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Chapter5-poblem+set+(answer).pdf

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Department
Economics
Course
ECON 102
Professor
Richard Ennis
Semester
Summer

Description
Chapter 5Measuring a Nations IncomeMULTIPLE CHOICE 1 Which of the following headlines would be most closely related to what macroeconomists study a Unemployment rate rises from 5 percent to 55 percent b The price of gold grows by 31 percent in the third quarter c The number of tourists visiting Canadian national parks has declined d The price of oranges rises after an early frost 2 Which of the following topics are studied in macroeconomics a national output the inflation rate and the trade deficit b the price of Cisco stock wage differences between genders and antitrust laws c differences in market structure and how consumers maximize utility d the effect of trade tariffs on prices and patterns of international trade3 Which of the following statistics is the best single measure of an economys wellbeing a the unemployment rate b the inflation rate c GDP d the trade deficit4 If GDP rises what happens a Income and expenditure must both rise b Income and expenditure must both fall c Income must rise but expenditure may rise or fall d Expenditure must rise but income may rise or fall5 In a simple circularflow diagram how are total income and total expenditure interrelated a They are seldom equal because of the dynamic changes that occur in an economy b They are equal only when all goods and services produced are sold c They are always equal because every transaction has a buyer and a seller d They are always equal because of accounting rules 6In an economy consisting of only households and firms how can GDP be computed a by adding up the total expenditures of households and subtracting savings b by adding up the income paid by firms only in exchange for labour c by adding up either total income paid by firms or total expenditures of households but not both d by adding up both the total expenditures of households and total income paid by firms7Which of the following is the correct definition of GDP a the market value of all goods produced within a country b the market value of all final goods and services produced by the citizens of a country c the market value of all final goods and services consumed within a country over a number of years
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