In the ____________, households work and receive payment from firms.

Question

Question 1 1 / 1 point

In the ____________, households work and receive payment from firms.

a) savings market

b) financial capital market

c) financial investment market

d) labor market

Question 2 1 / 1 point

In a command economy, the __________ either makes most economic decisions itself or at least strongly influences how the decisions are made.

a) government

b) business sector

c) firm

d) market

Question 3 1 / 1 point

Which of the following is generally accepted as a valid criticism of the production of useful goods and services?

a) environmental pollution

b) the black market

c) economic freedom

d) government involvement

Question 4 1 / 1 point

Which of the following best describes a fiscal policy tool?

a) household spending

b) bank lending

c) financial capital markets

d) government spending

Question 5 1 / 1 point

In a discussion of economics, which of the following would exert the most influence on an individual firm’s decision to hire workers?

a) wage levels

b) household income

c) the firm’s income

d) the macroeconomy

Question 6 1 / 1 point

Macroeconomics:

a) analyzes mergers and acquisitions between firms.

b) is concerned with the expansion of a small business into a large corporation.

c) is concerned with the expansion and contraction of the overall economy.

d) is narrower in scope than microeconomics.

Question 7 1 / 1 point

Which of the following best describes a monetary policy tool?

a) taxes

b) household savings

c) government spending

d) interest rates

Question 8 0 / 1 point

Economic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories.

a) Specialization Model

b) financial capital market

c) financial investment market

d) circular flow diagram

Question 9 1 / 1 point

Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization?

division of labour

international trade

economies of scale

command economy

Chapter 6 Random

Question 10 1 / 1 point

Which of the following is true?

a) During the contractionary phase of the business cycle, the rate of unemployment is generally quite low.

b) A depression is a recession that is mild and relatively brief.

c) The timing of business fluctuations is regular and therefore easily predictable.

d) The expansions and contractions of real world business cycles last varying lengths of time and often differ in magnitude.

Question 11 1 / 1 point

Final goods or services used to compute GDP refer to:

a) the factors of production used to produce output.

b) the sum of all wages paid to laborers.

c) goods and services purchased by the ultimate users.

d) the value of outstanding shares of stock of manufacturing firms.

Question 12 1 / 1 point

The difference between nominal GDP and real GDP is:

a) nominal GDP adjusts for inflation

b) real GDP excludes imports and exports

c) real GDP adjusts for inflation

d) nominal GDP measures actual productivity

Question 13 1 / 1 point

Middle-income countries, which include much of Latin America, Eastern Europe, and some countries in East Asia, have per capita GDP in the range of ___________.

a) $6,000 to $12,000

b) $60,000 to $120,000

c) $600 to $1200

d) $60 to $120

Question 14 1 / 1 point

___________ is a small category that refers to the goods produced by one business that have yet to be sold to consumers, and are either still sitting in warehouses and on store shelves.

a) Durable goods

b) Services

c) Inventories

d) Structures

Question 15 1 / 1 point

For most high-income countries of the world, GDP _________________ over time.

a) has risen gradually

b) has declined slightly

c) has sharply risen

d) has proven to be stable

Question 16 1 / 1 point

On the demand side of GDP, consumption by _____________ is the largest component of GDP, accounting for about two-thirds of the GDP in any year.

a) government

b) households

c) services

d) businesses

Question 17 1 / 1 point

On the supply side of the GDP, Structures account for around __________ of U.S. GDP.

a) 37%

b) 7%

c) 17%

d) 57%

Question 18 1 / 1 point

Consumption in the United States is about ____________ of GDP, and it moves relatively little over time.

a) 10%

b) 90%

c) 33%

d) 68%

Question 19 0 / 1 point

The demand measure of GDP accounting adds together:

a) wages and salaries, rent, interest, and profit.

b) consumption, investment, government purchases, and trade balance.

c) consumption, interest, government purchases, and trade balance.

d) consumption, government purchases, wages and salaries, and trade balance.

Question 20 1 / 1 point

Consumption is the purchase of goods and services by:

a) government.

b) foreign buyers.

c) households.

d) business firms.

Question 21 1 / 1 point

Which of the following are most likely classified by economists as consumer durable goods?

a) automobiles, furniture

b) stocks, bonds

c) drugs, toys, magazines, books

d) food, clothing

Question 22 1 / 1 point

To compare the GDP of two different countries with different currencies, it is necessary to use _________________________.

a) currency rates

b) foreign currency

c) an exchange rate

d) per capita GDP

Question 23 1 / 1 point

_________ are now the largest single component of the supply side of GDP, representing over half of GDP.

a) Nondurable goods

b) Structures

c) Services

d) Durable goods

Chapter 6 Problems

Question 24 1 / 1 point

In 1980 Denmark had a GDP of $70 billion (measured in U.S. dollars) and a population of 5.1 million. In 2000, Denmark had a GDP of $160 billion (measured in U.S. dollars) s and a population of 5.3 million. By what percentage did Denmark’s GDP per capita rise between 1980 and 2000?

a) 45.4%

b) 120%

c) 219%

d) 128%

Question 25 0 / 1 point

In 1990, the GDP of Canada was $680 billion as measured in Canadian dollars, and the exchange rate was that $1 Canadian was worth 85 U.S. cents. In 2000, the GDP of Canada was $1000 billion as measured in Canadian dollars, and the exchange rate was that $1 Canadian was worth 69 U.S. cents. By what percentage did the GDP of Canada increase from 1990 to 2000 in Canadian dollars?

a) 19.4%

b) 47%

c) 68%

d) 147%

 

 

 

Get 20% Discount on This Paper
Pages (550 words)
Approximate price: -

Try it now!

Get 20% Discount on This Paper

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Custom Writings Help is a Quality-Oriented Company in Online Writing as a result of hiring exceptional professionals to execute clients' tasks.

Essays

Research Papers

At Custom Writings Help,We understand the struggle of research paper writing, and that is why at Custom WritingS Help, we are all out to help you. We pride ourselves on having a team of clinical writers. The stringent and rigorous vetting process ensures that only the 'BEST' Writers are chosen for the job. We have highly qualified Ph.D. and MA writers working with us; we equally offer these experienced writers specific bonuses and incentives to make them deliver highly original, unique, and informative content at reasonably low prices.

Admissions

Thesis Writing Service

Worlwide, Many Masters Students are struggling with Thesis Completion. A thesis is likely to be the longest and most challenging piece of work a student has ever completed. However, unlike essays and other assignments, a student can pick a particular interest topic and work on their initiative. Fortunately, we are there for you. At Custom Writings Help, you are assured of an authentic, imaginative, informative, linguistically great, and advantageous thesis that adheres to all your needs. So, why continue considering different writers when you have discovered the best in the field?

Editing

Custom Papers

Not a single student can avoid writing custom papers. However, a total lack of experience, skills, and time makes it very hard to produce a superb writing piece. Therefore, if you are seeking professional help, turn to us. Our specialized and experienced writers compose a variety of model papers, including custom essays, college term papers, research papers, book reports, MBA essays, executive summaries, dissertations, Ph.D. theses, admission essays, and research proposals for college and university students at any level.

Coursework

Essay Writing

Most of the students disregard the critical principles of essay writing and compose papers below sensible guidelines. Therefore, with Custom Writings Help, one should not worry about his/her essay. Our Writers compose informative and engaging content on all complexities and topics. We write meaningful and smart essays while prioritizing all aspects that bring about a good grade, such as impeccable grammar, proper structure, zero-plagiarism, and conformance to guidelines.

Coursework

Coourse Work Writing

Don't let the seemingly never-ending onslaught of writing assignments get you down. If you are looking where to get course work assistance online, the writers at Custom Writings Help are here to assist you with all of your writing needs. We undertake to unique delivery of papers that meet the professor's requirements. The content is proofread, edited, and checked plagiarism before submission to customers. No matter how big or small your work is, we will deliver on time. Try US Now! !

Coursework

Dissertation Writing Service

High-Quality Dissertation Writing Services are rare. They require Ph.D. academicians – not easily found. However, are an exception. The years, time, and resources we have invested in the dissertation world has given us a competitive advantage over others. Choose to come to Custom Writings Help; You will find perfect Ph.D. consultants who have written hundreds of dissertations theses ready to help you. Let our dissertation-writing services help you craft your dissertation, for you are assured we will give you the results.

Open chat