Macroeconomics Mankiw 8th Edition Test Bank
Macroeconomics Mankiw 8th Edition Test Bank
Macroeconomics Mankiw 8th Edition Test Bank
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Question
An economy's equals its .
Answer consumption; income
consumption; expenditure on goods and services
expenditure on goods; expenditures on services
income; expenditure on goods and services
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Question
All of the following are measures of GDP except the total:
Answer expenditures of all businesses in the economy.
income from all production in the economy.
expenditures on all final goods produced.
value of all final production.
Question
It is a national income accounting rule that all expenditure on purchases of products is
necessarily equal to:
Answer profits of firms.
wages of employees.
income of the producers of the products.
income of employees.
Question
Two equivalent ways to view GDP are as the:
Answer total payments made to all workers in the economy or the total profits of all firms
and businesses in the economy.
total expenditures on all goods produced in the economy or the total income
earned from producing all services in the economy.
total profits of all firms and businesses in the economy or the total consumption of
goods and services by all households in the economy.
total income of everyone in the economy or the total expenditure on the economy's
output of goods and services.
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Question
In the circular flow model, the flow of dollars from firms to households is paid and the
flow of dollars from households to firms is paid .
Answer as wages and profits; for goods and services
for value added; as imputed values
in current dollars; in constant dollars
as interest and dividends; for depreciation and taxes
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Question
Which of the following is a flow variable?
Answer wealth
the number unemployed
government debt
income
Question
Which of the following is a stock variable?
Answer wealth
consumption
investment
income
Question
All of the following are a stock except:
Answer a consumer's wealth.
the government budget deficit.
the number of unemployed people.
the amount of capital in the economy.
Question
All of the following are a flow except:
Answer the number of new automobile purchases.
the number of people losing their jobs.
business expenditures on plant and equipment.
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Question
The amount of capital in an economy is a and the amount of investment is a .
Answer flow; stock
stock; flow
final good; intermediate good
intermediate good; final good
Question
The market value of all final goods and services produced within an economy in a given period
of time is called:
Answer industrial production.
gross domestic product.
the GDP deflator.
general durable purchases.
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Question
GDP is the market value of all goods and services produced within an economy in a
given period of time.
Answer used
intermediate
consumer
final
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Question
To compute the value of GDP:
Answer goods and services are valued at market prices.
the sale of used goods is included.
production for inventory is not included.
goods and services are valued by weight.
Question
Assume that total output consists of four apples and six oranges and that apples cost $1 each
and oranges cost $0.50 each. In this case, the value of GDP is:
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