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

Need help with your exam preparation?

Existing Quiz Clients Login here
Question #1
Which of the following would be counted in GDP?
A.   vegetables sold in a farmers market
B.   used furniture
C.   vegetables grown in a backyard
D.   imported cheese
Question #2
If a country has a trade surplus, then the country
A.   does not trade with other countries
B.   imports as much as it exports
C.   exports more than it imports
D.   imports more than 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.   96
C.   1.04
D.   104
Question #4
Why do we not make comparisons of nominal GDP over several years?
A.   Nominal GDP does not include imported goods
B.   Nominal GDP does not include intermediate goods
C.   Nominal GDP does not include childcare
D.   Nominal GDP does not take into account the effects of inflation
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.   2
D.   50
Question #6
New housing is included under which category?
A.   net exports
B.   investment
C.   consumption
D.   durable goods
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.   -0.087%
B.   9.50%
C.   -8.70%
D.   0.095%
Question #8
Why is GDP an imperfect measure for "standard of living"?
A.   it does not include imported goods
B.   it does not include goods sold from home
C.   it measures the income of a country
D.   it does not take into account actual levels of healthcare available
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.   -2.50%
B.   3.50%
C.   0.50%
D.   2.50%

Need help with your exam preparation?

Existing Quiz Clients Login here