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# NEED BACK IN 45 MINUTES. WILL TIP WELL 1. The total sales

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NEED BACK IN 45 MINUTES. WILL TIP WELL

1. The total sales of all firms in the economy for a year (Points : 1)
equals GDP for the year.
is larger than GDP for the year.
is smaller than GDP for the year.
Any of the above is possible.

2. Which of the following items is included in GDP? (Points : 1)
the sale of stocks and bonds
the sale of used goods
the sale of services such as those performed by a doctor
All of the above are included in GDP.

3. Suppose an economy produces only eggs and ham. In 2005, 100 dozen eggs are sold at \$3 per dozen and 50 pounds of ham are sold at \$4 per pound. In 2004, the base year, eggs sold at \$1.50 per dozen and ham sold at \$5 per pound. For 2005, (Points : 1)
nominal GDP is \$400, real GDP is \$500, and the GDP deflator is 80.
nominal GDP is \$400, real GDP is \$500, and the GDP deflator is 125.
nominal GDP is \$500, real GDP is \$400, and the GDP deflator is 80.
nominal GDP is \$500, real GDP is \$400, and the GDP deflator is 125.

4. A steel company sells some steel to a bicycle company for \$150. The bicycle company uses the steel to produce a bicycle, which it sells for \$250. Taken together, these two transactions contribute (Points : 1)
\$150 to GDP.
\$250 to GDP.
between \$250 and \$400 to GDP, depending on the profit earned by the bicycle company when it sold the bicycle.
\$400 to GDP.

5. The value of the housing services provided by the economy's owner-occupied houses is (Points : 1)
included in GDP, and the estimated rental values of the houses are used to place a value on these housing services.
included in GDP, and the actual mortgage payments made on the houses are used to estimate the value of these rental services.
excluded from GDP since these services are not sold in any market.
excluded from GDP since the value of these housing services cannot be estimated with any degree of precision.

6. Which of the following newspaper headlines is more closely related to what microeconomists study than to what macroeconomists study? (Points : 1)
Unemployment rate rises from 5 percent to 5.5 percent.
Real GDP grows by 3.1 percent in the third quarter.
Retail sales at stores show large gains.
The price of oranges rises after an early frost.

7. Table 23-5

The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2006.

Year Price
of
Waffles Quantity
of
Waffles Price
of
Pancakes Quantity
of
Pancakes
2005 \$2 100 \$1 100
2006 \$2 120 \$2 150
2007 \$3 150 \$3 200
2008 \$4 180 \$3 220

Refer to Table 23-5. In 2005, Batterland’s GDP deflator was (Points : 1)
75.
100.
133.3.
This cannot be calculated from the information given.

8. Table 23-2

The table below contains data for the country of Wrexington for the year 2008.

Household purchases of durable goods \$1293
Household purchases of nondurable goods \$1717
Household purchases of services \$301
Household purchases of new housing \$704
Purchases of capital equipment \$310
Inventory changes \$374
Purchases of new structures \$611
Depreciation \$117
Salaries of government workers \$1422
Government expenditures on public works \$553
Transfer payments \$777
Foreign purchases of domestically produced goods \$88
Domestic purchases of foreign goods \$120

Refer to Table 23-2. What were Wrexington’s net exports in 2008? (Points : 1)
-\$32
\$32
\$88
\$120

9. The U.S. government pays an economist at the U.S. Department of Commerce \$50,000 in salary in 2006. The economist then retires. In 2007, the government pays him \$30,000 in retirement benefits. Which of the following is correct? (Points : 1)
The 2006 payment is included in 2006 GDP as government purchases, and the 2007 payment is included in 2007 GDP as government purchases.
The 2006 payment is included in 2006 GDP as government purchases, but the 2007 payment is not included in 2007 GDP.
The 2006 payment is included in 2006 GDP as government purchases, and the 2007 payment is included in 2007 GDP as government transfer payments.
The 2006 payment is included in 2006 GDP as government purchases, and the 2007 payment is allocated to previous years' GDP according to the amount of work performed by the economist each year.

10. Which of the following is included in U.S. GDP? (Points : 1)
the value of production by an American working in Morocco
the value of production by a Moroccan working in the U.S.
Both (a) and (b) are correct.
Neither (a) nor (b) is correct.

11. If an economy’s GDP falls, then it must be the case that the economy’s (Points : 1)
income falls and saving rises.
income and saving both fall.
income falls and expenditure
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  Bizhelp replied 2 years ago.
Hi,

Thanks for requesting me.

OK, I am working on these and will answer shortly.
Expert:  Bizhelp replied 2 years ago.
Hi,

I just noticed that #11 is missing the last choice. Please provide the last choice. It looks like the post got cut off. Also, are there more than 11 questions? If so, please provide them.
Customer: replied 2 years ago.

My apologies here are the remaining 10 questions:

 11. If an economy's GDP falls, then it must be the case that the economy's (Points : 1)

income falls and saving
rises.

income and saving both
fall.

income falls and expenditure
rises.

income and expenditure both
fall.

 12. Which of the following is not included in GDP? (Points : 1)

carrots grown in your garden and eaten by your
family

carrots purchased at a farmer's market and eaten

carrots purchased at a grocery store and eaten

More than one of the above is not included in
GDP.

 13. In 2007, U.S. net exports were (Points : 1)

positive and about 2 percent the size of
GDP.

positive and about 5 percent the size of
GDP.

negative and about 2 percent the size of
GDP.

negative and about 5 percent the size of
GDP.

 14. When economists talk about growth in the economy, they measure that growth as the (Points : 1)

absolute change in nominal GDP from one period
to another.

percentage change in nominal GDP from one period
to another.

absolute change in real GDP from one period to
another.

percentage change in real GDP from one period to
another.

 15. Which of the following statements about nominal GDP and real GDP is correct? (Points : 1)

Nominal GDP is a better gauge of economic
well-being than is real GDP.

Real GDP is a better gauge of economic
well-being than is nominal GDP.

Real GDP and nominal GDP are equally good
measures of economic well-being.

Nominal GDP reflects the economy's ability to
satisfy people's needs and desires, but Real GDP does
not.

 16. An Iowan receives a Social Security check for \$500, which he uses to purchase a \$480 television made in Japan by a Japanese firm and a \$20 dinner at a local restaurant. As a result, U.S. GDP (Points : 1)

does not change.

increases by \$20.

increases by \$520.

increases by \$1000.

17. Table 23-1

The table below
contains data for the country of Wrexington for the year
2006.

 GDP \$110 Income earned by citizens abroad \$5 Income foreigners earn here \$15 Losses from depreciation \$4 Indirect business taxes \$6 Business subsidies \$2 Statistical discrepancy \$0 Retained earnings \$5 Corporate income taxes \$6 Social insurance contributions \$10 Interest paid to households by government \$5 Transfer payments to households from government \$15 Personal taxes \$30 Nontax payments to government \$5

Refer to Table 23-1.
Disposable personal income for Wrexington in 2006 is (Points : 1)

\$56.

\$66.

\$116.

\$126.

 18. Unemployment compensation is (Points : 1)

part of GDP because it represents
income.

part of GDP because the recipients must have
worked in the past to qualify.

not part of GDP because it is a transfer
payment.

not part of GDP because the payments reduce

 19. Which of the following topics are more likely to be studied by a macroeconomist than by a microeconomist? (Points : 1)

the effect of taxes on the prices of airline
tickets, the profitability of automobile-manufacturing firms, and employment
trends in the food-service industry

the price of beef, wage differences between
genders, and antitrust laws

how consumers maximize utility, and how prices
are established in markets for agricultural products

the percentage of the labor force that is out of
work, and differences in average income from country to
country

 20. For an economy as a whole, income must equal expenditure because (Points : 1)

the number of firms is equal to the number of
households in an economy.

international law requires that income equal
expenditure.

every dollar of spending by some buyer is a
dollar of income for some seller.

every dollar of saving by some consumer is a
dollar of spending by some other consumer.

Expert:  Bizhelp replied 2 years ago.
OK, I don't think I can make the deadline. I need about 15-20 more minutes. Also, could you consider adding about a \$12 bonus if satisfied, as I did not realize there were 20 questions in all?

Customer: replied 2 years ago.

No problem ; )

Expert:  Bizhelp replied 2 years ago.
OK, thanks!

Hope this helps!
Bizhelp, CPA
Satisfied Customers: 5799
Experience: BA degree and Certified Public Accountant
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