Chapter 23 Measuring a Nation's Income
MULTIPLE CHOICE
1.Macroeconomists study
a.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:10-0NAT:LOC:The study of economics and definitions in economicsMSC:Definitional
Analytic
TOP:Macroeconomics
2.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 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 likely 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?ANS: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 profitability of
automobile-manufacturing firms
b.the price of beef, and wage differences between genders
c.how consumers maximize utility, and how prices are established in markets for
agricultural products
d.the percentage of the labor force that is out of work, and differences in
average income from country to country
ANS:DDIF:2REF:10-0NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:MacroeconomicsMSC:Interpretive
1
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2 ? Chapter 23/Measuring a Nation's Income
5.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.devising 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: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 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 are
a.useful only in the 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:1REF: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 society’s economic well-being?a.the unemployment rateb.the inflation ratec.gross domestic productd.the trade deficitANS:CDIF:1REF:10-0NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:GDPMSC:Definitional
? 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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9.GDP
a.is used to monitor the performance of the overall economy but is not the single
best measure of a society’s economic well-being.
b.is used to monitor the performance of the overall economy and is the single best
measure of a society’s economic well-being.
c.is not used to monitor the performance of the overall economy but is the single
best measure of a society’s economic well-being.
d.is not used to monitor the performance of the overall economy and is not the
single best measure of a society’s economic well-being.
ANS:BDIF:1REF:10-0NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:GDPMSC:Definitional
THE ECONOMY'S INCOME AND EXPENDITURE
1.Gross domestic product measures
a.income and expenditures.b.income but not expenditures.c.expenditures but not income.d.neither income nor expenditures.ANS:ADIF:2REF:10-1NAT:AnalyticLOC:The study of economics and definitions in economicsTOP:GDPMSC:Interpretive
2.Expenditures on a nation’s domestic productiona.are less than its domestic production.b.are equal to its domestic production.c.are 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:Definitional
3.Income generated by a nation’s domestic productiona.is less than its domestic production.b.is equal to 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:Definitional
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4 ? Chapter 23/Measuring a Nation's Income
4.For an economy as a whole,a.wages must equal profit.
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:Interpretive
5.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 total expenditure on the economy’s 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 measure of a society’s
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:Interpretive
6.Because every transaction has a buyer and a seller,
a.GDP is more closely associated with an economy’s income than it is with
an economy’s expenditure.
b.every transaction contributes equally to an economy’s 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:10-1NAT:Analytic
LOC:The study of economics and definitions in economicsTOP:Circular flowMSC:Interpretive
7.For an economy as a whole, income must equal expenditure because
a.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.every 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:Analytic
LOC:The study of economics and definitions in economicsTOP:Circular flowMSC:Interpretive
? 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
范文范例 学习参考
8.If an economy’s GDP falls, then it must be the case that the economy’sa.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:Interpretive
9.If an economy’s GDP rises, then it must be the case that the economy’sa.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:Interpretive
10.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 economy’s labor force.
b.Money continuously flows from households to government and then back to
households, and GDP measures this flow of money.
c.GDP is to a nation’s 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:Interpretive
11.In a simple circular-flow diagram, total income and total expenditure are
a.never equal because total income always exceeds total expenditure.b.seldom equal because of the ongoing changes in an economy’s
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:10-1NAT:AnalyticLOC:Understanding and applying economic modelsTOP:Circular flowMSC:Interpretive
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