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Test Bank for Macroeconomics 5th CanadianEdition Stephen Williamson
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Sample Questions
Macroeconomics, 5Ce (Williamson)
Chapter 2 Measurement
1) Gross domestic product is defined as
1. A) the value of all goods produced in the economy in a given time
period within the borders of Canada.
2. B) the market value of all goods and services produced in the economy
during a given time period within the borders of Canada.
3. C) the total market value of the final goods and services produced
during a given time period within the borders of Canada.
4. D) the total market value of all the intermediate goods and services
produced in the economy for a given time period within the borders of
Canada.
, 5. E) the market value of all goods and services produced by Canadian
residents domestically and abroad.
Answer: A
Type: MC Page Ref: 30-31
2) GDP is published by Statistics Canada as part of the
1. A) GDP Statistical Review.
2. B) Labour Force Statistics.
3. C) National Income and Expenditure Accounts (NIEA).
4. D) Survey of Current Business.
5. E) Current Population Survey.
Answer: C
Type: MC Page Ref: 31
3) The three approaches to measuring GDP are called the
1. A) accounting approach, the income approach, and the expenditure
approach.
2. B) product approach, the cost approach, and the expenditure approach.
3. C) product approach, the income approach, and the expenditure
approach.
4. D) accounting approach, the statistical approach, and the income
approach.
5. E) accounting approach, the statistical approach, and the product
approach.
Answer: C
Type: MC Page Ref: 31
4) Approaches to measuring GDP include
1. A) cost approach.
2. B) GDP approach.
3. C) income approach.
, 4. D) trade approach.
5. E) value-subtracted approach.
Answer: C
Type: MC Page Ref: 31
5) Acme Steel Co. produces 1,000 tons of steel. Steel sells for $30 per ton.
Acme pays wages of $10,000. Acme buys $15,000 worth of coal, which is
needed to produce the steel. Acme pays $2,000 in taxes. Acme’s contribution
to GDP is
1. A) $15,000.
2. B) $20,000.
3. C) $30,000.
4. D) $45,000.
5. E) $60,000.
Answer: A
Type: MC Page Ref: 31-32
6) Intermediate goods are
1. A) irrelevant in the overall economy.
2. B) purchased by consumers.
3. C) goods that are produced and used as inputs into the production
process.
4. D) sold to foreigners.
5. E) not a consumption good.
Answer: C
Type: MC Page Ref: 31
7) Jim’s Nursery produces and sells $1,100 worth of flowers. Jim uses no
intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes
and pays $200 in interest on a loan. Jim’s profit is
100. A) $100.
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