ECO/100 ECO100 ECO 100 CHAPTER 11 B QUIZ
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- 23 Oct 2017
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ECO 100 CHAPTER 11 B QUIZ
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ReviewTest:Chapter 11-B
The provision of educational services ___________ in modern economies. |
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Text Exercise 3.3 |
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Personal income and personal disposable income refer to payments ultimately flowing to
________
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Text Exercise 2.4 |
A trade surplus occurs when our exports _______ our imports
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Text Exercise 2.2 |
What part of government spending is excluded from GDP?
A.
Education.
B.
National defense.
C.
Purchases of police cars.
D.
Transfer payments.
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Text Exercise 5.3 |
The __________ marks the date that ends a recession and output starts to increase again.
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Text Exercise 5.4 |
The organization that officially dates recessions is the
A.
Department of Commerce.
B.
Council of Economic Advisors.
C.
National Bureau of Economic Research.
D.
Congressional Budget Office.
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Text Exercise 4.3 |
Measured price changes do not depend on the particular base year chosen when calculating
A.
the traditional GDP deflator.
B.
the chain-weighted GDP deflator.
C.
real GDP.
D.
none of the above.
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Text Exercise 4.4 |
To compute nominal GDP, it is not necessary to hold prices constant.hold prices constant.
________
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Text Exercise 6.4 |
Illegal activities are not computed as part of measured GDP because they are not
A.
production.
B.
reported.
C.
legal.
D.
big enough to worry about.
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Text Exercise 6.5 |
Does Spending Measure Welfare? Suppose a community spends $1 million on salaries and equipment for its police department. Because it believes that citizens are now more law abiding, the community decides to cut back on the number of police it employs. As a result, the community now spends $800,000 less on the police officers. The crime rate remains the same.
- What happens to measured GDP?
A.
GDP falls by $200,000.
B.
GDP increases by $800,000.
C.
GDP does not change.
D.
GDP falls by $800,000.
- Does this change in GDP accurately reflect welfare in this case?
A.
Yes, because the community is spending less on police officers.
B.
Yes, because the savings on police officers can now be spent on welfare.
C.
No, because the crime rate has not changed.
D.
No, because the community is spending less on police officers.
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Text Exercise 1.3 |
Which government department produces the National Income and Product Accounts?
A.
The Council of Economic Advisors.
B.
The Department of Education.
C.
The Department of Commerce.
D.
The Congressional Budget Office.
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Text Exercise 3.2 |
What is the largest component of national income?
A.
Rental income.
B.
Compensation of employees (wages and benefits).
C.
Corporate profits.
D.
Proprietor's income (income of unincorporated business).
E.
Net interest.
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