spending.
• Allow higher rates of current consumption.
• Reduce the current capital stock.
• Decrease the amount of future research and development spending.

Question 29

Between the U.S. and Nepal, Nepal invests less in new factories and equipment. This will likely cause

Multiple Choice

• The U.S.’s production possibilities frontier to shift inward faster than Nepal’s.
• Nepal’s production possibilities frontier to shift outward faster than the U.S.’s.
• Nepal’s production possibilities frontier to shift inward faster than the U.S.’s.
• The U.S.’s production possibilities frontier to shift outward faster than Nepal’s.

Question 30

Which of the following will not increase a nation’s real GDP?

Multiple Choice

• number of workers
• average price level
• technological progress
• labor productivity

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