宏观经济第五章练习题

5 Measuring a Nation’s Production and Income

Practice Quiz

1. Macroeconomics focuses on which of the following topics?

a. unemployment, inflation, growth, and trade

b. individual firms, government, and the structure of society as a whole

c. households, industries, and the distribution of income

d. All of the above are topics in macroeconomics.

2. Which of the following terms are the “flip” sides of macroeconomic activity?

a. unemployment and inflation

b. production and income

c. growth and trade

d. exchange rates and interest rates

3. In the circular flow of income, markets in which households purchase goods and services are called

a. factor markets.

b. input markets.

c. free markets.

d. product markets.

4. Refer to the figure below. Which letter best represents the demand for factors of production?

a. A

b. B

c. C

d. D

5. Which of the following is NOT an intermediate good?

a. corn sold by the farmer to a miller to be made into cornmeal

b. corn sold by the farmer to a wholesaler to be sold to grocery stores

c. corn sold by the farmer to a consumer at a roadside stand

d. corn used by the farmer to feed a hog to be sold to a meat-processing plant

6. Only one answer below is entirely correct. When we use current prices to measure GDP, we give

GDP the name

a. nominal GDP, which can increase as a result of higher production but not because of higher

prices.

b. nominal GDP, which can increase as a result of higher production or higher prices.

c. real GDP, which can increase as a result of higher production or higher prices.

d. real GDP, which cannot increase as a result of higher production or higher prices.

Measuring a Nation’s Production and Income65

7. The value of GDP (in billions of dollars) in 2008 was

a. $14,196.

b. $10,046.

c. $2,041.

d. $2,825.

8. In GDP accounting, purchases of durable goods, nondurable goods, and services are categories of

purchases more closely related to

a. the household sector.

b. the business sector.

c. the government.

d. all of the above

9. The true addition to the stock of capital of the economy in a given period is called

a. gross investment.

b. net investment.

c. depreciation.

d. inventories.

10. Which of the following statements about the federal government’s budget is correct?

a. A small part of the federal government budget is not part of GDP.

b. A large part of the federal government budget is not part of GDP.

c. All of the federal government budget is part of GDP.

d. None of the federal government budget is part of GDP.

11. A trade surplus occurs when

a. exports are greater than imports.

b. imports are greater than exports.

c. net exports are greater than imports.

d. net exports are less than imports.

12. To arrive at net national product (NNP), we must

a. add depreciation to GDP.

b. subtract depreciation from GNP.

c. add the income of individuals to national income.

d. count the output produced by U.S. firms within the United States only.

13. The largest component of national income is

a. corporate profits.

b. compensation of employees.

c. proprietor’s income.

d. net interest.

14. The value added of a firm is

a. the value of the firm’s products after production costs have been subtracte d.

b. the payments the firm has made that are not directly associated with the production process.

c. the sum of all the income—wages, profits, rents, and interest—that it generates.

d. the value of all its assets—plant and equipment—that are used in each subsequent production

period.

15. The cycle of short-term ups and downs in the economy is called

a. deflation.