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ECON 104 Goffe Final Exam Questions with Verified solutions

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True or False: The business cycle is the same thing as economic growth -False Which of the following is the best example of capital? A. a family buying a newly produced house B. a shoe store adding to its inventories C. a ship used to carry oil across the ocean D. the production and sale of a...

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ECON 104 Goffe Final Exam Questions with
Verified solutions
True or False: The business cycle is the same thing as economic growth - ✔✔False

Which of the following is the best example of capital?

A. a family buying a newly produced house

B. a shoe store adding to its inventories

C. a ship used to carry oil across the ocean

D. the production and sale of a new delivery van for UPS - ✔✔C. a ship used to carry oil across the
ocean

How are pollution and GDP related?

A. only the harm from pollution is included in GDP

B. the value of produced goods that lead to pollution are counted in GDP and pollution is not counted

C. goods whose production creates pollution are not counted in GDP - ✔✔B. the value of produced
goods that lead to pollution are counted in GDP and pollution is not counted

GDP has various shortcomings in measuring well-being. Which of the following is not one of these?

A. the value of leisure

B. the harm from pollution

C. the cost of crime and other social problems

D. the production of intermediate goods - ✔✔D. the production of intermediate goods

True or False: When we look at real GDP since 1970 or so, we see that recessions are evenly spaced over
the years. - ✔✔False

Which of the following would not be in real GDP when measured by production?

A. a car produced by GM & sold in New York

,B. the government purchasing a new truck

C. a pencil manufactured in the U.S. that is sold in Japan

D. the production of steel that is in turn used to make a car - ✔✔D. the production of steel that is in
turn used to make a car

Which of the following is an example of an intermediate good as counted in GDP?

A. a drill used by a professional carpenter

B. a computer owned by Amazon that processes orders

C. lumber used in the construction of a new home

D. a delivery truck owned by FedEx - ✔✔C. lumber used in the construction of a new home

Which of the following is the least likely to be investment?

A. a household buying a new house

B. a household saving for retirement

C. GM building a new factory

D. a car dealer adding to its cars on hand - ✔✔B. a household saving for retirement

When you calculate GDP you need

A. the prices of goods and services

B. the amount of goods and services produced

C. both the prices and quantities of produced goods and services

D. none of the above - ✔✔C. both the prices and quantities of produced goods and services

If you computed nominal GDP every year over a decade, which is fixed or held constant over these
years?

A. prices

B. quantities

C. neither prices nor quantities - ✔✔C. neither prices nor quantities

, Which is NOT part of the definition of capital, as used by economists? It ___.

A. must be manufactured

B. is used by firms

C. is used up in production

D. produces other goods and services - ✔✔C. is used up in productionWhich of the following would
not be in this quarter's real GDP?

Which of the following would not be in this quarter's real GDP?

A. a new house that sold today

B. a used truck that was sold to a business

C. a bookstore adding to books in its warehouse

D. a book manufactured in the U.S. and then sold in Mexico - ✔✔B. a used truck that was sold to a
business

Which of the following is not part of GDP?

A. purchases of new goods by households

B. firms buying new machines

C. the government buying new schools

D. businesses paying bribes to government officials - ✔✔D. businesses paying bribes to government
officials

Which of the following is NOT an example of investment?

A. McDonalds building a new restaurant

B. Amazon adding books for consumers in its warehouses

C. you paying your tuition at Penn State

D. your parents purchasing a new house - ✔✔C. you paying your tuition at Penn State

If there is more production of final goods in the economy, then income ___.

A. will fall

B. might fall

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