Which of the following is considered a nonmarket transaction? Buying groceries, Mowing your neighbor's lawn for free, Selling a car, Paying for a haircut

Mowing your neighbor's lawn for free

What is the significance of using real GDP?

It measures economic growth adjusted for inflation

Which of the following best describes the concept of Gross Domestic Product (GDP)? Options: The total market value of all final goods and services produced within a country's borders in a given period of time, The total amount of money circulating in an economy, The difference between a country's exports and imports, The total value of all goods sold in a country, including used items

The total market value of all final goods and services produced within a country's borders in a given period of time

Which economic activity would be considered part of the 'underground economy' and excluded from GDP calculations? Options: A farmer selling vegetables at a local market, A teacher receiving their monthly salary, An unlicensed street vendor selling counterfeit goods, A company exporting electronics to another country

An unlicensed street vendor selling counterfeit goods

What is the primary difference between nominal GDP and real GDP?

Nominal GDP is measured in current prices, while real GDP is adjusted for inflation.

Which of the following transactions would be counted as part of the 'I' (Investment) component of GDP? A family purchasing groceries, The government building a new highway, A company buying new manufacturing equipment, An individual buying shares of stock on the stock market

A company buying new manufacturing equipment

What does 'per capita GDP' represent?

The GDP divided by the total population

Which of the following would NOT be considered a 'final good' in GDP calculations? A loaf of bread sold in a supermarket, A car sold to a consumer, Steel used in the production of appliances, A laptop sold to a student

Steel used in the production of appliances

What impact do transfer payments, such as social security benefits, have on GDP?

They have no direct impact on GDP calculations.

Which of the following best describes the concept of economic growth? Options: An increase in the price level of goods and services, A decrease in unemployment rates, Sustained increases in an economy's real GDP, An improvement in a country's balance of trade

Sustained increases in an economy's real GDP

How does GDP per capita relate to a nation's standard of living?

It is considered the best measure of a nation's standard of living.

Which of the following would be included in the 'NX' (Net Exports) component of GDP? Options: The total value of all goods exported from the country, The total value of all goods imported into the country, The difference between the value of exports and imports, The combined value of all international trade

The difference between the value of exports and imports

Which of the following is NOT a main topic in macroeconomics? Unemployment, Inflation, Individual firms pricing strategies, Economic growth

Individual firms pricing strategies

Why are second-hand sales excluded from GDP calculations?

Their value has already been counted in a previous period's GDP

How does the underground economy impact GDP calculations?

It is excluded from GDP, potentially underestimating economic activity.

How does government spending influence GDP?

It can stimulate economic growth

Inflation is best defined as:

A sustained increase in the general price level of goods and services in an economy over time.

The GDP definition uses "market value" to measure production. This primarily means that:

GDP uses the prices at which goods and services sell to provide a common unit for adding up different items.

Macroeconomics Test Flashcards

Student preview

39 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is the primary focus of macroeconomics?

Back

The economy as a whole

2.

FLASHCARD QUESTION

Front

Which of the following is NOT a component of GDP? Consumption, Investment, Net Exports, Inflation

Back

Inflation

3.

FLASHCARD QUESTION

Front

Which component of GDP accounts for the largest percentage? Options: Consumption, Investment, Government Spending, Net Exports

Back

Consumption

4.

FLASHCARD QUESTION

Front

What is the difference between nominal GDP and real GDP?

Back

Real GDP is adjusted for inflation, nominal GDP is not.

5.

FLASHCARD QUESTION

Front

Which of the following transactions would be included in GDP? Buying a used car, Building a new school, Selling a used book, Receiving a gift

Back

Building a new school

6.

FLASHCARD QUESTION

Front

What does 'per capita GDP' measure?

Back

GDP divided by the total population

7.

FLASHCARD QUESTION

Front

Which of the following is an example of an intermediate good? A new car, A tire for a new car, A cheeseburger, A new house

Back

A tire for a new car

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