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ECON1000 2nd midterm without answers.docx

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ECON 1000
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ECON 1000 INTRODUCTION TO ECONOMICSStudent Name ID NoAnswer ALL QuestionsTime Allowed 2 hours 1Which of the following statistics is the best single measure of an economys wellbeingathe unemployment ratebthe inflation ratecGDPdthe trade deficit2Robert works as a lawyeraGDP computations should be made using his income from providing legal services not his production of legal servicesbGDP computations should be made using his expenditure not his income from providing legal servicescGDP computations should include both his income and his expendituredGDP computations should include either his income or his expenditure but not both 3In an economy consisting of only households and firms GDP can be computed byaadding up the total expenditures of householdsbadding up the total income paid by firmscEither a or b are correctdNone of the above are correct4An Italian company opens a pasta company in Ottawa Canada The profits from this pasta company are included inaboth Canadian and Italian GNPbboth Canadian and Italian GDPcCanadian GNP and Italian GDPdCanadian GDP and Italian GNP5If a Canadian citizen buys a television made in Korea by a Korean firmaCanadiCanadian net exports decrease and Canadian GDP decreasesbCanadiCanadian net exports are unaffected and Canadian GDP decreasescCanadiCanadian net exports are unaffected and Canadian GDP is unaffecteddCanadiCanadian net exports decrease but Canadian GDP is unaffected6To encourage formation of small businesses the government could provide subsidies these subsidies woulda be included in GDP because they are part of government expendituresbbe included in GDP because they are part of investment expenditurescnot be included in GDP because they are transfer payments
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