Econ 102 - Principles of Macroeconomics » Spring 2022 » Ch 6 Reading Quiz

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Question #1
Which of the following would be counted in GDP?
A.   vegetables sold in a farmers market
B.   imported cheese
C.   used furniture
D.   vegetables grown in a backyard
Question #2
If a country has a trade surplus, then the country
A.   exports more than it imports
B.   does not trade with other countries
C.   imports more than it exports
D.   imports as much as it exports
Question #3
The nominal GDP of Coruscant is $73 billion USD and the real GDP is $76 billion USD. What is the GDP deflator?
A.   0.96
B.   1.04
C.   104
D.   96
Question #4
Why do we not make comparisons of nominal GDP over several years?
A.   Nominal GDP does not take into account the effects of inflation
B.   Nominal GDP does not include imported goods
C.   Nominal GDP does not include childcare
D.   Nominal GDP does not include intermediate goods
Question #5
The nominal GDP of Jakku is $52 billion USD and the GDP deflator is 104. What is the real GDP?
A.   54
B.   0.5
C.   50
D.   2
Question #6
New housing is included under which category?
A.   investment
B.   net exports
C.   durable goods
D.   consumption
Question #7
The real GDP of Tatooine in 2020 was $23 billion USD. In 2021, the real GDP of Tatooine changed to $21 billion USD. What is the real GDP growth rate?
A.   -8.70%
B.   -0.087%
C.   9.50%
D.   0.095%
Question #8
Why is GDP an imperfect measure for "standard of living"?
A.   it does not take into account actual levels of healthcare available
B.   it does not include imported goods
C.   it measures the income of a country
D.   it does not include goods sold from home
Question #9
The nominal interest rate on an interest-bearing account is 0.5%. If the inflation rate is 3%, what is the real interest rate?
A.   0.50%
B.   3.50%
C.   -2.50%
D.   2.50%

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