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1、41Macroeconomics,8e(Parkin)Testbank141Chapter541MeasuringGDPandEconomicGrowth415.141GrossDomesticProduct411)41Grossdomesticproductisthetotal________producedwithinacountryinagiventimeperiod.41A)41marketvalueofallfinalandintermediategoodsandservices41B)4

2、1marketvalueofallgoodsandservices41C)41amountoffinalandintermediategoodsandservices41D)41marketvalueofallfinalgoodsandservices41Answer:41D41Topic:41GDP41Skill:41Recognition412)41Thecircularflowdiagramshows41A)41hownominalGDPisdistinctfromrealGDP.41B)41

3、howthepricesoffactorsaredetermined.41C)41theeffectsofinflationinasimpleeconomy.41D)41theflowsbetweendifferentsectorsoftheeconomy.41Answer:41D41Topic:41CircularFlows41Skill:41Conceptual413)41Thecircularflowdiagramindicatesthat41A)41householdsselltheserv

4、icesoffactorsofproductiontofirms.41B)41firmsbuytheservicesoffactorsofproductionfromthegovernment.41C)41householdssellgoodsandservicestothegovernment.41D)41firmsbuygoodsandservicesfromhouseholds.41Answer:41A41Topic:41CircularFlows41Skill:41Conceptual414

5、)41Inthecircularflowmodelofaneconomywithnogovernmentsectorandnointernationaltrade,households41A)41receiveincomefrombuyersofgoodsandservices.41B)41receiveincomefromthesaleoffactorsinthegoodsmarkets.41C)41payfirmsfortheuseoftheirfactors.41D)41receiveinco

6、mefromproducersfortheuseoffactorsinthefactormarkets.41Answer:41D41Topic:41CircularFlows41Skill:41Conceptual41415)41Inthecircularflowdiagram,aggregateexpenditureincludesthesumof41A)41savingandinvestment.41B)41consumptionandinvestment.41C)41consumption,i

7、nvestment,andsaving.41D)41incomeandsaving.41Answer:41B41Topic:41CircularFlow,AggregateExpenditure41Skill:41Conceptual416)41Inthecircularflowofeconomicactivity41A)41aggregateexpendituremeasuresthedollarvalueofpurchasesoffactors.41B)41aggregateexpenditur

8、emeasuresthedollarvalueofpurchasesoffinalgoodsandservices.41C)41aggregateincomemeasuresthedollarvalueoflaborresourcesonly.41D)41aggregateexpenditureismeasuredasitmovesthroughthefinancialmarkets.41Answer:41B41Topic:41CircularFlow,Aggrega