Unit 2 - Macroeconomic Indicator MC Practice

What is the value of GDP?

• $550

• $650

• $750

• $770

• $790

What is the value of disposable income?

• $750

• $650

• $550

• $530

• $510

The $750 of wages, profit, interest, and rent shown by the red arrow pointing into the factor markets box illustrates the calculation of GDP using which approach?

• value-added

• aggregate spending

• expenditure

• income

• resource

What is the value of GDP?

• $10,000

• $11,600

• $14,100

• $15,100

• $18,100

What is the value of net exports?

• $3,500

• $2,000

• $1,500

• $500

• -$500

Which of the following refers to a loan in the form of an IOU that pays interest?

• stock

• bond

• disposable income

• government transfer

• investment

Investment spending includes spending on which of the following?

• stocks

• physical capital

• inputs

• services

• reductions in inventories

Which of the following is included in the calculation of GDP?

• intermediate goods and services

• used goods

• stocks and bonds

• foreign-produced goods and services

• domestically produced capital goods

Which of the following is true for this year if real GDP is greater than nominal GDP?

• The price level has decreased since the base year

• The consumer price index has increased since the base year

• The economy is experiencing inflation

• There has been economic growth

• Net exports are positive

A country's labor force is equal to which of the following?

• The number of people aged 16 and above

• The number of people employed plus the number retired

• The number of people employed plus the number of unemployed

• The number of people working for pay

• The number of people employed for pay plus the number who has given up looking for work