03 Jun Question Review Test Submission: Quiz 3ContentAttempt
Question
Review Test Submission: Quiz 3ContentAttempt Score 100 out of 100 points Time Elapsed 17 minutes out of 30 minutes.Instructions You have two attempts and your highest score will be retained.
Question 15 out of 5 points The sum of durable goods, nondurable goods, and services equals Answers: investment.
fixed investment.
government purchases.
consumption.
net exports.
Question 25 out of 5 points Country A has a higher GDP than country B. What does this mean? Answers: It means that on a per-capita basis the residents of country A are relatively better off (in terms of the goods and services they have available to them) than the residents of country B.
It means that on a per-capita basis the residents of country A are richer than the residents of country B.
It means that more goods and services were produced in country A than country B.
It means that the total market value of the final goods and services produced in country A is greater than the total market value of the final goods and services produced in country B.
a and d
Question 35 out of 5 points A recession is always part of a Answers: contraction.
recovery.
detraction.
remission.
Question 45 out of 5 points The best reason economists take only final goods and services into account when calculating GDP is that Answers: this is the way things have always been done.
they want to avoid the problem of final counting.
they want to avoid the problem of double counting.
this is the only way things can be done.
Question 55 out of 5 points Increases in import spending Answers: raise GDP.
lower GDP.
are always balanced off in GDP by changes in exports.
may raise or lower GDP.
Question 65 out of 5 points What is the proper sequence of the phases of a business cycle? Answers: peak, contraction, trough, expansion, recovery
peak, contraction, recovery, trough, expansion
peak, contraction, trough, recovery, expansion
contraction, peak, trough, recovery, expansion
recovery, trough, peak, expansion, contraction
Question 75 out of 5 points The typical U.S. business cycle, measured peak to peak, lasts approximately Answers: 4 to 5 years.
8 to 10 years.
1 to 3 years.
6 months to 2 years.
Question 85 out of 5 points Exhibit 7-1 Consumption expenditures $ 4,150Federal government purchases of goods and services 850State and local government’s purchases 331Investment 751Proprietors income 150Compensation of employees 4,080Corporate profits 134Corporate profits taxes 23Rental income 31Capital consumption allowance 295Indirect business taxes 130Net interest 147Exports 300Imports 320Undistributed corporate profits 111Transfer payments 66Personal taxes 45Dividends 0Income Earned from the Rest of the World 252Income Earned by the Rest of the World 1,347Social insurance taxes 222Statistical discrepancy 5 Refer to Exhibit 7-1. What is the value of net domestic product? Answers: $5,840
$5,731
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