1、Chapter 23 /Measuring a Nations Income 91Chapter 23 Measuring a Nations IncomeMULTIPLE CHOICE1.Macroeconomists studya.the decisions of individual households and firms.b.the interaction between households and firms.c.economy-wide phenomena.d.regulations imposed on firms and unions.ANS:CDIF:1REF:10-0N
2、AT:AnalyticLOC:The study of economics and definitions in economicsTOP:MacroeconomicsMSC:Definitional2.Which of the following newspaper headlines is more closely related to what microeconomists study than to what macroeconomists study?a.Unemployment rate rises from 5 percent to 5.5 percent.b.Real GDP
3、 grows by 3.1 percent in the third quarter.c.Retail sales at stores show large gains.d.The price of oranges rises after an early frost.ANS:DDIF:2REF:10-0NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:MacroeconomicsMSC:Interpretive3.Which of the following questions is more lik
4、ely to be studied by a microeconomist than a macroeconomist?a.Why do prices in general rise by more in some countries than in others?b.Why do wages differ across industries?c.Why do national production and income increase in some periods and not in others?d.How rapidly is GDP currently increasing?AN
5、S:BDIF:2REF:10-0NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:MacroeconomicsMSC:Interpretive4.Which of the following topics are more likely to be studied by a macroeconomist than by a microeconomist?a.the effect of taxes on the prices of airline tickets, and the profitabilit
6、y of automobile-manufacturing firmsb.the price of beef, and wage differences between gendersc.how consumers maximize utility, and how prices are established in markets for agricultural productsd.the percentage of the labor force that is out of work, and differences in average income from country to
7、countryANS:DDIF:2REF:10-0NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:MacroeconomicsMSC:Interpretive5.We would expect a macroeconomist, as opposed to a microeconomist, to be particularly interested in a.explaining how economic changes affect prices of particular goods.b.dev
8、ising policies to deal with market failures such as externalities and market power.c.devising policies to promote low inflation.d.identifying those markets that are competitive and those that are not competitive.ANS:CDIF:2REF:10-0NAT:AnalyticLOC:The study of economics and definitions in economicsTOP
9、:MacroeconomicsMSC:Interpretive6.Which of the following is not a question that macroeconomists address?a.Why is average income high in some countries while it is low in others?b.Why does the price of oil rise when war erupts in the Middle East?c.Why do production and employment expand in some years
10、and contract in others?d.Why do prices rise rapidly in some periods of time while they are more stable in other periods?ANS:BDIF:2REF:10-0NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:MacroeconomicsMSC:Interpretive7.The basic tools of supply and demand area.useful only in th
11、e analysis of economic behavior in individual markets.b.useful in analyzing the overall economy, but not in analyzing individual markets.c.central to microeconomic analysis, but seldom used in macroeconomic analysis.d.central to macroeconomic analysis as well as to microeconomic analysis.ANS:DDIF:1R
12、EF:10-0NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:Supply and demandMSC:Definitional8.Which of the following statistics is usually regarded as the best single measure of a societys economic well-being?a.the unemployment rateb.the inflation ratec.gross domestic productd.the
13、 trade deficitANS:CDIF:1REF:10-0NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:GDPMSC:Definitional9.GDPa.is used to monitor the performance of the overall economy but is not the single best measure of a societys economic well-being.b.is used to monitor the performance of the
14、overall economy and is the single best measure of a societys economic well-being.c.is not used to monitor the performance of the overall economy but is the single best measure of a societys economic well-being.d.is not used to monitor the performance of the overall economy and is not the single best
15、 measure of a societys economic well-being.ANS:BDIF:1REF:10-0NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:GDPMSC:DefinitionalTHE ECONOMYS INCOME AND EXPENDITURE1.Gross domestic product measuresa.income and expenditures.b.income but not expenditures.c.expenditures but not in
16、come.d.neither income nor expenditures.ANS:ADIF:2REF:10-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:GDPMSC:Interpretive2.Expenditures on a nations domestic productiona.are less than its domestic production.b.are equal to its domestic production.c.are greater than its dome
17、stic production.d.could be less than, equal to, or greater than its domestic production.ANS:BDIF:1REF:10-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:GDPMSC:Definitional3.Income generated by a nations domestic productiona.is less than its domestic production.b.is equal to
18、its domestic production.c.is greater than its domestic production.d.could be less than, equal to, or greater than its domestic production.ANS:BDIF:1REF:10-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:GDPMSC:Definitional4.For an economy as a whole,a.wages must equal profit.
19、b.consumption must equal saving.c.income must equal expenditure.d.the number of buyers must equal the number of sellers.ANS:CDIF:2REF:10-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:GDPMSC:Interpretive5.Which of the following statements about GDP is correct?a.GDP measures
20、two things at once: the total income of everyone in the economy and the total expenditure on the economys output of goods and services.b.Money continuously flows from households to firms and then back to households, and GDP measures this flow of money.c.GDP is generally regarded as the best single m
21、easure of a societys economic well-being.d.All of the above are correct.ANS:DDIF:2REF:10-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:GDPMSC:Interpretive6.Because every transaction has a buyer and a seller,a.GDP is more closely associated with an economys income than it is
22、 with an economys expenditure.b.every transaction contributes equally to an economys income and to its expenditure.c.the number of firms must be equal to the number of households in a simple circular-flow diagram.d.firms profits are necessarily zero in a simple circular-flow diagram.ANS:BDIF:2REF:10
23、-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:Circular flowMSC:Interpretive7.For an economy as a whole, income must equal expenditure becausea.the number of firms is equal to the number of households in an economy.b.individuals can only spend what they earn each period.c.e
24、very dollar of spending by some buyer is a dollar of income for some seller.d.every dollar of saving by some consumer is a dollar of spending by some other consumer.ANS:CDIF:2REF:10-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:Circular flowMSC:Interpretive8.If an economys
25、GDP falls, then it must be the case that the economysa.income falls and saving rises.b.income and saving both fall.c.income falls and expenditure rises.d.income and expenditure both fall.ANS:DDIF:2REF:10-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:GDPMSC:Interpretive9.If
26、an economys GDP rises, then it must be the case that the economysa.income rises and saving falls.b.income and saving both rise.c.income rises and expenditure falls.d.income and expenditure both rise.ANS:DDIF:2REF:10-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:GDPMSC:Inter
27、pretive10.Which of the following statements about GDP is correct?a.GDP measures two things at once: the total income of everyone in the economy and the unemployment rate of the economys labor force.b.Money continuously flows from households to government and then back to households, and GDP measures
28、 this flow of money.c.GDP is to a nations economy as household income is to a household.d.All of the above are correct.ANS:CDIF:2REF:10-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:GDPMSC:Interpretive11.In a simple circular-flow diagram, total income and total expenditure
29、area.never equal because total income always exceeds total expenditure.b.seldom equal because of the ongoing changes in an economys unemployment rate.c.equal only when the government purchases no goods or services.d.always equal because every transaction has a buyer and a seller.ANS:DDIF:2REF:10-1NA
30、T:AnalyticLOC:Understanding and applying economic modelsTOP:Circular flowMSC:Interpretive12.In a simple circular-flow diagram,a.households spend all of their income.b.all goods and services are bought by households.c.expenditures flow through the markets for goods and services, while income flows th
31、rough the markets for the factors of production.d.All of the above are correct.ANS:DDIF:2REF:10-1NAT:AnalyticLOC:Understanding and applying economic modelsTOP:Circular flowMSC:Interpretive13.In a simple circular-flow diagram, firms use the money they get from a sale toa.pay wages to workers.b.pay re
32、nt to landlords.c.pay profit to the firms owners.d.All of the above are correct.ANS:DDIF:1REF:10-1NAT:AnalyticLOC:Understanding and applying economic modelsTOP:Circular flowMSC:Definitional14.In a simple circular-flow diagram, households buy goods and services with the income they get froma.wages.b.
33、rents.c.profits.d.All of the above are correct.ANS:DDIF:1REF:10-1NAT:AnalyticLOC:Understanding and applying economic modelsTOP:Circular flowMSC:Definitional15.In the actual economy, householdsa.spend all of their income.b.divide their income among spending, taxes, and saving.c.buy all goods and serv
34、ices produced in the economy.d.Both (a) and (c) are correct.ANS:BDIF:2REF:10-1NAT:AnalyticLOC:Understanding and applying economic modelsTOP:Circular flowMSC:Interpretive16.Total income from the domestic production of final goods and services equals a.only household expenditures for these goods.b.onl
35、y household and business expenditures for these goods.c.only household and government expenditures for these goods.d.the expenditures for these goods whoever buys them.ANS:DDIF:1REF:10-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:Circular flowMSC:Definitional17.In the actu
36、al economy, goods and services are purchased bya.households, but not firms or the government.b.households and firms, but not the government.c.households and the government, but not firms.d.households, firms, and the government.ANS:DDIF:1REF:10-1NAT:AnalyticLOC:Understanding and applying economic mod
37、elsTOP:Circular flowMSC:Interpretive18.According to the circular-flow diagram GDPa.can be computed as the total income paid by firms or as expenditures on final goods and services.b.can be computed as the total income paid by firms, but not as expenditures on final goods and services.c.can be comput
38、ed as expenditures on final goods and services, but not as the total income paid by firms.d.cannot be computed as either total income paid by firms or expenditures on final goods and services.ANS:ADIF:2REF:10-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:Circular flowMSC:De
39、finitional19.According to the circular-flow diagram GDPa.can be computed as either the revenue firms receive from the sales of goods and services or the payments they make to factors of production.b.can be computed as the revenue firms receive from the sales of goods and services but not as the paym
40、ents they make to factors of production.c.can be computed as payments firms make to factors of production but not as revenues they receive from the sales of goods and services.d.cannot be computed as either the revenue firms receive or the payments they make to factors of production.ANS:ADIF:2REF:10
41、-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:Circular flowMSC:DefinitionalTHE MEASUREMENT OF GROSS DOMESTIC PRODUCT1.GDP is defined as thea.value of all goods and services produced within a country in a given period of time.b.value of all goods and services produced by th
42、e citizens of a country, regardless of where they are living, in a given period of time.c.value of all final goods and services produced within a country in a given period of time.d.value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a
43、 given period of time.ANS:CDIF:1REF:10-2NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:Domestic productionMSC:Definitional2.Which of the following is a way to compute GDP?a.add up the wages paid to all workersb.add up the quantities of all final goods and servicesc.add up the
44、 market values of all final goods and servicesd.add up the difference between the market values of all final goods and services and then subtract the costs of producing those goods and servicesANS:CDIF:2REF:10-2NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:Market valueMSC:In
45、terpretive3.In order to include many different goods and services in an aggregate measure, GDP is computed using, primarily,a.values of goods and services based on surveys of consumers.b.market prices.c.quantities purchased by a typical urban household.d.profits from producing goods and services.ANS
46、:BDIF:2REF:10-2NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:Market valueMSC:Interpretive4.Gross domestic product adds together many different kinds of goods and services into a single measure of the value of economic activity. To do this, GDP makes use of a.market prices.b.sta
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