Question : 19.1   Gross Domestic Product Measures Total Production 1) In 2013, Ford : 1388043

 

19.1   Gross Domestic Product Measures Total Production

 

1) In 2013, Ford Motor Company’s sales were rising. These events were caused by

A) an economic recession.

B) an economic expansion.

C) an increase in advertising.

D) improving quality of service.

 

 

2) In 2013, the U.S. auto industry experienced rising sales. The automobile industry was experiencing the effects of

A) inflation.

B) the underground economy.

C) the business cycle.

D) depreciation.

 

 

3) During a business cycle expansion, total production ________ and total employment ________.

A) increases; increases

B) increases; decreases

C) decreases; increases

D) decreases; decreases

 

4) Macroeconomics, as opposed to microeconomics, includes the study of what determines the level of

A) employment in a specific industry.

B) employment in the economy.

C) output of a specific firm.

D) output of a specific industry.

 

 

5) Macroeconomics, as opposed to microeconomics, includes the study of what determines the

A) average price levels of goods and services in the economy.

B) price charged for laptop computers by Dell.

C) wages paid to employees by Dell.

D) quantity of Dell employees.

 

 

6) Macroeconomics seeks to understand

A) economic growth, business cycles, and inflation.

B) industry sales, marketing strategies and corporate growth.

C) product demand, product cost, and profit maximization.

D) public choices, private choices, and consumer maximization.

 

 

7) Which of the following headlines would be more closely related to what macroeconomists study than what microeconomists study?

A) Avocado prices rise due to a late frost in California.

B) The United Auto Workers sign a contract raising wages and benefits 7% over the next 3 years.

C) Real GDP grows by 2.3% in the second quarter.

D) Airlines raise ticket prices in response to rising fuel costs.

 

8) In calculating gross domestic product, the Bureau of Economic Analysis uses the sum of the market value of final goods and services produced. This means that the BEA

A) simply counts the total number of goods produced in the market place and then adds them up.

B) values goods at their market prices, multiplies them by the quantity produced, and then adds them up.

C) simply counts the total number of goods and services produced in the marketplace and then adds them up.

D) values goods and services at their market prices, multiplies them by the quantity produced, and then adds them up.

 

 

9) Suppose in 2014, you purchase a house built in 2003. Which of the following would be included in the gross domestic product for 2014?

A) the value of the house in 2014

B) the value of the house in 2003

C) the value of the house in 2014 minus depreciation

D) the value of the services of the real estate agent

 

 

10) Gross domestic product is calculated by summing up

A) the total quantity of goods and services in the economy.

B) the total quantity of goods and services produced in the economy during a period of time.

C) the total market value of goods and services in the economy.

D) the total market value of final goods and services produced in the economy during a period of time.

 

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more