Question :
11) GDP best defined as the ________ in a given : 1240860
11) GDP is best defined as the ________ in a given time period.
A) number of goods and services produced within a country
B) number of final goods and services produced within a country
C) market value of the final goods and services produced within a country
D) market value of the final goods and services consumed by a nation’s citizens
E) market value of all the goods and services produced within a country
12) If you make dinner for yourself,
A) the market value of your dinner is added to GDP.
B) your service in preparing the meal is valued at a cook’s wage and added to GDP.
C) none of what you bought to prepare for dinner is included in GDP.
D) only the market value of ingredients that you purchased this year is added to GDP.
E) the difference between the cost of the ingredients that you purchased this year and the market value of the dinner is added to GDP.
13) Gross Domestic Product is defined to be the market value of all the final goods and services produced during a given time period
A) within a country.
B) within and outside a country by that country’s citizens.
C) by citizens of the country, regardless of their place of residence.
D) by only legal residents of the country.
E) within a county minus the market value of all the final goods and services produced by that country’s citizens outside the country.
14) Where are the final goods and services produced that are included in Germany’s GDP?
A) within Germany
B) anywhere, as long as they are produced using German resources
C) outside of Germany
D) anywhere, as long as they are produced using German labor
E) within Germany but only if they are produced using only German resources
15) GDP includes the goods and services produced
A) within a country’s borders by citizens and by non-citizens.
B) by a country’s legal citizens regardless of where in the world they are located.
C) by a country’s citizens but not by non-citizens within the country’s borders.
D) within a country’s borders by citizens and non-citizens plus goods produced abroad by the country’s citizens.
E) within a country’s borders by citizens and by non-citizens minus the production abroad by the country’s citizens.
16) Which of the following is included in Germany’s GDP?
i.BMWs produced in a German-owned factory in South Carolina
ii.the value of the stocks sold on the German stock exchange, the Frankfurt Stock Exchange
iii.china produced by the English-owned Wedgewood Company at a factory in Berlin, Germany
A) i and iii
B) ii only
C) iii only
D) i and ii
E) None of the above answers is correct.
17) Which of the following is included in U.S. GDP?
i.the rental value of homes owned by U.S. citizens
ii.the production of Suburban SUVs by GM in its plant in Mexico
iii.tickets sold by U2 for concerts held in the United States
A) ii only
B) ii and iii
C) i, ii and iii
D) i and iii
E) i only
18) Which of the following is NOT directly included in Canadian GDP?
A) the purchase of tickets to a Kanye West concert in Montreal
B) the sale of tickets to the Vancouver Olympics to U.S. citizens
C) gasoline purchased by a tour bus operator in Quebec
D) bus tickets sold to tourists for a tour bus ride in Montreal
E) All of the items would be included in Canadian GDP.
19) Which of the following is NOT directly included in U.S. GDP?
A) sales to tourists of beach umbrellas in Hilton Head, South Carolina
B) sales of sandwiches at a Subway store in Bangor, Maine
C) ticket sales to Ripley’s Aquarium in Gatlinburg, Tennessee
D) popcorn purchased by a movie theater chain in Georgia
E) movie tickets purchased by consumers in Georgia
20) Which of the following is classified as a final good or service?
i.tires bought by GM to put on new Tahoes
ii.mustard bought by Subway to put on its sub sandwiches
iii.your purchase of online access to the Wall Street Journal
A) i and ii
B) i, ii and iii
C) iii only
D) ii and iii
E) ii only
