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1、ECON 2803Spring 2010Test 2Multiple ChoiceIdentify the letter of the choice that best completes the statement or answers the question._1.Over time, people have come to rely more on market-produced goods and less on goods that they produce for themselves. For example, busy people with high incomes, ra
2、ther than cleaning their own houses, hire people to clean their houses. By itself, this change hasa.caused measured GDP to fall.b.not caused any change in measured GDP.c.caused measured GDP to rise.d.probably changed measured GDP, but in an uncertain direction; the direction of the change depends on
3、 the difference in the quality of the cleaning that has resulted._2.Transactions involving items produced in the past, such as the sale of a 5-year-old automobile by a used car dealership or the purchase of an antique rocking chair by a person at a yard sale, are a.included in current GDP because GD
4、P measures the value of all goods and services sold in the current year.b.included in current GDP but valued at their original prices.c.not included in current GDP because GDP only measures the value of goods and services produced in the current year.d.not included in current GDP because these items
5、 have no current value._3.Transfer payments area.included in GDP because they represent income to individuals.b.included in GDP because they eventually will be spent on consumption.c.not included in GDP because they are not payments for currently produced goods or services.d.not included in GDP beca
6、use taxes will have to be raised to pay for them._4.Real GDP is the yearly production of final goods and services valued ata.current prices.b.constant prices.c.expected future prices.d.the ratio of current prices to constant prices._5.Changes in nominal GDP reflecta.only changes in prices.b.only cha
7、nges in the amounts being produced.c.both changes in prices and changes in the amounts being produced.d.neither changes in prices nor changes in the amounts being produced.Table 23-4The table below contains data for the country of Dachsland, which produces only pretzels and books. The base year is 2
8、005.YearPriceofPretzelsQuantityofPretzelsPriceofBooksQuantity ofBooks2005$4.0090$1.501502006$4.00100$2.001802007$5.00120$2.502002008$6.00150$3.50200_6.Refer to Table 23-4. In 2005, Dachslands a.nominal GDP was greater than real GDP, and the GDP deflator was greater than 100.b.nominal GDP was equal t
9、o real GDP, and the GDP deflator was equal to 1.c.nominal GDP was less than real GDP, and the GDP deflator was less than 100.d.nominal GDP was equal to real GDP, and the GDP deflator was equal to 100._7.Refer to Table 23-4. In 2006, Dachslands a.nominal GDP was $585, real GDP was $660, and the GDP d
10、eflator was 88.6.b.nominal GDP was $585, real GDP was $670, and the GDP deflator was 87.3.c.nominal GDP was $760, real GDP was $660, and the GDP deflator was 115.2.d.nominal GDP was $760, real GDP was $670, and the GDP deflator was 113.4._8.GDP does not reflecta.the value of leisure.b.the value of g
11、oods and services produced at home.c.the quality of the environment.d.All of the above are correct._9.The CPI is more commonly used as a gauge of inflation than the GDP deflator is becausea.the CPI is easier to measure.b.the CPI is calculated more often than the GDP deflator is.c.the CPI better refl
12、ects the goods and services bought by consumers.d.the GDP deflator cannot be used to gauge inflation._10.When computing the cost of the basket of goods and services purchased by a typical consumer, which of the following changes from year to year?a.the quantities of the goods and services purchasedb
13、.the prices of the goods and servicesc.the goods and services making up the basketd.All of the above are correct._11.The price index was 120 in 2006 and 127.2 in 2007. What was the inflation rate?a.5.7 percentb.6.0 percentc.7.2 percentd.27.2 percentTable 24-2The table below pertains to Iowan, an eco
14、nomy in which the typical consumers basket consists of 3 pounds of pork and 4 bushels of corn. YearPrice ofPorkPrice ofCorn2008$20 per pound$12 per bushel2009$25 per pound$18 per bushel_12.Refer to Table 24-2. If 2008 is the base year, then the CPI for 2008 wasa.73.5.b.100.c.108.d.136.1._13.Refer to Table 24-2. If 2008 is the base year, then the CPI for 2009 wasa.73.5.b.100.c.136.1.d.147._14.One problem with the consumer price index stems from the fact that, over time, consumers tend to buy larger quantities of goods that have become relatively less expensive and smaller quantities of goods t
