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York University
Administrative Studies
ADMS 1010

University of LethbridgeDepartment of EconomicsECON 1012Introduction to MicroeconomicsInstructorMichael G LanyiChapter 20Measuring GDP1Gross domestic product isAthe market value of all the intermediate goods and services produced in a country during a given timeperiodBthe final value of all goods produced in a country in a given time periodCthe market value of all goods and services produced in a country during a given time periodDthe average value of output produced in a country in a given time periodEthe market value of all the final goods and services produced in a country during a given time periodTopicGross Domestic Product2In calculating GDP economists use the value of final goods and services becauseAfinal goods can be exported to other countriesBby using final goods and services they avoid double countingCintermediate goods are imported from other countriesDGDP is underestimated if intermediate goods are used insteadEnone of the aboveTopicGross Domestic Product3Which of the following statements is trueAFinal goods and services produced in Canada by foreigners are part of the foreign countrys GDPBFinal goods and services produced in Canada by foreigners are part of Canadas GDPCFinal goods and services produced in Canada by foreigners are exportsDFinal goods and services produced in Canada by foreigners are importsEFinal goods and services produced abroad by Canadians are part of Canadian GDPTopicGross Domestic Product4The circular flow diagram illustrates theexpenditures made byAhouseholds and investors onlyBhouseholds firms governments and the rest of the worldChouseholds and firms onlyDfirms households and governments onlyEhouseholds onlyTopicGross Domestic Product5In the circular flow modelAfirms are sellers of goods and services in goods marketsBhouseholds are sellers of factor services in goods marketsCfirms are sellers of the factors in factor marketsDhouseholds are buyers of goods and services in the factor marketsEfirms are buyers of goods and services in final marketsTopicGross Domestic Product16The circular flow model is used toAshow the real flows and money flows between different sectors of the economyBexplain how the prices of factors are determinedCshow how nominal GDP is distinct from real GDPDshow the effects of inflation in a simple economyEshow the stocks of various sectors of the economyTopicGross Domestic Product7The purchasers in the goods and services market areAhouseholds and firms onlyBhouseholds and government onlyChouseholds firms government and those who import our goodsDhouseholds and net exporters onlyEhouseholds firms and government onlyTopicGross Domestic Product8Of the following items which one would be considered as investment in the National Income and ExpenditureAccountsAThe purchase of a Canadian government bondBThe purchase of 100 shares of Bell Canada stock on the Toronto Stock ExchangeCThe purchase of a new van by a potter who packs it with his wares and travels to art shows on weekendsDThe purchase of a 100yearold house that was put on the protected historic sites listEAll of the aboveTopicGross Domestic Product9Complete the following sentence Net exports equalsAexports plus importsBexports minus importsCimports minus exportsDexports divided by importsEforeign borrowing by residents of Canada minus domestic borrowing by nonresidents of CanadaTopicGross Domestic Product10In the National Income and Expenditure Accounts government expenditure refers to spending on goods andservices byAfederal and provincial governments onlyBfederal provincial and local governmentsCthe federal government and local governments only Provincial government expenditures are included inprovincial GDP calculationsDthe federal government only Provincial and local government expenditures are included in provincialGDP calculationsEprovincial and local governments onlyTopicGross Domestic Product2
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