1586 ? Chapter 23 /Measuring a Nation's Income
84. Refer to Table 23-1. Personal income for Wrexington in 2006 is
a. $51. b. $91. c. $93. d. $133.
ANS: B DIF: 2 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Personal income MSC: Applicative
85. Refer to Table 23-1. Disposable personal income for Wrexington in 2006 is
a. $56. b. $66. c. $116. d. $126.
ANS: A DIF: 2 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Disposable personal income MSC: Applicative
86. For monitoring fluctuations in the national economy, which measure of income is best?
a. GDP b. GNP c. NNP
d. It does not matter very much which measure we use.
ANS: D
NAT: Analytic TOP: Income DIF: 2 REF: 23-2
LOC: The study of economics and definitions of economics MSC: Interpretive
Sec03 - Measuring a Nation's Income - The Components of GDP
MULTIPLE CHOICE1.
In the equation Y = C + I + G + NX,
a. Y represents the economy’s total expenditure.
b. C represents household expenditures on services and durable goods. c. all of the variables are always positive numbers. d. All of the above are correct.
DIF: 2 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Interpretive
ANS: A
NAT: Analytic TOP: GDP 2.
GDP is equal to
a. the market value of all final goods and services produced within a country in a given period of time. b. Y.
c. C + I + G + NX.
d. All of the above are correct.
DIF: 2 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Interpretive
ANS: D
NAT: Analytic TOP: GDP 3.
An identity is an equation that a. describes an equilibrium.
b. pertains to macroeconomics, not to microeconomics.
c. must be true because of how the variables in the equation are defined. d. involves final goods, not intermediate goods.
DIF: 1 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Definitional
ANS: C
NAT: Analytic TOP: Identity
Chapter 23 /Measuring a Nation's Income ? 1587
4.
The consumption component of GDP includes spending on
a. durable goods and nondurable goods, but not spending on services. b. durable goods and services, but not spending on nondurable goods. c. nondurable goods and services, but not spending on durable goods. d. durable goods, nondurable goods, and services.
ANS: D DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Consumption MSC: Interpretive
5.
Consumption consists of spending by households on goods and services, with the exception of
a. purchase of intangible services. b. purchases of durable goods. c. purchases of new houses. d. spending on education.
ANS: C DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Consumption MSC: Interpretive
6.
Which of the following is not an example of a durable good?
a. a refrigerator b. an automobile c. a business suit d. a furnace
ANS: C DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Durable goods MSC: Applicative
7.
Which of the following is not an example of a nondurable good?
a. a loaf of bread b. a pair of jeans c. a microwave d. a pound of bacon
ANS: C DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Nondurable goods MSC: Applicative
8.
When economists refer to intangible items, they are referring to such things as
a. illegal goods, and the value of such items is included in GDP. b. illegal goods, and the value of such items is excluded from GDP.
c. consulting services and dental care, and the value of such items is included in GDP. d. consulting services and dental care, and the value of such items is excluded from GDP.
DIF: 2 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Applicative
ANS: C
NAT: Analytic TOP: Services 9.
Household spending on education is included in
a. consumption, although it might be argued that it would fit better in investment. b. investment, although it might be argued that it would fit better in consumption. c. government spending, based on the fact that most higher-education students attend
publicly-supported colleges and universities.
d. None of the above is correct; in general, household spending on services is not included in any
component of GDP.
ANS: A DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Consumption MSC: Interpretive
1588 ? Chapter 23 /Measuring a Nation's Income
10. Household spending on education is counted in which component or subcomponent of GDP?
a. consumption of durable goods b. consumption of nondurable goods c. consumption of services d. investment
ANS: C DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Consumption MSC: Interpretive
11. Which of the following is included in the consumption component of U.S. GDP?
a. purchases of staplers, paper clips, and pens by U.S. business firms b. purchases of natural gas by U.S. households
c. purchases of newly constructed homes by U.S. households d. All of the above are correct.
ANS: B DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Consumption MSC: Applicative
12. If you buy a burger and fries at your favorite fast food restaurant,
a. then neither GDP nor consumption will be affected because you would have eaten at home had you
not bought the meal at the restaurant.
b. then GDP will be higher, but consumption spending will be unchanged. c. then GDP will be unchanged, but consumption spending will be higher. d. then both GDP and consumption spending will be higher.
ANS: D DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Consumption | GDP MSC: Applicative
13. For the purpose of calculating GDP, investment is spending on
a. stocks, bonds, and other financial assets.
b. real estate and financial assets such as stocks and bonds.
c. capital equipment, inventories, and structures, including household purchases of new housing. d. capital equipment, inventories, and structures, excluding household purchases of new housing.
ANS: C
NAT: Analytic TOP: Investment DIF: 2 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Interpretive
14. What word do economists use to refer to the purchase of goods that will be used in the future to produce more
goods and services? a. capital
b. consumption c. investment d. costs
ANS: C
NAT: Analytic TOP: Investment DIF: 1 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Definitional
15. Which of the following is included in the investment component of GDP?
a. households’ purchases of newly constructed homes b. net additions to firms’ inventories c. firms’ purchases of capital equipment d. All of the above are correct.
ANS: D
NAT: Analytic TOP: Investment DIF: 2 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Interpretive
Chapter 23 /Measuring a Nation's Income ? 1589
16. Which of the following examples of household spending is categorized as investment rather than
consumption?
a. expenditures on durable goods such as automobiles and refrigerators b. expenditures on intangibles items such as medical care c. expenditures on new housing d. All of the above are correct.
ANS: C
NAT: Analytic TOP: Investment DIF: 2 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Applicative
17. Which of the following items is the one type of household expenditure that is categorized as investment rather
than consumption?
a. spending on education
b. the purchase of stocks and bonds c. the purchase of a new house
d. the purchase of durable goods such as stoves and washing machines
ANS: C
NAT: Analytic TOP: Investment DIF: 2 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Applicative
18. Consider two items that might be included in GDP: (1) the estimated rental value of owner-occupied housing
and (2) purchases of newly-constructed homes. How are these two items accounted for when GDP is calculated?
a. Both item (1) and item (2) are included in the consumption component of GDP.
b. Item (1) is included in the consumption component of GDP, while item (2) is included in the
investment component of GDP.
c. Item (1) is included in the investment component of GDP, while item (2) is included in the
consumption component of GDP.
d. Only item (2) is included in GDP, and it is included in the investment component.
ANS: B DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Consumption | Investment MSC: Applicative
19. A U.S. publisher purchases new computers that were manufactured in the U.S. This purchase by itself makes
a. a positive contribution both to investment and to GDP. b. a positive contribution both to consumption and to GDP.
c. a positive contribution to GDP, but it does not affect investment or consumption. d. a positive contribution to investment, but it does not affect GDP.
ANS: A DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Investment | GDP MSC: Applicative
20. A Minnesota farmer buys a new tractor made in Iowa by a German company. As a result,
a. U.S. investment and GDP increase, but German GDP is unaffected. b. U.S. investment and German GDP increase, but U.S. GDP is unaffected.
c. U.S. investment, U.S. GDP, and German GDP are unaffected, because tractors are intermediate
goods.
d. U.S. investment, U.S. GDP, and German GDP all increase.
ANS: A DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Investment | GDP MSC: Applicative
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