51.In2014,afarmergrowsandsells$3millionworthofcorntoBigFlakesCerealCompany.BigFlakesCerealCompanyproduces$8millionworthofcerealin2014,withsalestohouseholdsduringtheyearof$7million.Theunsold$1millionworthofcerealremainsinBigFlakeCerealCompany’sinventoryattheendof2014.ThetransactionsjustdescribedcontributehowmuchtoGDPfor2014?
a.$3million
b.$7million
c.$8million
d.$11million
52.FineEdgemanufactureslawnmowers.In 2014ithad$2millionworthof lawnmowersininventory.In2015itsold$10millionworthoflawnmowerstoconsumersandhad$1millionworthoflawnmowersininventory.HowmuchdidthelawnmowersproducedbyFineEdgeaddtoGDPin2015?
a.$11million
b.$10million
c.$7million
d.$9million
53.Anewspaperarticleinformsyouthatmostbusinessesreducedproductioninthelastquarterbutalsosoldfromtheirinventoriesduringthelastquarter.BasedonthisinformationGDPlikely
a.increased.
b.decreased.
c.stayedthesame.
d.mayhaveincreased,decreased,orstayedthesame.
54.WhichofthefollowingdomesticallyproduceditemsisnotincludedinGDP?
a.abottleofshampoo
b.ahairdryer
c.ahaircut
d.AlloftheaboveareincludedinGDP.
55.Which of thefollowing isnotincludedinGDP?
a.acanofbugspray
b.theservicesofanexterminator
c.thehoneyproducedandsoldbyabeekeeper
d.AlloftheaboveareincludedinGDP.
56.WhichofthefollowingtransactionsisnotincludedinGDP?
a.orangessoldtohouseholdsbyagrocer.
b.orangejuicesoldbyarestauranttoitsdiners.
c.orangessoldbyafarmertoagrocerystore.
d.AlloftheaboveareincludedinGDP.
57.Grossdomesticproductincludesall
a.legalandillegalfinalgoods,butitexcludesalllegalandillegalfinalservices.
b.legalandillegalfinalgoodsandalllegalandillegalfinalservices.
c.legalfinalgoodsandservices,butitexcludesillegalfinalgoodsandservices.
d.legalandillegalfinalgoodsandlegalfinalservices,butitexcludesillegalfinalservices.
58.Transactionsinvolvingitemsproducedinthepast,suchasthesaleofa5-year-oldautomobilebyausedcardealershiporthepurchaseofanantiquerockingchairbyapersonatayardsale,are
a.includedincurrentGDPbecauseGDPmeasuresthevalueofallgoodsandservicessoldinthecurrentyear.
b.includedincurrentGDPbutvaluedattheiroriginalprices.
c.notincludedincurrentGDPbecauseitisdifficulttodeterminetheirvalue.
d.notincludedincurrentGDPbecauseGDPonlymeasuresthevalueofgoodsandservicesproducedinthecurrentyear.
59.WhichofthefollowingtransactionswouldbeincludedinGDPfor2015?
a.InFebruary2015,Amandasellsa2009HyundaitoIsabella.
b.InMarch2015,AmandabuysatickettovisitazooinFlorida.ShevisitsthezooinFebruary2016.
c.InNovember2015,IsabellaeatsonionsthatsheharvestedfromherbackyardgardeninOctober2015.
d.Alloftheabovearecorrect.
60.Jenniferlivesinahomethatwasnewlyconstructedin2011forwhichshepaid$240,000.In2014shesoldthehousefor$260,000.Whichofthefollowingstatementsiscorrectregardingthesaleofthehouse?
a.The2014saleincreased2014GDPby$260,000andhadnoeffecton2011GDP.
b.The2014saleincreased2014GDPby$20,000andhadnoeffecton2011GDP.
c.The2014saleincreased2014GDPby$260,000;furthermore,the2014salecaused2011GDPtoberevisedupwardby$20,000.
d.The2014saleaffectedneither2014GDPnor2011GDP.
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