Question

Chapter 1 Random

Question 1 1 / 1 point

The circular flow diagram of economic activity is a model of the:

a) flow of goods, services, and payments between households and firms.

b) role of unions and government in the economy.

c) interaction among taxes, prices, and profits.

d) influence of government on business behaviour.

Chapter 1 random definitions

Question 2 1 / 1 point

Which of the following best characterizes the circular flow of income?

a) Businesses buy resources from the government, and households buy goods and services from businesses.

b) Households buy factors of production from businesses, and businesses buy goods and services from households.

c) The government purchases resources from businesses and households and then sells goods and services to businesses and households.

d) Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses.

Question 3 1 / 1 point

In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of:

a) producers and input suppliers.

b) producers and government planning committees.

c) all consumers.

d) buyers and sellers.

Question 4 1 / 1 point

If macroeconomics looks at the economy as a whole, it focuses on which of the following?

a) unemployed people

b) business firms

c) households

d) the division of labor

Chapter 6 Random

Question 5 1 / 1 point

GDP is:

a) the value of all final goods and services produced by a government.

b) the sum of all currency and coins in circulation.

c) the value of all final good and services produced anywhere in the world by a nation’s firms.

d) the value of all final goods and services produced domestically.

Chapter 6 random easy

Question 6 1 / 1 point

A business cycle reflects changes in economic activity, particularly real GDP. The stages of a business cycle are:

a) trough, expansion, recession, peak

b) expansion, trough, recession, peak

c) expansion, peak, recession, trough

d) contraction, recession, expansion, boom

Question 7 1 / 1 point

_______________, which can be approximated by the growth of gross domestic product, ultimately determines the prevailing standard of living in a country.

a) Trade balance

b) Education

c) Inflation

d) Economic growth

Question 8 1 / 1 point

The gap between exports and imports in a nation’s economy is called the ___________.

a) trade surplus

b) trade balance

c) trade inventory

d) trade deficit

Chapter 6 Problems

Question 9 1 / 1 point

In 1980 Denmark had a GDP of $70 billion (measured in U.S. dollars) and a population of 5.1 million. In 2000, Denmark had a GDP of $160 billion (measured in U.S. dollars) s and a population of 5.3 million. By what percentage did Denmark’s GDP per capita rise between 1980 and 2000?

a) 219%

b) 128%

c) 45.4%

d) 120%

Chapter 7 Problems

Question 10 1 / 1 point

Country Alpha and Country Beta initially have the same real GDP per capita. Country Alpha experiences no economic growth, while Country Beta grows at a sustained rate of 5 percent. In 14 years, Country Alpha’s GDP will be approximately _________ that of Country Beta.

a) triple

b) one-half

c) one-fourth

d) double

Chapter 7 Random

Question 11 1 / 1 point

Increased investment alone will guarantee economic growth.

a) This is a true statement, because growth occurs only with savings.

b) This is a false statement, because economic growth hinges on the quais comparison analysis. The nominal GDP in 2000 was $672 billion and $1,690 billion for 2010; the real interest rate was 6.79% in 2000 and 3.71% in 2010; the 2000 deflator was 24 and 51 in 2010. What is the real gain?

a) 18.34%

b) 70.61%

c) 151.48%

d) 38.58%

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