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Economic Measurement 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!

Page 1

Question 1 1. In economics, the term investment refers to what?

Question 2 2. What happens when a computer gets produced this year and distributed to a retail store's inventory?

Question 3 3. When economists estimate Gross Domestic Product using the income approach, which types of income are included?

Question 4 4. Which of the following would be included in the GDP?

Question 5 5. Which of the following statements is true regarding the relationships in a market economy?

Page 2

Question 6 6. Which is TRUE of the market value of an intermediate good?

Question 7 7. Which of the following would NOT be included in consumption?

Question 8 8. Which of the following statements is NOT true regarding investment?

Question 9 9. Which of the following scenarios would be included when calculating the GDP?

Question 10 10. How is investment, in economics, related to spending?

Page 3

Question 11 11. Tommy's Tweezers has had a change in inventory, increasing by 100,000. What component of the GDP would this affect?

Question 12 12. Why would the revenue of a singer from the United States that held a concert abroad not included in the U.S. GDP?

Question 13 13. What does the circular flow model of the economy illustrate?

Question 14 14. When calculating GDP, transfer payments are:

Question 15 15. What are the main categories of investment?

Page 4

Question 16 16. When savings leaks out of the circular flow model, what happens to it?

Question 17 17. Which of the following is NOT a valid exchange medium for factors of production?

Question 18 18. What are the factors of production?

Question 19 19.

What is the GDP for the following information:

Consumption = 10,000

Investment = 2,000

Government spending = 1,000

Exports = 7,500

Imports = 7,000

Question 20 20. Which of the following statements is NOT true regarding the expenditure approach?

Page 5

Question 21 21. If you needed to increase the GDP, why might you focus on consumption to do this?

Question 22 22. Which of the following is an injection into the circular flow model?

Question 23 23. Which of the following is true when using the income approach to measure GDP?

Question 24 24. What does the word domestic in Gross Domestic Product refer to?

Question 25 25. What are the two methods economists use to measure Gross Domestic Product (GDP)?

Economic Measurement 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!

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