Macroeconomics-9th-edition-mankiw-test-bank
Intermediate Economics (University of Guyana)
Macroeconomics 9th Edition Mankiw Test Bank
1. The economic statistic used to measure the level of prices i...
the economic statistic used to measure the level o
the statistic used by economists to measure the va
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Intermediate Economics (University of Guyana)
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Macroeconomics 9th Edition Mankiw Test Bank
1. The economic statistic used to measure the level of prices is:
A) GDP.
B) CPI.
C) GNP.
D) real GDP.
2. The statistic used by economists to measure the value of economic output is:
A) the CPI.
B) GDP.
C) the GDP deflator.
D) the unemployment rate.
3. GDP is all of the following except the total:
A) expenditure of everyone in the economy.
B) income of everyone in the economy.
C) expenditure on the economy's output of goods and services.
D) output of the economy.
4. The total income of everyone in the economy is exactly equal to the total:
A) expenditure on the economy's output of goods and services.
B) consumption expenditures of everyone in the economy.
C) expenditures of all businesses in the economy.
D) government expenditures.
5. An economy's equals its .
A) consumption; income
B) consumption; expenditure on goods and services
C) expenditure on goods; expenditures on services
D) total income; total expenditure on goods and services
6. All of the following are measures of GDP except the total:
A) expenditures of all businesses in the economy.
B) income from all production in the economy.
C) expenditures on all final goods and services produced.
D) value of all final production.
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7. It is a national income accounting rule that all expenditure on purchases of products in
the economy is necessarily equal to:
A) profits of firms.
B) wages of employees.
C) income of the producers of the products in the economy.
D) income of employees.
8. Two equivalent ways to view GDP are as the:
A) total payments made to all workers in the economy or the total profits of all firms
and businesses in the economy.
B) total expenditures on all goods produced in the economy or the total income earned
from producing all services in the economy.
C) total profits of all firms and businesses in the economy or the total consumption of
goods and services by all households in the economy.
D) total income of everyone in the economy or the total expenditure on the economy's
output of goods and services.
9. In the circular flow model, the flow of dollars from firms to households is paid
and the flow of dollars from households to firms is paid .
A) as wages and profits; for goods and services
B) for value added; as imputed values
C) in current dollars; in constant dollars
D) as interest and dividends; for depreciation and taxes
10. Which of the following is a flow variable?
A) wealth
B) the number unemployed
C) government debt
D) income
11. Which of the following is a stock variable?
A) wealth
B) consumption
C) investment
D) income
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12. All of the following are a stock except:
A) a consumer's wealth.
B) the government budget deficit.
C) the number of unemployed people.
D) the amount of capital in the economy.
13. All of the following are a flow except:
A) the number of new automobile purchases.
B) the number of people losing their jobs.
C) business expenditures on plant and equipment.
D) the government debt.
14. The amount of capital in an economy is a and the amount of investment is a
.
A) flow; stock
B) stock; flow
C) final good; intermediate good
D) intermediate good; final good
15. The market value of all final goods and services produced within an economy in a given
period of time is called:
A) industrial production.
B) gross domestic product.
C) the GDP deflator.
D) general durable purchases.
16. GDP is the market value of all goods and services produced within an economy
in a given period of time.
A) used
B) intermediate
C) consumer
D) final
17. To compute the value of GDP:
A) goods and services are valued at market prices.
B) the sale of used goods is included.
C) production for inventory is not included.
D) goods and services are valued by weight.
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