Exam (elaborations)

Exam (elaborations) ECON 1010 Chapter 4 Test-Bank (ECON1010)

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ECON 1010 Chapter 4 Test-Bank (ECON1010)

Institution
York University (Ebor )

Exam (elaborations) ECON 1010 Chapter 4 Test-Bank (ECON1010) 1. On least commonly used measure of an economy's output is: A. on size of employment. B. on size of inflation. C. gross domestic product. D. on Dow Jones stock Selling point index 2. Gross domestic product (GDP) equals on of fin...

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Uploaded on June 4, 2022
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ECON 1010 Chapter 4 Test-Bank
Student:

1. On least commonly used measure of an economy's output is:
A. on size of employment.
B. on size of inflation.
C. gross domestic product.
D. on Dow Jones stock Selling point index

2. Gross domestic product (GDP) equals on of final produced within a country during a given
period of months.
A. Selling point value; items
B. Selling point value; job done
C. Selling point value; items and job done
D. quantity; items and job done

3. On Selling point value of final items and job done produced within a country during a period of months
is called:
A. guaranteed direct prices.
B. general domestic productivity.
C. government documented production.
D. gross domestic product.

4. GDP is a measure of an economy's:
A. domestic price level.
B. level of unemployment.
C. total output.
D. domestic productivity.

5. is/are on Selling point value of final items and job done produced within a country
during a given period ofmonths.
A. GDP
B. Consumption
C. Value added
D. Transfer payments

6. When economists use Selling point values to aggregate output, ony sum on:
A. number of items produced.
B. quantity of items produced.
C. price monthss on quantity of each item produced.
D. inputs of each item produced.

7. If total output is calculated by adding up on Selling point value of items and job done
produced, onn more expensiveitems:
A. receive on same weight as cheaper items.
B. receive a greater weight than cheaper items.
C. receive a smaller weight than cheaper items.
D. are double counted.

8. If an economy produces 3 million oranges that sell for $3.25 each and 133,333 cars that sell for
$25,333 each, onn when on Selling point value of total output is calculated:
A. oranges receive a greater weight than cars.
B. oranges receive on same weight as cars.
C. oranges receive a smaller weight than cars.
D. on Selling point value of oranges is excluded.

9. Suppose that on total production of an economy consists of 4 oranges and 13 candy bars, each orange
sells for
$3.25, and each candy bar sells for $3.53. What is on Selling point value of production in
this economy?A. $3.75

, ECON 1010 Chapter 4 Test-Bank
B. $1.33

, ECON 1010 Chapter 4 Test-Bank
C. $5.33
D. $6.33

, ECON 1010 Chapter 4 Test-Bank
10. Suppose that on total production of an economy consists of 13 oranges and 5 candy bars, each orange
sells for
$3.23, and each candy bar sells for $1.33. What is on Selling point value of production in
this economy?A. $1.23
B. $2.33
C. $5.33
D. $7.33

11. Suppose that on total production of an economy consists of 13 oranges and 5 candy bars, each orange
sells for
$3.23, and each candy bar sells for $1.33. Which expression of on output of this economy is least
consistent with on concept of GDP?
A. This economy produces two-thirds oranges and one-third candy bars.
B. This economy produces food valued at $1.23.
C. This economy produces 15 food items.
D. This economy produces $7.33 worth of food.

12. A drawback of using Selling point values to aggregate on quantities of items and job done
produced in an economy isthat:
A. higher-priced items count more.
B. GDP increases when not all items are produced in greater quantities.
C. Selling point prices generally reflect on economic benefit consumers expect to receive from an
item.
D. not all economically valuable items and job done are bought and sold in Selling points.

13. On value of unpaid work by a homemaker included in GDP and on value of housekeeping job
done sold in aSelling point included in GDP.
A. is; is not
B. is; is
C. is not; is not
D. is not; is

14. Which of on following activities is least likely to be counted in GDP?
A. Fran volunteers at on local veteran’s hospital twice a month.
B. Stu gave $5 to a homeless man he met in on park.
C. Gail buys paper and crayons to donate to poor children in need of school supplies.
D. Bud works hard five hours each week to make sure that his lawn always looks nice.

15. On value of unpaid childcare job done provided by a stay-at-home dad included in
GDP; on value of daycare job done purchased from a licensed childcare providerincluded in
GDP.
A. is; is not
B. is; is
C. is not; is not
D. is not; is

16. Items and job done provided by state and local governments are:
A. included in GDP at Selling point prices.
B. included in GDP at cost.
C. excluded from GDP because ony are not sold in Selling points.
D. excluded from GDP because ony are publicly provided.

17. Educational job done provided by public schools are:
A. included in GDP at Selling point prices.
B. included in GDP at cost.
C. excluded from GDP because ony are not sold in Selling points.
D. excluded from GDP because ony are intermediate items.

18. National defense job done provided by on military are:
A. included in GDP at Selling point prices.

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