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Quiz for ECON 105 - Honors: Principles of Macroeconomics with Toh at Radford (RU)

Quiz Information

Material Type:Quiz 3
Professor:Toh
Class:ECON 105 - Honors: Principles of Macroeconomics
Subject:Economics
University:Radford University
Term:Fall 2008
Keywords:
  • Gdp Price Index
  • Electrician
  • Final Goods and Services
  • Federal State
  • Nominal Gdp
  • Either...or
  • Third Parties
  • Intermediate Goods and Services
  • Combinations
  • Hypothetical
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Sample Document Text

ECON 105: Principles of Macroeconomics Quiz 3 October 13, 2008 Multiple Choice Questions 1.The total market value of all final goods and services produced within a nation's borders in a given time period is: A) B) C) D) Intermediate goods. GNP. GDP. Price Index. 2.If a nation has GDP of $12,500 billion and a population of 200 million, what is the nation's GDP per capita? A) B) C) D) $52,500. $62,500. $12,500. $42,500. 3. A friend claims he is helping the economy by throwing trash on the street rather than in trash cans because the extra expenditures necessary to clean up the streets will increase GDP. Your friend is: A) B) C) D) Wrong. GDP will not be affected because nothing new is being produced. Right. GDP will increase, ceteris paribus. Wrong. GDP will not be affected because this is not a socially desirable use of resources and will therefore not be included in GDP. Wrong. GDP will decline because cleaning the streets will take resources away from more productive work. 4.Which of the following wo...

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