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Measuring the Economy: Help and Review Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. What are the three factors on which the Taylor rule is based?

Question 2 2. Tommy's Tweezers has had a change in inventory, increasing by 100,000. What component of the GDP would this affect?

Question 3 3. True or false: changes in income can affect the quantity demanded.

Question 4 4. When economists estimate Gross Domestic Product using the income approach, which types of income are included?

Question 5 5. What's the difference between the unemployment rate and the labor participation rate?

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Question 6 6. In economics, the term investment refers to what?

Question 7 7. Which is TRUE of the market value of an intermediate good?

Question 8 8. What is a general macroeconomic model explaining economic fluctuations?

Question 9 9. Which of the following statements is NOT true regarding investment?

Question 10 10.

What is the GDP for the following information:

Consumption = 10,000

Investment = 2,000

Government spending = 1,000

Exports = 7,500

Imports = 7,000

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Question 11 11. Modern day economic thinking began in which of the following centuries?

Question 12 12. How is investment, in economics, related to spending?

Question 13 13. Which of the following would be included in the GDP?

Question 14 14. What does the word domestic in Gross Domestic Product refer to?

Question 15 15. Which one of the following is the best explanation of macroeconomics?

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Question 16 16. Mark has $15 that he wants to spend on something that entertains him. He was planning to buy a book with this money, but then he decided to watch a new movie with this money. The fact that Mark cannot read the book because he opted for the film is an example of _____.

Question 17 17. What are the two methods economists use to measure Gross Domestic Product (GDP)?

Question 18 18. What are the factors of production?

Question 19 19. Which of these is the BEST definition of microeconomics?

Question 20 20. Which two men were chairman of the Federal Reserve in the 2000s?

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Question 21 21. When savings leaks out of the circular flow model, what happens to it?

Question 22 22. What happens when a computer gets produced this year and distributed to a retail store's inventory?

Question 23 23. Which of the following would NOT be included in consumption?

Question 24 24. According to the theory of elasticity, if the price of a product increase, what happens?

Question 25 25. When calculating GDP, transfer payments are:

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Question 26 26. Which of the following statements is NOT true regarding the expenditure approach?

Question 27 27. Which of the following scenarios would be included when calculating the GDP?

Question 28 28. Which one of the following is the best explanation of economic output?

Question 29 29. What are the main categories of investment?

Question 30 30. What is the main aim of the Taylor rule?

Measuring the Economy: Help and Review Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Introduction to Macroeconomics: Help and Review  /  Business Courses
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