In August of this year, Jack can best estimate the current year's GDP by:
A. adjusting the first two quarterly estimates of GDP for seasonal variation.
B. taking an average of the last four quarterly estimates of GDP available.
C. multiplying the most recent quarter's GDP estimate by four.
D. All of these methods would give Jack the same answer.
52.The market value of a good or service is:
A. the price at which it is bought and sold.
B. the government's valuation using the CPI.
C. the price at which producers are willing to sell an output.
D. None of these statements is true.
53.If we add up all the money people spend buying final goods and services—being careful to omit spending on intermediate goods so as not to double-count—the sum will be:
A. the market value of all output sold in the economy.
B. gross domestic product.
C. total expenditure.
D. All of these statements are true.
54.One way to estimate GDP is:
A. measure the total expenditure of an economy.
B. add up all the money people spend buying final goods and services.
C. add together the market value of all final goods and services sold in the economy.
D. All of these are ways to measure GDP.
55.According to the circular flow model, expenditures by one person translate:
A. directly into income for someone else.
B. indirectly into the value of that person's time.
C. directly into his or her income.
D. indirectly into the household's budget.
56.We can measure total production by:
A. adding up what people spend on final goods and services.
B. adding up everyone's asset wealth.
C. comparing cost of inputs to final sale price.
D. None of these statements is true.
57.The income approach to calculating GDP:
A. is more accurate than using the expenditure approach.
B. is less accurate than using the expenditure approach.
C. will generate the same answer as using the expenditure approach.
D. is simpler to calculate than the expenditure approach.
58.One of the most crucial ideas in macroeconomics is understanding that:
A. zero unemployment is the best way to achieve economic growth.
B. measuring total expenditures or total income both equal total production of an economy.
C. prolonging economic downturns can be prolonged by fiscal policy.
D. GNP is the most commonly used measurement of total production.
59.The circular flow model illustrates the crucially important idea of macroeconomics, which is that:
A. every expenditure of someone in the economy is exactly equal to the income of another.
B. only two markets exist in every economy—input and output.
C. income is lower when there is more spending on goods and services.
D. the flow of two things in the economy—"stuff" and "money"—travel in the same direction.
60.A closed economy refers to an economy in which:
A. all goods are produced and sold domestically.
B. all goods are consumed domestically.
C. intermediate goods are sold domestically.
D. a country exports, but does not allow imports.
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