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Chapter 3
1. An important reason for developing national accounts was to
a. analyse the causes of trend growth.
b. analyse the causes of trend inflation.
c. divert resources for war.
d. identify the stages of inputs becoming final output.
e. inform finance markets about the state of the economy.
3. In the process of calculating the production of the economy of the United States, which of the
following must be taken into account?
a. Some of the goods that people buy are sent to the US from abroad.
b. Some of the goods produced in the economy are sent to other countries.
c. Some goods are used as inputs to the production of other goods.
d. All of the options listed.
e. .
ANS: D PTS: 1 DIF: challenging
NAT: A precise definition of GDP
4. GDP is
a. a measure of the value of all newly produced final goods and services in a country during
some period of time.
b. a measure of the value of all goods and services produced in a country during some period
of time, corrected for inflation.
c. a measure of the value of all goods and services sold in a country during some period of
time.
d. a measure of the value of all goods and services produced by the nation’s citizens during
some period of time.
e. a measure of the value of all goods and services produced by the nation’s citizens during
some period of time, corrected for inflation.
ANS: A PTS: 1 DIF: moderate
NAT: A precise definition of GDP
6. Where are the goods and services included in a country’s GDP produced?
a. Within the borders of that country plus those goods produced abroad by that country’s
residents, less domestic goods produced by foreign residents
b. Within the borders of that country except for those goods produced in the country by
non-residents or with capital owned by foreigners
c. Anywhere that country’s residents produce goods and services
d. Within that country’s borders
e. Within the borders of that country except for those goods produced in the country with
capital owned by foreigners
ANS: D PTS: 1 DIF: moderate
NAT: A precise definition of GDP
7. GDP numbers are often quite large, measured in trillions. How many billions make a trillion?
a. 10
b. 100
c. 1,000
d. 1 million
e. None of these
ANS: C PTS: 1 DIF: moderate
NAT: The spending approach to measuring GDP
10. Joe builds a garage that is valued at $25,000. To build the garage, Joe purchased newly made materials
for a total cost of $15,000. The value of GDP in this case would
a. increase by $40,000.
b. increase by $25,000.
c. increase by $15,000.
d. increase by $10,000.
e. decrease by $10,000.
ANS: C PTS: 1 DIF: moderate
NAT: A precise definition of GDP
11. Sally buys a house that was built 50 years ago for $100,000. A real estate agent helps her find and
purchase the house, and the real estate agent receives 6 per cent of the value of the sale, or $6,000,
from the seller of the house. The value of GDP
a. increases by $100,000.
b. increases by $94,000.
c. increases by $106,000.
d. increases by $6,000.
e. is not affected because the house was not produced in the current time period.
ANS: D PTS: 1 DIF: moderate
NAT: A precise definition of GDP
13. True or False. US GDP includes the value of goods and services produced by US citizens abroad.
14. T or F. You sell your unused calculus book to your friend. This transaction, in most cases, will not
count in GDP.
15. T or F. If you own and operate an antique store, this does not raise GDP because you are buying and
selling goods that are not newly produced.
16. T or F. You buy a new bed that was produced last year. GDP will increase this year by the value of the
bed because the bed was sold this year.
Exhibit 3.1
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been obtained from Siberia, but five were lost in various ways before the
travelling season arrived.
Their furthest point was reached in 82° 17′ S. December 30, 1902.
The views of the land were here extremely interesting. The cliffs rose to
a height of 1800 feet, ending in the snow expanse which rose into ridges
and peaks. In colour the cliffs were a rich deep red, further on nearly
black. The most distant peak to the south, far beyond the 83rd parallel,
was christened Mount Longstaff. To the S.W. “there was a splendid twin-
peaked mountain which, even in such a lofty country, seemed as a giant
among pigmies.” Captain Scott named it Mount Markham. One more
unsuccessful attempt was made to reach the land, but it was impossible
owing to an intervening chasm.
On the return journey the few surviving dogs were useless, and the
men had to drag the sledge, deriving occasional help from the sail. On
the 14th January, Shackleton broke down altogether. The only hope was
to keep him on his legs, doing nothing, for the other two could not
possibly have dragged him all the way on the sledge. On the 15th the two
last of the dog team died, but on the 28th the depôt was reached and they
again had plenty of food. Shackleton struggled along on ski, in a
deplorable state, Scott and Wilson dragging the sledge, and on the 30th
they put Shackleton on it and dragged him also. Next day he managed to
walk again; his two gallant companions being nearly worn out. The ship
was finally reached on February 3rd, 1903. In 94 days they had gone
over 800 miles, or counting relays 960 miles. The return with their
disabled comrade was nothing less than heroic.
The western party started on December 2nd, Armitage and Skelton
with ten men forming the extended party; Koettlitz, Ferrar, and
Dellbridge (Assistant Engineer) with six others the limited party.
Armitage’s plan was to attempt the ascent of the mountains near a vast
pile of moraine material which he had seen on a reconnoitring journey.
The party ascended a steep snow-slope which divides two masses of bare
rocky foot-hills, and rises to a plateau separating them from the higher
mountains beyond. Armitage reached an elevation of 5000 ft., and
obtained a view of a glacier, afterwards called the Ferrar Glacier,
winding inland between high rocky cliffs. Here the supporting party
returned, while Armitage and Skelton with the rest of the extended party
continued to ascend the steep snow slopes, most arduous and toilsome
work. At 6000 ft. they were stopped by an outcrop of rock, and Armitage
then resolved to attempt the descent into the Ferrar Glacier, a fall of 1800
feet. In this his party succeeded. On December 18th they commenced the
ascent of the glacier, and by January 1st, 1903, were 7500 feet above the
sea. One of the men broke down and was left in a tent with half the party,
while Armitage pushed on with the rest until his elevation was over 8900
feet. In returning Armitage fell down a crevasse, and was saved with
great difficulty. They returned to the ship on the 19th, after having
discovered a practicable route to the interior. It was a piece of excellent
pioneer work.
Many shorter but useful sledge journeys were made by Koettlitz,
Ferrar, Hodgson, and Bernacchi which threw much light on the volcanic
region, where the numerous craters show the result of a very remarkable
volcanic outburst. Thus Koettlitz proved the insularity of Black Island,
examined the northern side of Minna Bluff, and ascended to the summit
of Brown Island, 2750 ft. in height.
As the summer advanced the anxious work of freeing the boats,
which had sunk deep in the snow, was undertaken; equally laborious
work was entailed in getting the ship ready for sea, and well-founded
hopes were entertained that a relief ship would arrive.
CHAPTER LVIII
THE SOCIETIES’ ANTARCTIC
EXPEDITION
The Morning
Second Year.
“To pretend that they can be worked to this end without pain,
suffering, and death is futile. The introduction of such sordid
necessity must and does rob sledge-travelling of much of its glory.
To my mind no journey ever made with dogs can approach the
height of the fine conception which is realised when a party of men
go forth to face hardships, dangers, and difficulties with their own
unaided efforts and by days and weeks of hard physical labour
succeed in solving some problem of the great unknown. Surely in
this case the conquest is more nobly and splendidly won.”
On December 1st the little party turned their steps homewards. Day
by day they struggled on over rough snow ridges in thick weather. On the
15th all were precipitated down a steep slope for 200 ft., finding
themselves sore and bruised at the bottom, and near the upper entrance
of the glacier. It was a month since Scott had seen any known landmark.
They started again, Scott in the middle and a little in front, Lashly on his
right, and Evans on his left. They had been going for a quarter of an hour
when Scott and Evans suddenly disappeared down a crevasse. Almost by
a miracle Lashly saved himself from following, and sprang back with his
whole weight on the trace. The sledge rushed past him and jumped the
crevasse down which Scott and Evans had gone. The two who had fallen
were dangling at the ends of their traces with blue walls of ice on each
side and a fathomless abyss below. Scott struggled on to a thin shaft of
ice wedged between the walls of the chasm, guiding Evans’s feet to the
same support. The great danger was that the intense cold would soon
render them powerless. There was no time to lose, and Scott by a
desperate effort managed to swarm up the trace and flung himself on the
snow. With the united efforts of Scott and Lashly Evans was also landed
on the surface. Both were terribly frost-bitten. On the same evening they
reached their nunatak depôt and next day, by a long march, arrived at the
main depôt. There were no further troubles, and the three reached the
ship on the 23rd December.
In his absence of fifty-nine days Scott and his companions had
travelled over 725 miles, but for nine days they had been confined to the
tent by gales of wind. The distance, therefore, was accomplished in fifty
marching days, a daily average of 14½ miles. Taking the whole eighty-
one days of absence they had covered 1098 miles at a little under 15½
miles a day. They had reached the limit of possible performance, under
the hardest conditions.
This is, in some respects, the greatest polar journey on record
without dogs. The only comparison can be with the journeys of
M’Clintock and Mecham. But they had not the intense cold, the danger
from crevasses, and the great height to climb. Nor can any one journey
be compared with it as regards the value and importance of its results.
Scott discovered the vast Antarctic ice-cap and explored it for 200 miles,
and his observations enabled Captain Chetwynd to fix the position of the
south magnetic pole.
Barne and Mulock marched to the south, but, after leaving Minna
Bluff, they were much hampered by southerly gales which confined
them to the tent for ten days. They had barely reached the mouth of the
inlet which they were to explore when they were obliged to return. The
ground was scarcely passable, and they had to cross wide crevasses, and
clamber over steep ridges. Mulock was indefatigable in the use of the
theodolite, so that this stretch of coast-line has been very accurately
plotted. But the most important result of Barne’s journey was the
discovery that the ice on the barrier moved. Depôt A lay on an alignment
with a small peak on Minna Bluff and Mount Discovery in 1902. Barne
found the depôt was no longer on with this small peak and Mount
Discovery and, therefore, that it must have moved. Thirteen and a half
months after the establishment of Depôt A Barne measured the
displacement, and found that it had moved 608 yards. Barne and his
party were absent 68 days.
The journey of Royds and Bernacchi over the ice of the barrier to the
S.E. occupied thirty days. Scott wrote, “It deserves to rank very high in
our sledging efforts, for every detail was carried out in the most
thoroughly efficient manner.” A very interesting series of magnetic
observations were taken by Bernacchi, who carried with him the Barrow
dip circle, a specially delicate instrument. The party returned on the 10th
December, having accomplished an exceedingly fine journey. There were
several shorter journeys. Dr Wilson was at Cape Crozier again to study
the habits of the Emperor penguins during twelve days, and Armitage
explored the Koettlitz glacier, previously only seen from Brown Island,
and obtained some excellent photographs.
Captain Scott ordered all the parties, when they returned from
sledging and had rested, to join the sawing camp about ten miles to the
north, where work was being proceeded with for cutting the ship out of
the ice. But it was soon found that the task was an impossible one, and it
was accordingly relinquished.
The Morning was got ready for her second voyage, with
arrangements complete for taking all the Discovery’s officers and men on
board if necessary, which was very unlikely. But the Government began
to interfere. The Terra Nova, Captain MacKay, was bought and sent out
as well as the Morning, which was quite unnecessary and a great waste
of public money, for all that was required could have been perfectly done
by the Morning. The two ships arrived at the edge of the ice on the 5th
January, 1904. The Discovery was freed from the ice on the 16th
February. A large wooden cross, with an inscription, had been made in
memory of Vince, and this was erected on the summit of Hut Point
before their departure.
On the 17th a furious gale of wind sprang up. A heavy anchor was
down. Steam was got up, but the wind was more powerful and the ship
was driven upon a shoal near Hut Point at 11 a.m. The gale kept
increasing in force, the seas broke over the Discovery’s starboard quarter
and she listed heavily to port, the keel constantly pounding and grinding
on the stones. Late in the afternoon the wind abated and the ship began
working astern. The engines were put full speed astern, and she slid
gently into deep water. There was no leakage, an eloquent testimony to
the solid structure of the ship, and what showed every sign of becoming
a great disaster was happily averted.
The Discovery then received her coal from the relief ships, Colbeck
reducing himself to the very narrowest limits, keeping just enough to
take him back to New Zealand. Scott intended to explore westward from
Cape North. In the voyage northward the rudder was damaged, and the
Discovery, after rounding Cape Adare, anchored in Robertson Bay,
where the rudder was shifted. As soon as the spare rudder was in place
the vessel put to sea again, February 25th, and was soon in the thick of
the icebergs. There was a great mass of closely-packed ice towards Cape
North. Captain Scott, therefore, altered course and sighted the Balleny
Islands on the 2nd March, afterwards proceeding west to beyond 159°E.,
where the ship was actually behind Wilkes’s alleged land. On March 4th
she was in 67° 23′ S. and 155° 30′ E., and it was quite clear that Eld’s
Peak and Ringgold’s Knoll did not exist. Cape Hudson is also imaginary,
and there is no case for any land near that latitude eastward of Adélie
Land. The coast turns S.E. to Cape North. On April 1st the Discovery
arrived at Lyttelton, where a most cordial reception awaited her.
The Discovery sailed again June 8th, completing her magnetic
survey across the South Pacific. Passing through Magellan Strait, Port
Stanley was visited for coal, and on the 10th September the good ship
was anchored at Spithead. Never has any polar expedition returned with
so great a harvest of results. The discoveries alone were remarkable—the
entirely new land of King Edward VII, the nature of the ice on the
barrier, the great Victorian range of mountains, the volcanic region of
Ross and the smaller islands, the glaciers and the remarkable
phenomenon of their recession, the great Antarctic ice-cap over which
Captain Scott and two companions travelled for 200 miles, the discovery
of the position of the south magnetic pole, and the lines of deep sea
soundings with serial temperatures and dredgings. Yet these are only the
skeleton which is provided with flesh and blood by the scientific results
and observations which are contained in the twelve large volumes
published on the voyage.
Captain Scott’s own narrative, in two volumes, beautifully illustrated
by Dr Wilson, was worthy of the expedition. It was his first literary
effort, but the great explorer had a natural gift, and there are few polar
stories to be compared with the Voyage of the Discovery either in literary
merit or in scientific interest.
CHAPTER LX
SHACKLETON’S ATTEMPT TO REACH
THE POLE