(Test Bank)Economics for Managers, 3rd Edition by Paul G. Farnham chapter 11

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1、EconomicsforManagers,3e(Farnham)Chapter11MeasuringMacroeconomicActivity1)Macroeconomicsstudiesthefollowingtopics:A)nationaloutput,theinflationrate,andthetradedeficit.B)thepriceofCiscostockandwagedifferences.C)differencesinmarketstructure.D)alloftheabove.Answer:ADiff:1Topic:Intro

2、ductiontomacroeconomics2)Whichofthefollowingstatisticsisthebestsinglemeasureofoveralleconomicactivity?A)Thelaborforceparticipationrate.B)Theinflationrate.C)GDP.D)Thetradesurplus.Answer:CDiff:1Topic:MeasuringGDP3)IfGDPrises:A)incomeandproductionmustbothfall.B)incomeandproductionm

3、ustbothrise.C)incomemustrise,butproductionmayriseorfall.D)noneoftheabove.Answer:BDiff:2Topic:MeasuringGDP4)IfGDPfalls:A)incomeandproductionmustbothfall.B)incomeandproductionmustbothrise.C)incomemustrise,butproductionmayriseorfall.D)noneoftheabove.Answer:ADiff:2Topic:MeasuringGDP

4、21Copyright©2014PearsonEducation,Inc.5)Themarketvalueofallcurrentlyproducedfinalgoodsandserviceswithinacountyinagivenperiodoftimebydomesticandforeignsuppliedresourcesiscalled:A)GNP.B)GDP.C)NNP.D)noneoftheabove.Answer:BDiff:1Topic:MeasuringGDP6)TocomputeGDP:A)simplysumthenumberof

5、finalgoodsandservices.B)sumthecostofproducingfinalgoodsandservices.C)useaweightedaveragebyasurveyregardinghowmuchpeoplevaluedifferentgoodsandservices.D)sumthemarketvaluesoffinalgoodsandservices.Answer:DDiff:2Topic:MeasuringGDP7)WhichofthefollowingisnotincludedinGDP?A)Unpaidmaint

6、enanceofyourhousebyyourspouse.B)Servicessuchasthoseprovidedbylawyersanddentists.C)Theestimatedrental(imputed)valueofowner-occupiedhousing.D)ProductionbyforeigncitizensintheU.S.Answer:ADiff:2Topic:MeasuringGDP8)Inacircular-flowdiagram,totalincomeandtotalexpendituresinaneconomyare

7、:A)equalbecausefirmsareultimatelyownedbyhouseholds.B)equalonlyifthereisnosaving.C)equalbecauseeverytransactionhasabuyerandaseller.D)alwaysequalbecausesomepeople'sincomeisnotforproduction.Answer:CDiff:2Topic:MeasuringGDP9)Aneconomywithbothaprivateandpublicsectoriscalled:A)amixede

8、conomy.B)aprivateeconomy.C)acommandeconomy.D)no