QZ7

Name: MATTHEW DICE Attempt: 1 / 1 Out of: 25

Question 1 (1 point)
The four components of GDP are
Student response: Student Answer Choices
Response
a. consumption, investment, government
purchases, and net imports.
b consumption, investment, government
. purchases, and net exports.
c. consumption, investment, government
taxes, and net imports.
d consumption, investment, government
. taxes, and net imports.
e. consumption, savings, government
purchases, and net exports.

Score: 1/1

Question 2 (1 point)
The real GDP is the value of all final goods and services produced within the borders of a
country given in constant dollars.
Student response: Student Answer Choices
Response
a. True.
b. False.

Score: 1/1

Question 3 (1 point)
The real GNP is the value of all final goods and services produced by a country(s factors
of production given in constant dollars.
Student response: Student Answer Choices
Response
 a. True.
b. False.

Score: 1/1

Question 4 (1 point)
To compare the economic well-being of an economy across time, one would use the
nominal GDP.
Student response: Student Answer Choices
Response
a. True.
b. False.

Score: 1/1

Question 5 (1 point)
When Pizza Hut purchases cheese to make the pizzas they sell to the public, the cheese is
considered
Student response: Student Answer Choices
Response
a. a resale good.
b a final good.
.
c. an intermediate good.
d a good no longer with value in the
. production process.
e. a GDP bad.

Score: 1/1

Question 6 (1 point)
When the Coase family buys cheese for their own home use to make grilled cheese
sandwiches, the cheese is considered
Student response: Student Answer Choices
Response
a. a resale good.
b a final good.
.
 c. an intermediate good.
d a good no longer with value in the
. production process.
e. a GDP bad.

Score: 1/1

Question 7 (1 point)
The GDP can be measured using the expenditures approach, the output approach, and the
incomes approach.
Student response: Student Answer Choices
Response
a. True.
b. False.

Score: 1/1

Question 8 (1 point)
When the US firm, Ford Motor Company produces trucks in Detroit, Michigan, the
output is calculated in
Student response: Student Answer Choices
Response
a. the US GDP only.
b the US GNP only.
.
c. both the US GDP and the US GNP.
d neither the US GDP nor the US GNP.
.
e. both the Mexican GDP and the Mexican
GNP.

Score: 1/1

Question 9 (1 point)
When the US firm, Ford Motor Company produces trucks in Mexico, the output is
calculated in
Student response: Student Answer Choices
Response
 a. the US GDP only.
b. both the US GNP and the Mexican GNP.
c. both the US GDP and the Mexican GNP.
d. both the US GDP and the Mexican GDP.
e. both the US GNP and the Mexican GDP.

Score: 1/1

Question 10 (1 point)
When comparing economic well-being across time and/or borders,
Student response: Student Answer Choices
Response
a. one must choose a base year in order to
have variables measured in constant
dollars.
b one should use nominal variables.
.
c. one must choose a base year in order to
have variables measured in current
dollars.
d one should use multiple numbers of
. variables.
e. one must use multiple years of data
including the GDP, GNP, CPI, and PPI.

Score: 1/1

Question 11 (1 point)
To arrive at the number in the U.S. labor force, we subtract all of the following from the
number of all U.S. residents except
Student response: Student Answer Choices
Response
a. residents under 16 years old.
b institutionalized adults.
.
c. adults who are not looking for work.
d unemployed adults.
.
 e. all of the above choices must be
subtracted from the number of U.S.
residents to arrive at the number in the
labor force.

Score: 0/1

Question 12 (1 point)
A graduating college basketball star who has one month off before reporting to his new
NBA team is an example of
Student response: Student Answer Choices
Response
a. frictional unemployment
b. structural unemployment.
c. cyclical unemployment.
d. technological unemployment.
e. none of the above are correct.

Score: 1/1

Question 13 (1 point)
Unemployed migrant workers are examples of
Student response: Student Answer Choices
Response
a. not part of the labor force.
b. seasonal unemployment.
c. structural unemployment.
d. discouraged workers.
e. cyclical unemployment.

Score: 1/1

Question 14 (1 point)
A person who finds that her skills are no longer needed because she has been replaced by
a machine is an example of
Student response: Student Answer Choices
Response
 a. frictional unemployment.
b. seasonal unemployment.
c. cyclical unemployment.
d. search unemployment.
e. structural unemployment.

Score: 1/1

Question 15 (1 point)
A steelworker who has been laid off during a recession is an example of
Student response: Student Answer Choices
Response
a. frictional unemployment.
b. seasonal unemployment.
c. cyclical unemployment.
d. search unemployment.
e. structural unemployment.

Score: 1/1

Question 16 (1 point)
Which of the following statements is false?
Student response: Student Answer Choices
Response
a. The GDP gap widens during recessions
and narrows during expansions.
b The influx of women and baby boomers
. into the labor force has increased the
natural rate of unemployment in recent
decades.
c. Men have higher unemployment rates
than women because women move out of
the labor force to have children.
d Teenagers have the highest
. unemployment rates in the economy.
e. Nonwhites have higher unemployment
rates than whites.
Score: 0/1

Question 17 (1 point)
Demand-pull inflation results from
Student response: Student Answer Choices
Response
a. an increase in aggregate demand.
b a decrease in aggregate demand.
.
c. an increase in aggregate supply.
d a decrease in aggregate supply.
.
e. the price level rising because of higher
production costs.

Score: 1/1

Question 18 (1 point)
Cost-push inflation results from
Student response: Student Answer Choices
Response
a. an increase in aggregate demand.
b a decrease in aggregate demand.
.
c. an increase in aggregate supply.
d a decrease in aggregate supply.
.
e. the price level rising because of
increasing demand for output.

Score: 1/1

Question 19 (1 point)
The business cycle consists of
Student response: Student Answer Choices
Response
a. alternating periods of economic
 expansion (growth) and economic
contraction (recession).
b troughs, peaks, expansions, and
. contractions.
c. short run fluctuations in the dynamic
economic system.
d all of the above are correct.
.
e. none of the above are correct.

Score: 1/1

Question 20 (1 point)
Long run sustained economic growth is an indicator rising productivity and increases in
the average standard of living.
Student response: Student Answer Choices
Response
a. true.
b. false.

Score: 1/1

Question 21 (1 point)
According to Edmund S. Phelps
Student response: Student Answer Choices
Response
a. technology is irrelevant to long run
growth.
b only human capital investment results in
. long run growth.
c. the development and application of
technology advancements via human
capital result in long run growth.
d all of the above are correct.
.
e. none of the above are correct.

Score: 1/1
Question 22 (1 point)
The US was producing at potential GDP
Student response: Student Answer Choices
Response
a. during 1930.
b. during 1974,
c. during 1982.
d. during the Cold War.
e. during World War II.

Score: 1/1

Question 23 (1 point)
The US National Bureau of Economic Research (NBER) is fairly slow in announcing
business cycle dates because of the lag time involved in gathering and analyzing
economic statistics.
Student response: Student Answer Choices
Response
a. true.
b. false.

Score: 1/1

Question 24 (1 point)
Humans experienced significant levels of sustained growth between 1,000,000 B.C. and
1300 A.D.
Student response: Student Answer Choices
Response
a. true.
b. false.

Score: 1/1

Question 25 (1 point)
The Industrial Revolution occurred in England
Student response: Student Answer Choices
Response
 a. because of England(s command based
(planned) economy.
b because of the dictatorship of King
. George.
c. because of the lack of inventions,
innovations, and technological
advancements.
d because of the legal right to own property.
.
e. because England ruled the earth.

Score: 1/1

Total score: 23 / 25 = 92.0%