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ECON 130 test 2 || with A+ Guaranteed Solutions.
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  • ECON 130

GDP is officially measured by adding together the... correct answers ...market value of all final goods and services produced within the borders of a nation Which of the following items is included in the calculation of GDP? correct answers None (not purchase of apple stock, purchase of used ca...

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  • August 18, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • gdp is officially measured by adding together the

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  • ECON 130
  • ECON 130

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ECON 130 test 2 || with A+ Guaranteed Solutions.
GDP is officially measured by adding together the... correct answers ...market value of all final
goods and services produced within the borders of a nation

Which of the following items is included in the calculation of GDP? correct answers None
(not purchase of apple stock, purchase of used car, value of homemakers services, or sale of gulf
war military surplus)

Which of the following expenditures would not be included in GDP? correct answers Purchase
of silver cup previously sold new in 1950

GDP includes... correct answers ...only final goods and services
...the cleaning up expenses associated with pollution

The largest component of GDP is... correct answers ...personal consumption expenditures

The circular flow of economic activity is a model of the... correct answers ...flow of goods,
resources, payments, and expenditures between the sectors of the economy

GDP= correct answers C+I+G+(X-M)

The expenditure approach for the calculation of GP includes spending on... correct
answers ...Consumption, gross private domestic investment, government spending for goods and
services, and net exports.

GDP shortcoming correct answers excludes non market transactions

Namtional income is calculated by adjusting GDP for... correct answers ...depreciation

Included in personal income but not in national income correct answers Social Security
payments

Which national income account should be examined to discover trends in the after-tax income
that people have to save and spend? correct answers disposable personal income

real GDP for a year correct answers (nominal GDP for year X / GDP chain price index for year
X) x 100

Most broadly based price index is the correct answers GDP chain price index

What would be counted as a final good for inclusion in GDP? correct answers A piece of glass
bought this year by a consumer to fix a broken window

Based on the circular flow model, money flows from household to business in... correct
answers ...product markets

, If the underground economy is sizable, the GDP will... correct answers ...understate the
economy's performance

The income that people earn in resource or factor markets is called... correct answers ...national
income

Increased production, but not increased inflation, will result in higher... correct answers ...real
GDP

A business cycle is... correct answers ...the recurring growth and decline in real GDP

A business cycle is the period of time in which... correct answers ...there are four phases: peak,
recession, trough, and recovery

The trough phase... correct answers ...follows recession

A general rule is that the economy is experiencing a rescission when... correct answers ...real
GDP declines for at least six months

A person who has given up searching for work is called... correct answers ...a discouraged
worker

John Steinbeck's Cannery Row describes a character who takes his own life because of poor job
prospects. If he was an unemployed person who gave up looking for work, he would be
considered... correct answers ...a discouraged worker

Unemployment that is of a short duration to allow time to find a new job is... correct
answers ...frictional unemployment

A person who voluntarily quits his/her job in New York and expects to get a similar job in Los
Angeles is... correct answers ...frictional unemployment

Frictional unemployment refers to... correct answers ...short periods of unemployment needed to
match jobs and job seekers

Sam is a musician who is out of work because electronic equipment replaced live musicians.
This is... correct answers ...structural unemployment

The increase in unemployment associated with the recession is called... correct
answers ...cyclical unemployment

Which is true? correct answers All:
-GDP gap is difference between full employment real GDP and actual real GDP
-We desire economic growth because it increases the nation's standard of living
-economic growth is measured by the annual percentage increase in a nation's real GDP

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