Macroeconomic Test Bank 10 PDF

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Chapter 10/Measuring a Nation’s Income  277Chapter 10Measuring a Nation’s Income Macroeconomists study a of households and firms. b-wide phenomena. c interaction of households and firms. d of firms and unions. ANSWER: b. economy-wide phenomena. TYPE: M DIFFICULTY: 1 SECTION: 10. Which of the follow...

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Chapter 10/Measuring a Nation’s Income  277

Cha pt er10 Me as ur i ngaNat i on’ sI nc ome 1 .

Mac r oec onomi s t ss t udy a .dec i s i onsofhous e hol dsa ndfir ms . b .ec onomy wi dephenomena. c .t hei nt er a c t i onofhous e hol dsa ndfir ms . d.r e gul a t i onsoffir msanduni ons . ANS WER: b . ec onomy wi dephenomena. TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 0 2 .

Whi c hoft hef ol l owi nghe a dl i ne swo ul dbemor ec l os e l yr e l a t e dt owha tmi c r oe c onomi s t ss t udyt ha nwha t ma c r oe c onomi s t ss t udy? a . Une mpl oyme ntr a t er i s e sf r om 5pe r c e ntt o5 . 5pe r c e nt . b .Re a lGDPgr o wsby3. 1pe r c e nti nt het hi r dqua r t e r . c . Re t ai ls a l e sa ts t o r e ss ho wl a r gega i ns . d.Thepr i c eofor a nge sr i s e saf t e rane a r l yf r o s t . ANS WER: d. Thepr i c eofor ange sr i s e sa f t e rane a r l yf r os t . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 0 3 .

Whi c hoft hef o l l owi ngque s t i onsi smor el i ke l yt obes t udi e dbyami c r oe c onomi s tt ha nama c r oe c onomi s t ? a . Whydopr i c e si nge ne r a lr i s ebymor ei ns omec ount r i e st ha not he r s ? b .Whydowa ge sdi ffe ra c r os si ndus t r i e s ? c . Whydopr oduc t i o nandi nc omei nc r e a s ei ns omepe r i odsandnoti not he r s ? d.Whyha sa ve r a gei nc omei nc r e a s e do ve rt i me ? ANS WER: b . Whydowa ge sdi ffe rac r o s si ndus t r i e s ? TYPE:TFDI FFI CULTY:1SECTI ON:2 3 . 0 4 .

Ma c r oe c onomi c si nc l ude st hes t udyoft opi c ss uc has a . na t i ona lout put ,t hei nfla t i onr a t e , a ndt het r a dede fic i t . b .t hepr i c eofCi s c os t oc k,wa gedi ffer e nc e sbe t we e nge nde r s ,a nda nt i t r us tl a ws . c . di ffe r e nc e si nma r ke ts t r uc t ur e ,andhow c ons ume r smax i mi z eut i l i t y . d.Noneoft hea bov ear ec or r e c t . ANS WER: a . na t i ona lout put ,t hei nfla t i onr a t e , a ndt het r a dede fic i t . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 0 5 .

Thegoa lofma c r oe c onomi c si s a .t oe xpl ai nhow e c onomi cc hange sa ffe c tpr i c e sofpa r t i c ul a rgoods . b .t ode vi s epol i c i e st ode a lwi t hma r k e tf a i l ur e ss uc hase x t e r nal i t i e sandmonopol y . c .t oe x pl a i nc ha nge st ha ta ffec thous e hol dsa ndfir msi nge ne r a l . d.Noneoft hea bov ear ec or r e c t . ANS WER: c . t oe xpl ai nc ha nge st ha taffe c thous e hol dsandfir msi nge ne r a l . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 0 6 .

Theba s i ct ool sofs uppl ya ndde ma ndar e a . us e f ulonl yi nt heanal ys i sofec onomi cbe ha vi ori ni ndi vi dualma r ke t s . b .us e f uli nanal yz i ngt heov e r a l le c onomy ,butnoti nanal yz i ngi ndi vi dua lma r ke t s . c . notpa r t i c ul ar l yus e f uli ne i t he rma c r oe c onomi cormi c r oe c onomi ca na l ys i s . d.c e nt r alt oma c r oe c onomi ca na l ys i saswe l la st omi c r oe c onomi ca na l ys i s . ANS WER: d. c e nt r alt oma c r oe c onomi ca na l ys i sa swe l la st omi c r oec onomi ca na l ys i s . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 0 7 .

Whi c hoft hef o l l owi ngs t a t i s t i c si st hebe s ts i ngl eme as ur eofane c onomy’ swe l l be i ng? a .t heune mpl o yme ntr a t e b .t hei nfla t i onr a t e c . GDP d.t het r a dede fic i t ANS WER: c . GDP TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 0

278  Chapter 10/Measuring a Nation’s Income 8 .

Whi c hoft hef o l l owi ngi sc or r e c tf ora ne c onomy ? a .I nc omei sgr e a t e rt ha npr oduc t i on. b .Pr oduc t i oni sgr e a t e rt ha ni nc ome . c .I nc omea l wa yse qual spr oduc t i on. d.I nc omeequa l spr oduc t i ononl ywhens a vi ngi sze r o . ANS WER: c . I nc omeal wa yse qual spr oduc t i on. TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 1 9 .

Robe r twor ksa sal a wy e r . a . GDPc omput a t i o nss houl dbema deus i nghi si nc omef r om pr ovi di ngl e ga ls e r vi c e s , nothi spr oduc t i onofl e gal s e r vi c e s . b .GDPc omput a t i onss houl dbemadeus i nghi spr oduc t i on,nothi si nc omef r o m pr ovi di ngl e gals e r vi c e s . c . GDPc omput a t i onss houl di nc l udebot hhi si nc omea ndhi spr oduc t i on. d.GDPc omput a t i onss houl di nc l udee i t he rhi si nc omeorhi spr oduc t i on,butnotbot h. ANS WER: d. GDPc omput a t i o nss houl di nc l udee i t he rhi si nc omeorhi spr oduc t i on,butnotbot h. TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 1 1 0 . I fGDPr i s e s , a .i nc omea ndpr oduc t i o nmus tbot hr i s e . b .i nc omea ndpr oduc t i onmus tbot hf a l l . c .i nc omemus tr i s e ,butpr oduc t i onma yr i s eorf a l l . d.pr oduc t i onmus tr i s e ,buti nc omema yr i s eorf a l l . ANS WER: a . i nc omea ndpr oduc t i onmus tbot hr i s e . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 1 1 1 . I nas i mpl ec i r c ul a r flow di a gr am t ot a li nc omeandt ot a le xpe ndi t ur ea r e a .s e l dom equa lbe c a us eoft hedynami cc ha nge swhi c hoc c uri na ne c onomy . b .e qua lonl ywhe na l lgoodsa nds e r vi c e spr oduc e dar es ol d. c . al wa yse qua lbe c aus ee ve r yt r a ns ac t i onhasabuye randas e l l e r . d.a l wa yse qua lbec aus eofac c ount i ngr ul e s . ANS WER: c . al wa yse qua lbe c aus ee ve r yt r ans a c t i onha sabuye ra ndas e l l e r . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 1 1 2 . I nas i mpl ec i r c ul a r flow di a gr am,t o t a li nc omeandt ot a le xpe ndi t ur e si nane c onomya r e a .e qua lbe c a us efir msar eul t i ma t e l yowne dbyhous e hol ds . b .e qua lonl yi ft he r ei snos a vi ng. c .e qua lbe c a us ee ve r yt r ans a c t i onha sabuye ra ndas e l l e r . d.ne ve requa lbec aus es omepe opl e ’ si nc omei snotf orpr oduc t i on. ANS WER: c . e qua lbe c a us ee ve r yt r a ns ac t i onha sabuye ra ndas e l l e r . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 1 1 3 . Fi r msus et hemone yt he yge tf r om as a l ef or a . pa yi ngwa ge s . b .ma ki ngapr ofit . c . pa yi ngr e nt s . d.Al loft heabov ea r ec or r e c t . ANS WER: d. Al loft hea bovea r ec or r e c t . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 0 1 4 . Thes i mpl ec i r c ul a r flow di a gr am i l l us t r a t e st ha t a . pr oduc t i onge ne r a t e si nc omes ot ha ti nc omeandpr oduc t i o nar et hes ame . b .t hee c onomy’ si nc omee x c e e dsi t spr oduc t i o n. c .t hepr oduc t i onofa ne c onomye x c e e dsi t si nc ome . d.Noneoft hea bov ear enec es s a r i l yc or r e c t . ANS WER: a . pr oduc t i onge ne r a t e si nc omes ot ha ti nc omeandpr oduc t i o nar et hes ame . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 1

Chapter 10/Measuring a Nation’s Income  279 1 5 . I nane c onomyc ons i s t i ngofonl yhous e hol dsandfir ms , GDPc a nbec omput e dby a .a ddi ngupt het ot a le xpe ndi t ur e sofhous e hol ds . b .addi ngupt het ot a li nc omepai dbyfir ms . c . Ei t he raorbar ec or r e c t . d.Noneoft hea bov ear ec or r e c t . ANS WER: c . Ei t he raorba r ec or r e c t . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 1 1 6 . Pr oduc t i one qua l si nc omebe c aus e a .b yl a w fir msmus tpa youta l lt he i rr e ve nueasi nc omet os ome one . b .f o re ve r ys a l et he r ei sabuye ra ndas e l l e r . c . be c aus eul t i ma t e l yfir msar eowne dbyhous e hol ds . d.Noneoft hea bov ear ec or r e c t . ANS WER: b . f o re ve r ys a l et her ei sabuye ra ndas e l l e r . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 1 1 7 . Whi c hoft hef o l l owi ngi st hec or r e c tde fini t i onofGDP? a .t hema r ke tva l ueofa l lgoodspr oduc e dwi t hi nac ount r y b .t hemar ke tva l ueofa l lfina lgoodsa nds e r vi c e spr oduc e dbyt hec i t i z e nsofac ount r y c .t hemar ke tva l ueofa l lfina lgoodsa nds e r vi c e spr oduc e dwi t hi nac ount r y d.Noneoft hea bov ear ec or r e c t . ANS WER: c . t hemar ke tva l ueofal lfina lgoodsa nds e r vi c e spr oduc e dwi t hi nac ount r y TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 2 1 8 . Toc omput eGDPwe a .s i mpl ys um t henumbe roffina lgoodsa nds e r vi c e s . b .s um t hec os tofpr oduc i ngfina lgoodsa nds e r vi c e s . c . us ewe i ght sde t e r mi ne db yas ur ve yr e ga r di nghow muc hpe opl eva l uedi ffe r e nts or t sofgoodsa nds e r vi c e st o c omput eGDPa sawe i ght e da ve r a ge . d.s um t hema r ke tval ue soffinalgoodsands e r vi c e s . ANS WER: d. s um t hemar ke tval ue soffina lgoodsands e r vi c e s . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 2 1 9 . I nor de rt oi nc l udema nydi ffe r e ntpr oduc t si na na ggr e ga t eme a s ur e ,GDPi sc omput e dus i ng a . va l ue sofgoodsba s e dons ur ve ysofc ons ume r s . b .pr i mar i l ymar ke tpr i c e s . c . pr i mar i l yc os t sofpr o duc t i on. d.we i ght st ha ta r ec omput e dbyhow muc hofapar t i c ul argoodi spr oduc e dr e l a t i vet ot ot a lout put . ANS WER: b . pr i mar i l ymar ke tpr i c e s . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 2 2 0 . GDPi sc omput e dus i ngma r ke tpr i c e sa st heva l ueoffina lgoodsa nds e r vi c e sbec a us e a . ma r ke tpr i c e sdon’ tc ha ngemuc h,s oi ti se as yt oma kec ompa r i s onsbe t we e nye ar s . b .i fmar ke tpr i c e sa r eoutofl i newi t hhow pe opl eval uegoods ,t hego ve r nme nts e t sc ei l i ngsa ndfloor sont he m. c . ma r ke tpr i c e sr e fle c tt heva l ueofgoodsands e r vi c e s . d.Noneoft hea bov ear ec or r e c t ; t hego ve r nme ntdoe snotus ema r ke tpr i c e st oc omput eGDP . ANS WER: c . ma r ke tpr i c e sr e fle c tt heva l ueofgoodsands e r vi c e s . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 2 2 1 . Whi c hoft hef o l l owi ngi snoti nc l ude di nGDP? a . unpa i dc l e a ni ngandma i nt e na nc eofhous e s b .s e r vi c e ss uc hast hos epr ovi de dbyl a wy e r sa ndhai rs t yl i s t s c .t hee s t i ma t e dr e nt alva l ueofo wne r oc c upi e dhous i ng d.pr oduc t i onoff or e i gnc i t i z e nsl i vi ngi nt heUni t edS t a t e s ANS WER: a . unpa i dc l e a ni nga ndma i nt e na nc eofhous e s TYPE:M DI FFI CULTY:2S ECTI ON:1 0. 2

280  Chapter 10/Measuring a Nation’s Income 2 2 . Theva l ueofhous i ngs e r vi c epr o vi de dbyt hee c onomy’ ss t oc kofhous e si s a . noti nc l ude di nGDPs i nc ei ti snots ol dont hemar ke t . b .c ount e dandi sva l ue dast hemor t ga gepa yme ntmadeont hehous e . c .c ount e dandus e sonl yt hepur c ha s epr i c eoft hehous ei nt heye ari ti ss ol d. d.c ount e da ndi sba s e dona ne s t i ma t eofi t sr ent a lva l ue . ANS WER: d. c ount e dandi sba s e donanes t i ma t eofi t sr e nt alva l ue . TYPE:M DI FFI CULTY:2S ECTI ON:1 0. 2 2 3 . Suppos et ha ta napa r t me ntc ompl e xc onv e r t st oac ondomi ni um whe r et her e nt e r sa r enow owne r soft he i rf o r me r a pa r t me nt s . a . Ther e ntwa si nc l ude di nGDP;t hepur c ha s e soft hec ondomi ni umsar enot . b .Ther e ntwa si nc l ude di nGDP ,a nds oi st hepur c ha s eoft hec ondomi ni ums . c . Ther e ntwa snoti nc l ude di nGDP;t hepur c has e soft hec ondomi ni umsar e . d.Ne i t he rt her e ntoft hea par t me nt snort hepur c ha s e soft hec ondomi ni um a r ei nc l ude di nGDP . ANS WER: a . t her e ntwa si nc l ude di nGDP;t hepur c ha s e soft hec ondomi ni umsar enot . TYPE:M DI FFI CULTY:2S ECTI ON:1 0. 2 2 4 . Suppos et ha ta napa r t me ntc ompl e xc onv e r t st oac ondomi ni um whe r et her e nt e r sa r enow owne r soft he i rf o r me r a pa r t me nt s .Suppos et ha ta ne s t i ma t eoft heva l ueoft hec ondomi ni um owne r s ’hous i ngs e r vi c e si snow t hes a mea s t he i rf or me rr e nt . a . GDPne c e s s a r i l yi nc r e as e s . b .GDPne c e s s a r i l yde c r e a s e s . c . GDPi sunaffe c t e dbe c a us ene i t he rt her e ntnort hee s t i ma t eoft heva l ueofhous i ngs e r vi c e si si nc l ude di nGDP . d.GDPi suna ffe c t e dbe c a us epr e vi ous l yr e ntwa si nc l ude di nGDP ,andnow i ti sr e pl a c e dbyt hee s t i ma t eoft he va l ueofhous i ngs e r vi c e s . ANS WER: d. GDPi suna ffe c t e dbe c a us epr e vi ous l yr e ntwa si nc l ude di nGDP ,a ndnow i ti sr e pl a c e dbyt hee s t i ma t e oft heval ueofhous i ngs e r vi c e s . TYPE:M DI FFI CULTY:2S ECTI ON:1 0. 2 2 5 . Whi c hoft hef o l l owi ngnonmar ke tgoodsors e r vi c esi si nc l ude da sane s t i ma t ei nU. S .GDP? a .t heva l ueofunpa i dhous e wor k b .t heva l ueofve ge t a bl e st ha tpe opl egr ow i nt he i rga r de ns c .t hee s t i ma t e dr e nt alva l ueofo wne r oc c upi e dhome s d.Noneoft hea bov ear ec or r e c t . ANS WER: c . t hee s t i ma t e dr e nt a lva l ueofo wne r oc c upi e dhome s TYPE:M DI FFI CULTY:2S ECTI ON:1 0. 2 2 6 . Ove rt hel a s tf e w de c ade sAme r i c a nsha vec hos e nt oc ookl e s sa thomea nde a tmor ea tr e s t aur a nt s .Thi sc ha ngei n be ha vi or ,byi t s e l f , a .i nc r e a s edme a s ur e dGDP . b .r educ e dme a s ur e dGDP . c . di dnotaffe c tme a s ur e dGDP . d.a ffec t e dme as ur e dGDPonl yt ot hee x t e ntt ha tpe opl ee a tmor ea tr e s t a ur a nt st ha na thome . ANS WER: a . i nc r e as edme a s ur e dGDP . TYPE:M DI FFI CULTY:2S ECTI ON:1 0. 5 2 7 . Ove rt i mepe opl eha vec omet or e l ymor eonma r k e t pr oduc e dgoodsa ndl e s songoodst ha tt he ypr oduc ef or t he ms e l v e s .Fore x ampl epe opl ee a ta tr e s t a ur a nt sr e l a t i ve l ymor eandpr e par et he i rownme a l sa thomer e l a t i ve l y l e s s .Byi t s e l ft hi sc ha ngewoul d a . ma keGDPf a l lov e rt i me . b .notmakea nyc ha ngei nGDPov e rt i me . c . ma keGDPr i s eove rt i me . d.c hangeGDP ,buti na nunc e r t a i ndi r e c t i o n. ANS WER: c . ma keGDPr i s eov e rt i me . TYPE:M DI FFI CULTY:3S ECTI ON:1 0. 2

Chapter 10/Measuring a Nation’s Income  281 2 8 . Ra l phpa yss ome onet omow hi sl a wn.No r t onmowshi sownl a wn. a . Onl ywha tRal phpa yst oha vehi sl a wnmowe di si nc l ude di nGDP . b .Wha tRa l phpa yst oha v ehi sl a wnmo we da ndt hee s t i ma t e dval uet oNor t onofmowi nghi sown l a wna r ebot h i nc l ude di nGDP . c . Ne i t herwha tRa l phpa ysnort hee s t i ma t e dva l ueofNo r t on’ smowi ngi si nc l ude di nGDP . d.Thea ns we rde pe ndsonwha tNo r t onr e por t st os ur ve yt a ke r s . ANS WER: a . onl ywha tRa l phpa yst oha vehi sl a wnmowe di si nc l ude di nGDP . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 2 2 9 . J i mi sac he fa tar e s t a ur a nt . Sa l l ypr e pa r edhe rownme a l sdur i ngt hefir s tquar t e rof2 0 02 ,a ndt he na t ea tJ i m’ s r e s t a ur a nte ve r yda yi nt hes e c ondqua r t e rof2 00 2.Sa l l y’ sc ha ngeofha bi t a . ne c e s s ar i l yr a i s e sGDP . b .ne c e s s a r i l yr educ esGDP. c .r ai s e sGDPonl yi ft her e s t a ur a ntme a l sa r emor ee xpe ns i vet hant hee s t i ma t e dva l ueofS a l l y’ sme a l s . d.ha snoi mpa c tonGDP . ANS WER: a . ne c e s s a r i l yr ai s e sGDP . TYPE:M DI FFI CULTY:2S ECTI ON:1 0. 2 3 0 . I fS us a nde c i de st oc ha nget heoi li nhe rc a rhe r s e l fi ns t e a dofha vi ngSpe e dyLubec ha ng et heoi lf orhe rGDP a . ne c e s s ar i l yr i s e s . b .ne c e s s a r i l yf a l l s . c . wi l lbeuna ffe c t e dbe c aus et hes a mes e r vi c ei spr oduc e di ne i t he rc as e . d.wi l lbeuna ffe c t e dbe c a us ec arma i nt e na nc ei snoti nc l ude di nGDP . ANS WER: b . ne c e s s a r i l yf a l l s . TYPE:M DI FFI CULTY:2S ECTI ON:1 0. 2 3 1 . Apr of e s s i onalga mbl e rmo ve sf r om as t a t ewhe r ega mbl i ngi si l l e ga lt oas t a t ewhe r ega mbl i ngi sl e ga l .Thi smove a . ne c e s s ar i l yr a i s e sGDP . b .ne c e s s a r i l yde c r e a s e sGDP . c . doe s n’ tc hangeGDPbe c a us ega mbl i ngi sne ve ri nc l ude di nGDP . d.doe s n’ tc ha ngeGDPbe c a us ei ne i t he rc a s ehi si nc omei si nc l ude d. ANS WER: a . ne c e s s a r i l yr ai s e sGDP . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 2 3 2 . Apr of e s s i onalga mbl e rmo ve sf r om as t a t ewhe r ega mbl i ngi sl e ga lt oas t a t ewhe r ega mbl i ngi si l l e ga l .Thi smo ve a . ne c e s s ar i l yr a i s e sGDP . b .ne c e s s a r i l yde c r e a s e sGDP . c . doe s n’ tc hangeGDPbe c a us ega mbl i ngi sne ve ri nc l ude di nGDP . d.doe s n’ tc ha ngeGDPbe c a us ei ne i t he rc a s ehi si nc omei si nc l ude d. ANS WER: b . ne c e s s a r i l yde c r e as e sGDP . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 2 3 3 . I fas t a t ema deani l l e ga la c t i vi t ys uc ha sgambl i ngorpr os t i t ut i onl e ga l ,t he not he rt hi ngst hes a meGDP a . ne c e s s ar i l yi nc r e a s es . b .ne c e s s a r i l yde c r e a s e s . c . doe s n’ tc hangebe c a us ebot hl e ga landi l l e ga lpr oduc t i o na r ei nc l ude di nGDP . d.doe s n’ tc ha ngebe c a us et he s ea c t i vi t i e sa r ene ve ri nc l ude di nGDP . ANS WER: a . ne c e s s a r i l yi nc r e as es . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 2 3 4 . I fas t a t el e ga l i z e dgambl i nga ndt he nr e ve r s e di t sde c i s i onandma dega mbl i ngi l l e gal ,t he not he rt hi ngst hes a me GDP a . ne c e s s ar i l yi nc r e a s es . b .ne c e s s a r i l yde c r e a s e s . c . doe s n’ tc hangebe c a us ebot hl e ga landi l l e ga lpr oduc t i o na r ei nc l ude di nGDP . d.doe s n’ tc ha ngebe c a us ega mbl i ngi sne ve ri nc l ude di nGDP . ANS WER: b . ne c e s s a r i l yde c r e as e s . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 2

282  Chapter 10/Measuring a Nation’s Income 3 5 . Roomma t e sGr a c ea ndKe l l ya r es ha r i nghous e hol dc hor e sa ndt hi nkt he yha vea ne ve ne x c ha nge . Ot he rt hi ngst he s ame ,i fi ns t e a dt he ypa i de ac hot he rf o rt hec hor e st heot he rdi dGDPwo ul d a .r i s e . b .f a l l . c . beunaffe c t e dbe c aus epa i dornot ,hous e hol dc hor e sa r enoti nc l ude di nGDP . d.beuna ffe c t e dbe c a us epa i dornot ,hous e hol dc hor e sa r ei nc l ude di nGDP . ANS WER: a . r i s e . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 2 3 6 . Whi c hoft hef o l l owi ngi sc or r e c t ? a . Theva l ueofal li nt e r me di a t egoodsandfina lgoodsa r ei nc l ude di nGDP. b .Theva l ueofi nt e r me di a t egoodsa r ei nc l ude di nGDPonl yi ft he ywe r epr oduc e di nt hepr e vi ousye ar . c . Theva l ueofi nt e r me di a t egoodsa r ei nc l ude di nGDPonl yi ft he yar epur c ha s e dbyfir msr a t he rt ha nhous e hol ds . d.Theva l ueofi nt e r me di a t egoodsar enoti nc l ude di nGDP . ANS WER: d. Theva l ueofi nt e r me di a t egoodsa r enoti nc l ude di nGDP . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 2 3 7 . GDP a .i nc l ude st heva l ueofi nt e r me di a t egoodss owec ange tame a s ur eofs a l e s . b .e x c l ude st heval ueofi nt e r me di a t egoodsbe c a us et he yar et oodi ffic ul tt ome a s ur e . c .e x c l ude st heval ueofi nt e r me di a t egoodsbe c a us et hei rva l uei sal r e adyc ount e di nt heva l ueoffina lgoods . d.Noneoft hea bov ear ec or r e c t . ANS WER: c . e xc l ude st heval ueofi nt e r me di a t egoodsbe c a us et hei rva l uei sa l r e a dyc ount e di nt heva l ueoffina l goods . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 2 3 8 . Thet o t a ls a l e sofa l lfir msi nt heec onomyf oraye ar a .e qua l sGDPf ort heye a r . b .i sl a r ge rt hanGDPf ort heye ar . c .i ss ma l l e rt hanGDPf ort hey e a r . d.e qua l sGNPf ort heye ar . ANS WER: b . i sl a r ge rt ha nGDPf ort hey e a r . TYPE:M DI FFI CULTY:2S ECTI ON:2 2. 2 3 9 . Gr a pe sar e a .a l wa ysc ount e da sa ni nt e r me di a t egood. b .c ount e dasa ni nt e r me di a t egoodonl yi ft he yar eus e dt opr oduc eanot he rgoodl i kewi ne . c .c ount e dasa ni nt e r me di a t egoodonl yi ft he yar ec ons ume d. d.c ount e da sa ni nt e r me di a t egoodwhe t he rt he ya r eus e dt opr oduc eanot he rgoodorc ons ume d. ANS WER: b . c ount e dasa ni nt e r me di a t egoodonl yi ft he yar eus e dt opr oduc eanot he rgoodl i kewi ne . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 2 4 0 . Fl ouri s a .a l wa ysc ount e da sa ni nt e r me di a t egood. b .c ount e dasa ni nt e r me di a t egoodi fi ti sus edb yac ompanyt oma kebr e ad. c .c ount e dasafina lgoodi fi ti sus edbyac ons ume rwhoba ke sbr e a df orhi so wnc ons umpt i on. d.Bot hba ndcar ec or r e c t . ANS WER: d. Bot hba ndca r ec or r e c t . TYPE:M DI FFI CULTY:1S ECTI ON:1 0. 2 4 1 . Gas ol i nei s a .a l wa ysc ons i der e dani nt e r me di a t egood. b .c ount e dasafina lgoodi fac ompa nyus e si tt opr o vi det r ans por t a t i ons e r vi c e s . c .c ount e dasafina lgoodi fac ons ume rus e si tt or unal a wnmowe rt omow he ryar d. d.Bot hba ndcar ec or r e c t . ANS WER: c . c ount e dasafina lgoodi fac ons ume rus e si tt or unt hel a wnmo we rt omow he rya r d. TYPE:M D...