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Add, modify, and remove questions. Select a question type from the Add Question drop-down list and click Go to add
questions. Use Creation Settings to establish which default options, such as feedback and images, are available for question
creation.
Question
The economic statistic used to measure the level of prices is:
Answer GDP.
CPI.
GNP.
real GDP.
Question
The statistic used by economists to measure the value of economic output is:
Answer the CPI.
GDP.
the GDP deflator.
the unemployment rate.
Question
GDP is all of the following except the total:
Answer expenditure of everyone in the economy.
income of everyone in the economy.
expenditure on the economy's output of goods and services.
output of the economy.
Question
The total income of everyone in the economy is exactly equal to the total:
Question
An economy's ______ equals its ______.
Answer consumption; income
consumption; expenditure on goods and services
expenditure on goods; expenditures on services
income; expenditure on goods and services
Question
All of the following are measures of GDP except the total:
Answer expenditures of all businesses in the economy.
income from all production in the economy.
expenditures on all final goods produced.
value of all final production.
Question
It is a national income accounting rule that all expenditure on purchases of products is
necessarily equal to:
Answer profits of firms.
wages of employees.
income of the producers of the products.
income of employees.
Question
Two equivalent ways to view GDP are as the:
Answer total payments made to all workers in the economy or the total profits of all firms
and businesses in the economy.
total expenditures on all goods produced in the economy or the total income
earned from producing all services in the economy.
total profits of all firms and businesses in the economy or the total consumption of
goods and services by all households in the economy.
total income of everyone in the economy or the total expenditure on the economy's
output of goods and services.
2 of 32 6/1/2012 8:46 PM
Pool Canvas http://cp03.coursecompass.com/webapps/assessment/do/authoring/view...
Question
In the circular flow model, the flow of dollars from firms to households is paid _____ and the
flow of dollars from households to firms is paid _____.
Answer as wages and profits; for goods and services
for value added; as imputed values
in current dollars; in constant dollars
as interest and dividends; for depreciation and taxes
Question
Which of the following is a flow variable?
Answer wealth
the number unemployed
government debt
income
Question
Which of the following is a stock variable?
Answer wealth
consumption
investment
income
Question
All of the following are a stock except:
Answer a consumer's wealth.
the government budget deficit.
the number of unemployed people.
the amount of capital in the economy.
Question
All of the following are a flow except:
Answer the number of new automobile purchases.
the number of people losing their jobs.
business expenditures on plant and equipment.
3 of 32 6/1/2012 8:46 PM
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