1590 ? Chapter 23 /Measuring a Nation's Income
21. A wind farm in Iowa buys a large turbine generator from a Swedish-owned factory located in Connecticut that
uses workers who live in Connecticut. As a result,
a. U.S. investment, GDP, and GNP all increase by the same amount.
b. U.S. investment increases, but GDP and GNP are unaffected by the purchase.
c. U.S. investment and GDP increase by the same amount, but U.S. GNP increases by a smaller
amount.
d. U.S. investment and GNP increase by the same amount, but U.S. GDP increases by a smaller
amount.
ANS: C DIF: 3 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Investment | GDP | GNP MSC: Analytical
22. The value of goods added to a firm's inventory in a certain year is treated as
a. consumption, since the goods will be sold to consumers in another period. b. saving, since the goods are being saved until they are sold in another period.
c. investment, since GDP aims to measure the value of the economy's production that year.
d. spending on durable goods, since the goods could not be inventoried unless they were durable.
ANS: C
NAT: Analytic TOP: Inventory DIF: 2 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Interpretive
23. Goods that go into inventory and are not sold during the current period are
a. counted as intermediate goods and so are not included in current period GDP.
b. counted in current period GDP only if the firm that produced them sells them to another firm. c. included in current period GDP as inventory investment. d. included in current period GDP as consumption.
ANS: C
NAT: Analytic TOP: Inventory DIF: 2 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Interpretive
24. During the current quarter, a firm produces consumer goods and adds some of those goods to its inventory
rather than selling them. The value of the goods added to inventory is a. not included in the current quarter GDP.
b. included in the current quarter GDP as investment. c. included in the current quarter GDP as consumption.
d. included in the current quarter GDP as a statistical discrepancy.
ANS: B
NAT: Analytic TOP: Inventory DIF: 2 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Interpretive
25. During the third quarter of 2006, a firm produces consumer goods and adds some of those goods to its
inventory. During the fourth quarter of 2006, the firm sells the goods at a retail outlet, with the result that the value of its inventory at the end of the fourth quarter is smaller than the value of its inventory at the end of the third quarter. These actions affect which component(s) of fourth-quarter GDP? a. These actions affect only consumption, and they affect consumption positively. b. These actions affect only investment, and they affect investment positively. c. These actions affect consumption positively and investment negatively. d. These actions affect both consumption and investment positively.
ANS: C DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Consumption | Investment MSC: Applicative
Chapter 23 /Measuring a Nation's Income ? 1591
26. A movie company makes 500,000 DVDs of one of its latest releases. It sells 300,000 of them before the end
of the second quarter, and holds the others in its warehouse. How will the 200,000 unsold DVDs be treated in the GDP statistics?
a. Since the DVDs eventually will be bought by consumers, they will be included as consumption in
the second quarter.
b. Since the DVDs were not purchased in the second quarter, they will be counted as an increase in
third-quarter GDP.
c. The DVDs will be counted as a change in inventory in the second quarter and so will be included in
second-quarter GDP.
d. The DVDs will be counted as a change in inventory in the second quarter, and when sold in the
third quarter will raise third-quarter GDP.
ANS: C DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Inventory | GDP MSC: Applicative
27. The local Chevrolet dealership has an increase in inventory of 25 cars in 2006. In 2007, it sells all 25 cars.
Which of the following statements is correct?
a. The value of the cars in inventory will be counted as part of 2006 GDP, and the value of the cars
sold in 2007 will not increase 2007 GDP.
b. The value of the cars in inventory will not affect 2006 GDP, and the value of the cars sold in 2007
will increase 2007 GDP.
c. The value of the cars in inventory will be counted as part of 2006 GDP, and the value of the cars
sold in 2007 will increase 2007 GDP.
d. The value of the cars in inventory will not affect 2006 GDP, and the value of the cars sold in 2007
will not increase 2007 GDP.
ANS: A DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Inventory | GDP MSC: Applicative
28. A good is produced by a firm in 2007, added to the firm’s inventory in 2007, and sold to a household in 2008.
It follows that
a. the value of the good is added to the investment category of 2007 GDP and added to the investment
category of 2008 GDP.
b. the value of the good is added to the investment category of 2007 GDP and subtracted from the
investment category of 2008 GDP.
c. the value of the good is subtracted from the investment category of 2007 GDP and added to the
investment category of 2008 GDP.
d. the value of the good is subtracted from the investment category of 2007 GDP and subtracted from
the investment category of 2008 GDP.
ANS: B
NAT: Analytic TOP: Investment DIF: 2 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Applicative
29. A good is produced by a firm in 2007, added to the firm’s inventory in 2007, and sold to a household in 2008.
As a result, on net,
a. 2007 GDP increased and 2008 GDP decreased. b. 2007 GDP decreased and 2008 GDP increased. c. 2007 GDP did not change and 2008 GDP increased. d. 2007 GDP increased and 2008 GDP did not change.
ANS: D
NAT: Analytic TOP: GDP DIF: 2 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Applicative
1592 ? Chapter 23 /Measuring a Nation's Income
30. A good is produced by a firm in 2007, added to the firm’s inventory in 2007, and sold to a household in 2008.
It follows that
a. the value of the good is added to the investment category of 2007 GDP, added to the consumption
category of 2008 GDP, and subtracted from the investment category of 2008 GDP.
b. the value of the good is added to the investment category of 2007 GDP, added to the consumption
category of 2008 GDP, and not included in the investment category of 2008 GDP.
c. the value of the good is added to the investment category of 2007 GDP, subtracted from the
consumption category of 2008 GDP, and not included in the investment category of 2008 GDP. d. the value of the good is added to the investment category of 2007 GDP, subtracted from the
consumption category of 2008 GDP, and added to the investment category of 2008 GDP.
ANS: A DIF: 3 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Consumption | Investment MSC: Analytical
31. Which of the following items is included in GDP?
a. the sale of stocks and bonds b. the sale of used goods
c. the sale of services such as those performed by a doctor d. All of the above are included in GDP.
ANS: C
NAT: Analytic TOP: GDP DIF: 2 REF: 23-3
LOC: The study of economics and definitions of economics MSC: Applicative
32. Government purchases include spending on goods and services by
a. federal governments, but not by state or local governments. b. federal and state governments, but not by local governments. c. federal, state, and local governments.
d. federal, state, and local governments, as well household spending by employees of those
governments.
ANS: C DIF: 1 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Government purchases MSC: Definitional
33. Which of the following items is counted as part of government purchases?
a. The federal government pays the salary of a Navy officer.
b. The state of Nevada pays a private firm to repair a Nevada state highway.
c. The city of Las Vegas, Nevada pays a private firm to collect garbage in that city. d. All of the above are correct.
ANS: D DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Government purchases MSC: Applicative
34. Recently, the U.S. national income accounts have switched to calling government purchases
a. government spending and transfer payments.
b. transfer payments and gross investment by government. c. government consumption expenditure and gross investment. d. government wages, salaries, and investment expenditure.
ANS: C DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Government purchases MSC: Definitional
Chapter 23 /Measuring a Nation's Income ? 1593
35. A transfer payment is
a. a payment for moving expenses a worker receives when he or she is transferred by an employer to a
new location.
b. a payment that is automatically transferred from your bank account to pay a bill or some other
obligation.
c. a form of government spending that is not made in exchange for a currently produced good or
service.
d. the benefit that a person receives from an expenditure by government minus the taxes that were
collected by government to fund that expenditure.
ANS: C DIF: 1 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Transfer payments MSC: Definitional
36. Transfer payments
a. are payments that flow from government to households.
b. are not made in exchange for currently produced goods or services.
c. alter household income, but they do not reflect the economy’s production. d. All of the above are correct.
ANS: D DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Transfer payments MSC: Interpretive
37. A transfer payment is a payment made by
a. consumers, but not in exchange for a tangible product. b. firms, but not in exchange for capital equipment.
c. foreigners, but not in exchange for a domestically-produced good or service. d. government, but not in exchange for a currently produced good or service.
ANS: D DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Transfer payments MSC: Interpretive
38. Transfer payments are
a. included in GDP because they represent income to individuals.
b. included in GDP because they eventually will be spent on consumption.
c. not included in GDP because they are not payments for currently produced goods or services. d. not included in GDP because taxes will have to be raised to pay for them.
ANS: C DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Transfer payments MSC: Interpretive
39. Which of the following represents a transfer payment?
a. You transfer $1,000 from your bank account to a mutual fund. b. The government sends your grandfather his Social Security check. c. The bank transfers $10 in quarterly interest to your savings account.
d. Your employer automatically transfers $100 each month from your wages to a non-taxable medical
spending account.
ANS: B DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Transfer payments MSC: Applicative
40. Social Security payments are
a. included in GDP because they represent payments for work performed in the past. b. included in GDP because they represent potential consumption. c. excluded from GDP because they are not private pensions.
d. excluded from GDP because they do not reflect the economy’s production.
ANS: D DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Transfer payments MSC: Applicative
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