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Category: Multiple Problems
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Experience:  Business Analyst and Solution Consultant with over 9 years of experience.
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### Customer Question

I need these answered within an hour

1. Which of the following is a part of GDP?

The value of a homemaker's services
The value of a haircut
The value of an old car purchased during a year
The value of an existing house sold during a year

var questionIndex = "0";

2. Per capita real output would be certain to increase if

both real GDP and population increase.
both real GDP and population decrease.
real GDP increases and population decreases.
real GDP decreases and population increases.

var questionIndex = "1";

3. Which of the following would increase this year's GDP?

Cleaning your own house rather than hiring a cleaning service
Cashing in your Social Security check each month
The \$5 a share increase in your Walmart stock after quarterly profits were announced
Paying for daycare services while you attend to your work

var questionIndex = "2";

4. The U.S. government reported in March 2009 that there were 81.0 million people not in the labor force; 154.0 million in the civilian labor force, and 140.9 million employed. Based on these numbers, what was the unemployment rate?

13.1
9.3
8.5
5.5

var questionIndex = "3";

5. The key to the equality of output and income is:

employee compensation.
profit.
transfer payments.

var questionIndex = "4";

6. If nominal output is \$5.28 trillion and the GDP deflator is 20 percent higher than in the base year, then real output is:

\$4.84 trillion.
\$4.4 trillion.
\$4 trillion.
\$3.84 trillion.

var questionIndex = "5";

7. Structural unemployment is caused by:

a general downturn in the economy.
people quitting a job just long enough to look for and find another one.
people over 65 who don't really want to work.
people losing a job when their skills become obsolete due to technological innovations.

var questionIndex = "6";

the term used to describe fluctuations in output around its long-term trend.
the length of time required by a firm to buy inputs and produce and sell output.
the pattern of increases and decreases in the inflation rate.
regular and predictable.

var questionIndex = "7";

9. If nominal GDP increases by 5% and the price level rises by 2%, real GDP:

increases by 7%.
decreases by 7%.
increases by 3%.
decreases by 3%.

var questionIndex = "8";

10. If nominal GDP increases by 2% and the price level rises by 1%, real GDP:

increases by 1%.
decreases by 1%.
increases by 3%.
decreases by 3%.

var questionIndex = "9";

11. Okun's rule of thumb states that a:

2 percentage point change in unemployment will cause income to change in the opposite direction by 1 percent.
2 percentage point change in unemployment will cause income to change in the same direction by 1 percent.
1 percentage point change in unemployment will cause income to change in the opposite direction by 2 percent.
1 percentage point change in unemployment will cause income to change in the same direction by 2 percent.

var questionIndex = "10";

12. If nominal output is \$7.3 trillion and the GDP deflator is 115, then real output is:

\$10.7 trillion.
\$6.15 trillion.
\$6.3 trillion.
\$15.8 trillion.

var questionIndex = "11";

13. In November 2001 a recession ended. In business cycle terminology, what does November 2001 mark?

The trough of the cycle
The peak of the cycle
The depression of the cycle
The duration of the recession

var questionIndex = "12";

14. Real gross domestic product is best defined as:

the market value of intermediate goods and services produced in an economy, including exports.
all goods and services produced in an economy stated in the prices of a given year and multiplied by quantity.
the market value of all final goods and services produced in an economy stated in the prices of a given (or base) year.
the market value of goods and services produced in an economy stated in current-year prices.

var questionIndex = "13";

15. The size of a country’s underground economy will affect its reported gross domestic product.

True
False

var questionQuestionTypeNumber = "TrueFalse15";

16. GNP is the:

aggregate output of the citizens and businesses of an economy in a one year period.
aggregate final output of the citizens and businesses of an economy in a one year period.
total market value of all goods and services produced in an economy in a one year period.
total market value of all final goods and services produced in an economy in a one year period.

var questionIndex = "15";

17. In 2008, U.S. aggregate income increased by roughly \$460 billion. Which of the following could possibly account for this increase in aggregate income?

A reduction in interest of \$460 billion
A reduction in rent of \$460 billion
An increase in depreciation of \$460 billion
An incre
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  Bizhelp replied 2 years ago.
Hi,

Thanks for the questions. How much time do you have left for these? I hope it is not too late.

It looks like some of the above got cut off. Please provide Questions 17 - end.

Customer: replied 2 years ago.
i only have 15 mins left
Customer: replied 2 years ago.

 17. In 2008, U.S. aggregate income increased by roughly \$460 billion. Which of the following could possibly account for this increase in aggregate income? (Points : 5)

A
reduction in interest of \$460 billion

A
reduction in rent of \$460 billion

An
increase in depreciation of \$460 billion

An
increase in profits of \$460 billion

 18. The value of intermediate goods is: (Points : 5)

included
in both GDP and GNP.

included
in GDP but not GNP.

included
in GNP but not GDP.

excluded
from both GDP and GNP.

 19. If the price level doubles and real output doesn't change, then nominal output also doubles. (Points : 5)

True

False

 20. Which of the following is an example of an intermediate product? (Points : 5)

A
brand new Toyota Prius

A
used Ford focus

The
rubber used in the tires of a brand new Toyota Prius

The
gas pumped into the Ford Focus by its owner

Expert:  Bizhelp replied 2 years ago.
Sorry, I won't be able to answer these in that time frame. I will opt out in case another expert has the answers. Thanks.

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