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chapter 20.doc

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Department
Economics
Course
ECON 1010
Professor
Steven Edwards
Semester
Summer

Description
Economics Canada in the Global Environment 7e ParkinChapter 20 Measuring GDP and Economic Growth201 Gross Domestic Product1 Gross domestic product is A the final value of all goods produced in a country in a given time period B the market value of all goods and services produced in a country during a given time period C the market value of all the final goods and services produced in a country during a given time period D the average value of output produced in a country in a given time period E the market value of all the intermediate goods and services produced in a country during a given time period AnswerCDiff 3TopicGross Domestic Product2 In calculating GDP economists use the value of final goods and services becauseA by using final goods and services they avoid double counting B final goods can be exported to other countriesC intermediate goods are imported from other countries D GDP is underestimated if intermediate goods are used insteadE none of the above AnswerADiff 3TopicGross Domestic Product3 Which of the following statements is trueA Final goods and services produced abroad by Canadians are part of Canadian GDPB Final goods and services produced in Canada by foreigners are part of the foreign countrys GDPC Final goods and services produced in Canada by foreigners are part of Canadas GDPD Final goods and services produced in Canada by foreigners are importsE Final goods and services produced in Canada by foreigners are exportsAnswerCDiff 3TopicGross Domestic Product4 The circular flow diagram illustrates the expenditures made byA households onlyB households and firms onlyC households and investors onlyD firms households and governments onlyE households firms governments and the rest of the worldAnswerEDiff 1TopicGross Domestic Product1 2010 Pearson Education Canada5 In the circular flow model A households are sellers of factor services in goods markets B households are buyers of goods and services in the factor markets C firms are sellers of the factors in factor markets D firms are sellers of goods and services in goods markets E firms are buyers of goods and services in final markets AnswerDDiff 1TopicGross Domestic Product6 The circular flow model is used to A show how nominal GDP is distinct from real GDP B explain how the prices of factors are determined C show the effects of inflation in a simple economy D show the real flows and money flows between different sectors of the economy E show the stocks of various sectors of the economy AnswerDDiff 1TopicGross Domestic Product7 The purchasers in the goods and services market are A households and government only B households and firms only C households and net exporters only D households firms and government only E households firms government and those who import our goods AnswerEDiff 1TopicGross Domestic Product8 Of the following items which one would be considered as investment in the National Income and Expenditure AccountsA The purchase of a new van by a potter who packs it with his wares and travels to art shows on weekendsB The purchase of 100 shares of Bell Canada stock on the Toronto Stock ExchangeC The purchase of a 100yearold house that was put on the protected historic sites listD The purchase of a Canadian government bondE All of the aboveAnswerADiff 1TopicGross Domestic Product2 2010 Pearson Education Canada9 Complete the following sentence Net exports equals A exports divided by imports B exports plus imports C exports minus imports D imports minus exports E foreign borrowing by residents of Canada minus domestic borrowing by nonresidents of Canada AnswerCDiff 1TopicGross Domestic Product10 In the National Income and Expenditure Accounts government expenditure refers to spending on goods and services by A federal and provincial governments only B the federal government only Provincial and local government expenditures are included in provincial GDP calculations C provincial and local governments only D federal provincial and local governments E the federal government and local governments only Provincial government expenditures are included in provincial GDP calculations AnswerDDiff 1TopicGross Domestic Product11 Which one of the following is an expenditure flow from households to firms A Goods and servicesB Factor servicesC Payments for goods and servicesD Payments for factor servicesE LoansAnswerCDiff 1TopicGross Domestic Product12 Which one of the following is an income flow from firms to householdsA Goods and servicesB Factor servicesC Payments for goods and servicesD Payments for factor servicesE LoansAnswerDDiff 1TopicGross Domestic Product3 2010 Pearson Education Canada
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