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Econ 201- Exam Two Questions Ans Accurate Answers

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  • Econ 201

Econ 201- Exam Two Questions Ans Accurate Answers...

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  • September 30, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Econ 201
  • Econ 201
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Easton
Econ 201- Exam Two Questions Ans Accurate Answers



Gross domestic is the sum ______ produced within a country in a given time period. -
Answer market value of all final goods and services



Real GDP as a measure of economic welfare can be criticised because it: - Answer
.does not account for the degradation of environmental quality

.includes neither the value of products produced in the household

.includes leisure time available to society

all of the above are correct



Economists distinguish real GDP from nominal GDP to - Answer determine whether real
production has changed



When calculating GDP, underground economic activity is - Answer the part of the
economy purposely hidden



GDP declines during - Answer the movement from peak to trough



Base-year method of calculating real GDP The base-year method of calculating real
GDP compared Answer quantities produced in different years using prices from a year
chosen as a reference period



Potential GDP is Answer the value of production when all the nation's resources are fully
employed



If Nike, an American corporation, produces sneakers in Thailand this would Answer add
to Thailand's GDP but not to US GDP

, What is not an indirect tax? - Answer income taxes



Business Cycles - Answer follow a pattern of trough, expansion, peak and recession



What is not part of the expenditure approach to measuring GDP? - Answer net interest



Personal consumption expenditures does not include - Answer new housing



What is not included in gross domestic investment expenditure - Answer business's
purchase of another company's stock



Which of the following is a reason why intermediate goods are not included in GDP?
Answer: Because their inclusion would involve double counting



Depreciation is best described as - Answer decline in the stock of capital because of
wear and tear



The biggest component of GDP according to the expenditures approach is - Answer
personal consumption expenditures



Which of the following does not form part of real GDP? - Answer production in the home



Net investment is equal to - Answer gross investment minus depreciation



Depreciation is subtracted from gross domestic product to determine directly - Answer
net domestic product



When using the income approach to measure GDP, the largest share of GDP generally
consists of: - Answer labor income

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