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1、CHAPTER 23: MEASURING A NATIONS INCOMETrue/FalseIndicate whether the statement is true or false.1.The circular flow diagram describes all transactions between households and firms in a simple economy and shows the equality of expenditures and income.ANSWER:TPOINTS:0 / 12.Gross domestic product inclu
2、des most items produced and sold illicitly.ANSWER:FPOINTS:0 / 13.Net national product is the total income of a nations residents minus losses from depreciation.ANSWER:TPOINTS:0 / 14.Disposable personal income is the income that households and unincorporated business have left after satisfying all th
3、eir obligations to the government. It equals personal income minus personal taxes and certain non-tax payments to government.ANSWER:TPOINTS:0 / 15.The purchase of new houses by households is included in the calculation of personal consumption expenditures of GDP.ANSWER:FPOINTS:0 / 1Multiple ChoiceId
4、entify the choice that best completes the statement or answers the question.1.When GDP falls,a.income and expenditure must both fall.b.income and expenditure can both rise.c.income must fall, but expenditure may rise or fall.d.expenditure must fall, but income may rise or fall.ANSWER:APOINTS:0 / 12.
5、Income equals expenditure becausea.firms always pay out all their revenue as income to someone.b.each time a sale is made, there is a buyer and a seller.c.households own the factors of production used to generate incomes.d.All of the above are correct.ANSWER:BPOINTS:0 / 13.If a province makes the pr
6、oduction and sale of illicit drugs legal, then GDPa.must increase.b.must decrease.c.wouldnt change.d.may increase or decrease.ANSWER:APOINTS:0 / 14.When a government provides subsidies to encourage growth of small businesses, the subsidies woulda.be included in GDP because they are invested by busin
7、esses.b.be included in GDP because they are a form of government spending.c.not be included in GDP because they are transfer payments.d.may or may not be included in GDP, depending on how the funds are used.ANSWER:CPOINTS:0 / 15.Diesel fuel isa.always considered a final good.b.counted as an intermed
8、iate good if a company uses it to provide transportation services.c.counted as a final good if a farmer uses it to run a tractor to grow crops.d.Both b and c are correct.ANSWER:BPOINTS:0 / 16.Gross domestic producta.is the market value of all final goods and services produced within a country in a g
9、iven period (usually a year)b.is the income in the hands of individuals after deducting income taxes; income available to households to spend and savec.is the value of goods and services purchased by all levels of government federal, provincial, and localin a given periodd.is the market value of all
10、 final goods and services produced by permanent residents of a nation in a given time periodANSWER:APOINTS:0 / 17.Macroeconomics is that branch of economics that studiesa.the conditions of individual marketsb.the influence of governments on individual marketsc.economy-wide phenomenad.only the privat
11、e sector of the economyANSWER:CPOINTS:0 / 18.Suppose that nominal GDP is $6,000 billion and real GDP is $3,000. What is the GDP price deflator?a.125b.150c.200d.250ANSWER:CPOINTS:0 / 19.The purchase of final goods and services by households is calleda.investmentb.public sector exportsANSWER:CPOINTS:
12、0 / 110.Investment is the purchase of capital equipment, inventories, anda.structuresb.non-durable goodsc.depreciationd.import investmentANSWER:APOINTS:0 / 111.Transfer paymentsa.are included in GDP because they are forms of incomeb.are included in GDP because goods and services have been produced i
13、n the transferc.are NOT included in the GDP because goods and services have not been produced in the transferd.are included in GDP because they represent the production of transfers of goods and services to foreign countriesANSWER:CPOINTS:0 / 112.Which of the following would be considered consumptio
14、n expenditure?a.The Smiths buy a home built in 1990.b.The federal government pays the salary of a captain in the Armed Forces.c.The Hostlers buy a new car that was manufactured in Germany.d.The government buys food for its armed forces.ANSWER:CPOINTS:0 / 113.The method that measures GDP in relationship to the size of the population is calleda.GNPb.worker GDPc.GDP per persond.capital GDPANSWER:CPOINTS:0 / 114.
