Question Details

A loaf of bread purchased by one of your instructors would be best described as



1) The word ʺfinalʺ in the definition of GDP refers to
A) not counting intermediate goods or services.
B) the time period when production took place.
C) valuing production at market prices.
D) counting the intermediate goods and services used to produce GDP.
2) A loaf of bread purchased by one of your instructors would be best described as
A) an intermediate good.
B) a financial asset.
C) a used good.
D) a final good.
3) Which of the following is a final good?
A) the memory chips in your new smart phone
B) a share of IBM stock
C) flour purchased at the store to bake cookies
D) flour used by the bakery to bake cookies
4) In 2011, Ozzie purchased a 2008 Ford Escort from his neighbor for his son, purchased a 2007
ʺone ownerʺ Camry from Larchmont Toyota for his wife, bought a 2011 new Ford for himself,
and sold his 2000 Dodge Caravan to his teenage nephew. Which, if any, of these transactions
will be included in GDP in 2011?
A) all four transactions
B) all three purchases but not the sale
C) the purchase of the Ford and the Caravan
D) only the purchase of the Ford
5) Which of the following expenditures associated with the production of a new high -performance
SUV will be directly included in GDP?
A) the sale of bonds to finance the construction of the assembly plant
B) the purchase of used welding robots to assemble to vehicles
C) the purchase of new tires to be installed on the new vehicles
D) the purchase of new machine tools to manufacture the engines



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