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Test Essay

  • Submitted by: richard821
  • on February 28, 2011
  • Category: English
  • Length: 1,406 words

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Below is an essay on "Test" from Anti Essays, your source for research papers, essays, and term paper examples.

Practice Exam 2 1. GDP can be calculated only by using the _________ approach. A) spending, income, production or the NIPA B) spending C) production D) income E) spending, income, or production (value added) 2. Consumption expenditures include A) expenditures by households on goods and services produced in the United States and the rest of the world. B) purchases of consumer goods produced in the United States and the rest of the world by households, businesses, government, and other countries. C) the purchase of new homes by households. D) purchases of consumer goods produced in the United States by households, businesses, government, and other countries. E) expenditures by households on goods and services produced only in the United States. 3. For a hypothetical economy in a given year, GDP equaled $1,171, consumption equaled $482, investment equaled $286, goods exported equaled $198, and goods imported equaled $57. What did government spending equal? A) $544 B) $262 C) $148 D) $403 E) Not enough information is given. Use the following to answer questions 4-5:

4. According to the above table, the value added by the grocer is A) $4.50. B) $2.00. C) $1.25. D) $.50. E) $.75. 5. According to the above table, the contribution to GDP from the production of a loaf of

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bread is A) $4.50. B) $.75. C) $.50. D) $1.25. E) $2.00. 6. Which of the following is the best measure of how individuals benefit from economic growth? A) The rate of inflation B) The rate of increase in real GDP per capita C) The rate of increase in real GDP D) The rate of increase in GDP E) The rate of increase in GDP per capita 7. The adjective real, in the term real GDP, is used to indicate that A) this measure of output is adjusted for the government's economic involvement. B) this measure of output is adjusted for the general increase in prices over time. C) it measures only real goods and services, not the value of those that can't be measured such as a home-cooked meal. D) this...

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