Test Bank Questions and Answers for Macroeconomics Chapter 19 Rated A+
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Macroeconomics
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Macroeconomics
Test Bank Questions and Answers for Macroeconomics Chapter 19 Rated A+
Which of the following news stories (all published in early 2014) would typically be studied in macroeconomics? (Select all that apply.) - Answers "Expectations High for March Employment.", "What If Economic Growth Is No Longer...
Test Bank Questions and Answers for Macroeconomics Chapter 19 Rated A+
Which of the following news stories (all published in early 2014) would typically be studied in
macroeconomics? (Select all that apply.) - Answers "Expectations High for March Employment.", "What
If Economic Growth Is No Longer Possible?", "We Believe Inflation Should Rule Monetary Policy."
Production-based accounting is used to estimate GDP by ____________. - Answers A and C only.
(summing each firm's value added to the production process, computing for each firm the difference
between sales revenue and the purchase of intermediate products, then summing this difference across
all firms)
Which of the following will be considered a final good in the calculation of U.S. GDP? (Check all that
apply.) - Answers Defense equipment purchased by the federal government, Golf outings at courses in
North Carolina, (or Foot massages at spas in California)
Items are classified as final goods only if they are the ________ in a chain of production. - Answers end
product
To generate estimates of gross domestic product (GDP), the Bureau of Economic Analysis must
aggregate a variety of data sources, such as expenditure surveys. Which of the following are likely to be
problems while estimating GDP? (Select all that apply). - Answers Measuring physical depreciation of
capital, Measuring black-market production
Which of the following pieces of information are needed for national income accounting? (Select all that
apply). - Answers The government would need information on both quantities produced and market
prices, for every good produced in an economy, The government would need information on all sales,
including the size of all inventories in every company.
Which of the following shows the expected relationship between GDP and GDI? - Answers GDP is equal
to GDI.
Based on the information given in the tables, in the first quarter of 2016, the estimate for GDI was
_______ billion and for GDP was _______ billion. - Answers $18,546 and $18,281.6
Using the information, which of the following factors is responsible for the discrepancy between GDP
and GDI? - Answers Net exports are accounted for in GDP but not in GDI.
When government statisticians gather and analyze data on the value added by the firms value added by
the firms in the domestic economy, they are measuring GDP using the ____________. - Answers
production-based accounting method
The national income accounting identity associated with the expenditure-based accounting method is
represented by ___________. - Answers Y = C+I+G+X-M
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