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..Econ 104 Quiz 1 SG - Bill Goffe Latest Update
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__ GDP is used to track the economy since it __ correct for the impact of inflation
(rising prices).
Nominal, does
Nominal, does not
Real, does
Real, does not - CORRECT ANSWER: Real, does
A basic difference between a capital good and an intermediate good is that an
intermediate good is used up or transformed in the production process while a capital
good is not.
true
false - CORRECT ANSWER: true
A report on GDP says that income fell. Then spending measured by GDP __.
might have risen
must have risen
might have fallen
must have fallen - CORRECT ANSWER: must have fallen
Business cycle - CORRECT ANSWER: alternating periods of expansion and recession
that the U.S. economy has experienced since at least the early 19th century
Capital (K) - CORRECT ANSWER: manufactured goods owned by firms to produce
other goods and services
(Capital goods generally last for years and can be used many times)
Capital goods are final goods, but their production is NOT part of GDP.
true
false - CORRECT ANSWER: false
Consumption - CORRECT ANSWER: spending by households on goods and services,
not including spending on new houses
*largest component of GDP
Expenditures on services (haircuts, education)
Expenditures on nondurable goods (food, clothing)
Expenditures on durable goods (cars, furniture)
Current Nominal GDP - CORRECT ANSWER: Nominal GDP: $19.2 trillion
Current Real GDP - CORRECT ANSWER: Real GDP: $17.0 trillion
Economic growth - CORRECT ANSWER: ability of an economy to produce increasing
quantities of goods and services
Expansion - CORRECT ANSWER: period during which total production and total
employment are increasing
Final good - CORRECT ANSWER: is purchased by the final user
Final good or service - CORRECT ANSWER: a good or service purchased by a final
user
For the sake of this question, say that total inventories in the U.S. was $1 trillion in one
year and then $1 trillion the next year. Would there be any inventory investment?
yes
no
cannot tell with the given information - CORRECT ANSWER: no
GDP = ? - CORRECT ANSWER: C + I + G + NX
GDP by Expenditures (flip side of production)
Consumption ( C )
Investment (I)
Government purchases (G):
Net exports (NX) - CORRECT ANSWER: Consumption ( C ) - purchases by households
Investment (I) - as before
Government purchases (G):Smaller than government "expenditures"
Government expenditures = purchases + transfers + interest payments (on its debt)
Net exports (NX) - exports - imports
GDP by Production - CORRECT ANSWER: when measured by production, GDP for a
nation's economy is the market value of all final goods and services produced
domestically in that yearPowered by TCPDF (www.tcpdf.org)
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