Macroeconomics A Contemporary Approach 10th Edition Mceachern Test Bank Full Chapter PDF

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Chapter 6--Tracking the U.S. Economy
Student: ___________________________________________________________________________
1. Which of the following is the best indicator of the performance of the national economy?
A. the federal government budget deficit
B. the stock of capital goods (machinery) in the nation
C. the size of the nation's stock of money
D. the balance of trade with other nations
E. the flow of new goods and services produced in the nation
2. Which of the following is true regarding Gross Domestic Product?

A. It can only be measured from the flow of total spending.
B. It can only be measured from the flow of total income in the economy.
C. It can be measured either from total spending or total expenditure.
D. It is calculated by computing total spending and total income; the larger of the two figures is counted as
GDP.
E. It can only be measured from the stock of total wealth.
3. In double-entry GDP accounting,

A. the value of output produced must equal the value of resource payments generated in producing that output
B. government is not counted because most of government spending is for transfer payments
C. payments to resources must equal the value of goods sold to households
D. inventories are counted twice, once as investment and once as output
E. intermediate goods are counted twice, once as a type of output themselves and once as part of final output
4. Gross Domestic Product equals the

A. total output of all goods and services produced by resources located in the U.S.
B. market value of all goods and services produced by resources located in the U.S.
C. market value of all final goods and services produced by resources located in the U.S.
D. value added to the economy by intermediate goods and services minus original cost
E. value of total sales of goods and services produced in the U.S.
5. Which of the following is not true about Gross Domestic Product?
A. It includes only final goods and services.
B. It reflects production in a particular year.
C. Intermediate goods and services are excluded to prevent double counting.
D. It may be measured by totalling the spending by each group in society.
E. It includes transfer payments.
6. Which of the following would be included in this year's GDP?

A. one hundred shares of IBM stock that Tony Hanks bought this May
B. the used car Tracey sold to Justin
C. George Garcia's purchase of a fishing rod and reel at a garage sale
D. the $20 Sharon Johnson gave Dennis O'Brien as a reward for finding her lost wedding ring
E. that bucket of Kentucky Fried Chicken you bought this July
7. Which of the following would be included in this year's US GDP?

A. the value of the tomatoes you produced in your garden last summer
B. the used textbook you bought at the college bookstore for this class
C. the ticket you bought for the professional baseball game you attended in July
D. the bottle of French wine you bought for dinner the other night
E. the value of the tires that GM bought to put on its cars this year
8. Which of the following would not be included in this year's US GDP?

A. the value of the tomatoes you produced in your garden last summer
B. the new textbook you bought at the college bookstore for this class
C. the ticket you bought for the professional baseball game you attended in July
D. the bottle of California wine you bought for dinner the other night
E. the value of the tires that you bought to put on your car this year
9. Which of the following best describes an intermediate good?

A. It has no value to the seller.
B. It has no value to the buyer.
C. It is purchased by a household for future use.
D. It helps produce another good.
E. It is sold at a discounted price by middlemen.
10. Which of the following is the best example of an intermediate good or service?
A. any good bought by a household, rather than a firm
B. pizzas bought at a restaurant
C. legal services hired by a public accounting firm
D. sunglasses worn on a summer vacation in Florida
E. a professional performance of "The Phantom of the Opera"
11. Gross Domestic Product includes final goods and services, but not intermediate goods because
A. intermediate goods are not part of investment spending
B. the value of the intermediate goods is already included in the value of the final goods
C. the value of the intermediate goods is already included as inventory investment
D. intermediate goods are only produced by government
E. intermediate goods are not current production
12. Gross Domestic Product measures the

A. market value of all final goods and services produced by a nation's citizens, residents and firms of a nation
regardless of the location of production
B. market value of all final goods and services produced by resources located within a nation regardless of who
owns those resources
C. market value of all goods and services produced by resources located within a nation regardless of who owns
those resources
D. market values of all goods and services produced by a nation's citizens and firms regardless of the location of
production
E. market value of all goods and services produced within a nation by resources owned by residents and firms
of that nation
13. Which of the following would not be an expenditure on a final good or service?
A. a farmer's purchase of a pound of hamburger
B. a medical clinic's purchase of flu vaccine
C. a factory's purchase of a spot welding machine
D. the purchase of a cup of coffee at a restaurant
E. a college student's purchase of a textbook for a medieval history class
14. Which of the following is the best example of an intermediate good?

A. the flowers Mr. Grover buys at a local nursery
B. the flowers that Timmy Grover, age three, brought Mrs. Grover after he picked them from a neighbor's
garden
C. the flour Grandma Grover buys to make a birthday cake
D. the flour that Joe buys so that he can eat pizza three nights a week
E. the flour Amy orders each month for the bakery she manages
15. The value of the films produced in the United States starring Charlie Chaplin that still exist will not be
included in this year's U.S. GDP because
A. Charlie Chaplin was not an American citizen
B. Charlie Chaplin did not make the films this year
C. the films are no longer being shown and earning revenue
D. the films no longer have any value except for collectors
E. films are intermediate goods
16. Rhonda sells a house she has owned for 15 years. To make it more marketable, she buys carpeting and has it
professionally installed, and buys wallpaper that her daughter hangs. Which items would be included in this
year's GDP?
A. the sale price of the house
B. the sale price of the house, carpeting, and wallpaper and the installation fee for the carpet
C. the sale price of the house, carpeting, and wallpaper, the installation fee for the carpet, and the opportunity
cost of Rhonda's daughter's time
D. the sale price of the house, carpeting, and wallpaper, the installation fee for the carpet, and the opportunity
cost of Rhonda's time
E. the sale price of the wallpaper and carpeting and the installation fee for the carpet
17. Which of the following actions would not increase GDP?

A. Tom's alarm clock breaks, so he buys a new one.
B. Tom buys a new alarm clock because he routinely sleeps through the first alarm.
C. Tom's alarm clock breaks; now he oversleeps long enough that he buys a cup of coffee on the way to work
instead of making it for himself at home.
D. Tom gets fired for being late so often after his alarm clock breaks, so he moves off to the wilderness.
E. Tom sells his broken alarm clock and uses the revenue to buy some French fries.
18. Which of the actions below will not increase GDP?

A. Bears prowl suburban areas, overturning garbage cans so that the town must hire more sanitation workers to
clean up.
B. Vandals spray paint all over brick buildings, increasing business for paint removal services.
C. An installer of automobile tires takes a knife to the tires of cars parked in his neighborhood.
D. A homemaker spends $20 taking the family to lunch at Burger King instead of spending the $20 to buy food
to prepare at home.
E. A consumer has a tune-up done on his pick-up truck at the local garage.
19. GDP does not include the

A. increase in business inventories in the period
B. expenditures by government for newly produced goods and services in a given period
C. value of all transactions in the economy during a given period
D. value of final output during a given period
E. household spending on electricity
20. Which of the following would be included in GDP?
A. payment of the monthly telephone bill by Mr. Laconic
B. the purchase of corporate stock by Steven Jones
C. the purchase of a used limousine by Harold Abel
D. the value of a pair of mittens your mother knitted for you
E. the $300 George saved because he painted his own garage
21. The Lee family won a $50 million jackpot and made several major purchases this year, listed below. Which
of these would be counted as investment when calculating GDP by the expenditure approach?
A. the former Hollywood home of Gwyneth Paltrow that they bought for $5 million
B. the villa they just built in the Swiss Alps for $2 million
C. the secondhand yacht that Mr. Lee purchased for $1 million and expects to sell for a profit before year's end
D. the vintage Rolls Royce that Mrs. Lee purchased in London for $500,000
E. the new house that Mrs. Lee had built in Pittsburgh for $200,000 to serve as living quarters for her ten new
servants
22. Which of the following would not be included in GDP as a form of consumption spending?
A. Ann takes Tim out to a restaurant for dinner.
B. Ann and Tim buy a microwave oven.
C. Ann and Tim buy vegetables to prepare soup at home.
D. Ann prepares Tim's income tax return.
E. Tim buys Ann flowers.
23. Which of the following expenditures are not included in the consumption component of GDP?
A. maid service
B. purchase of a new home
C. a new videocassette recorder
D. a restaurant meal
E. tax preparation service
24. Which of the following would not be included in the calculation of GDP?
A. Jim purchases a new automobile.
B. Joe pays a plumber $100 to fix a broken pipe.
C. Sandy, who is on welfare, receives $100 in food stamps.
D. Kurt purchases an airline ticket for $500 just before a big reduction in fares.
E. Laurie pays $15 for a haircut.
25. A firm run by a rational entrepreneur would want to hold inventories.
A. True
B. False
26. If a firm's inventory decreases, the GDP counts the net decrease as a reduction in investment.
A. True
B. False
27. Investment spending is a flow variable; inventories are a stock variable.

A. True
B. False
28. Other things equal, increased imports decrease GDP.

A. True
B. False
29. Which of the following would directly reduce GDP?

A. An unscrupulous disposal company dumps barrels of toxic waste near a suburban water supply.
B. The switch from home-cooked meals to restaurant meals lowers the nutritional value of the average diet.
C. The town of Council Bluffs decides to fire the lifeguards at the local swimming pool.
D. Pollution of international waters increases.
E. Damage claims filed with auto insurance companies increase.
30. If toy stores overestimate the demand for a toy in 2004 and, as a result, have an unexpectedly large number
of them on hand at the end of the year, the value of the increased inventory of those toys will be counted as
A. investment in 2004
B. investment in 2005
C. consumption in 2004
D. consumption in 2005
E. part of GDP only when the toys are sold
31. Suppose that storage costs increase, so that firms decide to hold less output in inventory, other things
constant. Which of the following is true?
A. consumption spending will increase
B. consumption spending will decrease
C. investment will increase
D. investment will decrease
E. GDP for this year is not affected
32. The immediate effect on GDP of Ibrahim's purchase of a government bond is

A. a decrease in consumption because Ibrahim has less money to spend
B. an increase in government spending
C. an increase in investment
D. a decrease in investment because less money is available to him for further investment
E. nonexistent, since no real goods and services have been produced
33. Which of the following is the best example of an investment as defined by economists?
A. a household's purchase of 100 shares of Apple computer stock
B. a firm's purchase of 100 shares of General Electric stock
C. a firm's purchase of a bond issued by General Mills
D. a firm's purchase of a U.S. savings bond
E. a firm buying personal computers for its secretarial staff
34. Consumption in the expenditures approach to calculating GDP includes

A. spending by businesses on plant and equipment
B. spending by government on office buildings
C. spending by households on new single-family houses
D. changes in business inventories
E. purchases of medical services at the local clinic
35. In GDP measurement, consumer spending includes

A. spending by businesses on labor resources
B. spending by government on office buildings
C. spending by individual households on automobiles and durables
D. exchanges in business inventories
E. a firm's purchase of a radio made in Taiwan
36. Which of the following would not be included in an economist's definition of investment spending?
A. the purchase of robots by Motor Magic Manufacturing
B. the construction of a new office building by the Mountain City Real Estate Company
C. the purchase of General Motors stock by Donald Trump
D. the purchase of a new pizza oven by H and R Pizza
E. an unexpected rise in inventories at Randle Manufacturing
37. In GDP measurement, Investment spending includes

A. spending by individual households on automobiles and durable goods
B. spending by businesses on labor resources
C. changes in business inventories
D. spending by government on salaries
E. spending by households on stocks and bonds
38. Which of the following would not be counted in this year's GDP?
A. Midwest Tractor Company's inventory of brand new farm equipment, which will remain unsold by year's
end
B. the inventory of new baseballs ordered by the Detroit Tigers
C. the new house the Barnabys had constructed this year
D. the vacation that the Cartiers enjoyed in France this winter
E. Bruno's meal at the local La Casa Caliente
39. Which of the following is not considered a component of investment when calculating GDP?
A. new residential construction
B. construction of new factories
C. net increases in inventory
D. purchases of corporate stock
E. production of new equipment
40. Which of the following would not be included in GDP as government purchases?
A. The local township repairs the roads.
B. The state government funds a state university.
C. The federal government sends out Social Security checks.
D. The federal government pays a lawyer as a public defender.
E. The state government buys computer time.
41. Which of the following is included in GDP as government purchases?
A. Social Security payments to elderly citizens
B. welfare benefits distributed to the poor
C. outright grants from government to recipients
D. payments to clerical workers hired by government
E. unemployment compensation benefits
42. Which of the following is not considered a component of government purchases in calculating GDP?
A. the cost of a new federal prison
B. the cost of building a new road
C. unemployment compensation payments
D. payments made to plow public roads after a snowstorm
E. the cost of police protection
43. Which of the following is not included in GDP?

A. the value of the restoration of an old painting
B. interest payments on the national debt
C. the cost of a new vending machine
D. government expenditure on a new bridge
E. a purchase of legal services by a household
44. U.S. imports are

A. not added to U.S. GDP because they are produced abroad
B. added to U.S. GDP because they are consumed domestically
C. added to U.S. GDP because they represent an increase in inventories
D. added to U.S. GDP as government purchases because the government decides what goods may be imported
E. not added to U.S. GDP because they are intermediate goods
45. U.S. exports are

A. not included in U.S. GDP because they are consumed abroad
B. included in U.S. GDP because they are produced domestically
C. included in U.S. GDP because they represent an increase in inventories
D. included in U.S. GDP as government purchases because the government decides what goods may be
exported
E. not included in U.S. GDP because they are not subject to a tariff
46. Net exports is the value of
A. exports minus the value of imports
B. imports minus the value of exports
C. imports minus tariffs
D. exports minus tariffs
E. exports plus the value of imports minus depreciation
47. If exports total $6.5 billion and imports total $8.0 billion in a year, then
A. together imports and exports add $1.5 billion to GDP
B. together exports and imports add $6.5 billion to GDP
C. together exports and imports subtract $1.5 billion from GDP
D. together exports and imports subtract $8.0 billion from GDP
E. together exports and imports add nothing to GDP
48. Which of the following statements about exports and imports is true?
A. Both imports and exports are added to a nation's GDP.
B. Both imports and exports are subtracted from a nation's GDP.
C. Imports are added to a nation's GDP; exports are subtracted.
D. Exports are added to a nation's GDP; imports are subtracted.
E. Neither imports nor exports are included in a nation's GDP.
49. Which of the following is not a component of aggregate expenditure?

A. exports
B. investment
C. imports
D. transfer payments
E. government purchases
50. Which of the following is not a component of aggregate expenditure?

A. consumption expenditures
B. investment
C. imports
D. rent
E. government purchases
51. Use the following data to calculate GDP: consumption = $2,000; gross investment = $600; government
purchases = $500; net exports = -$40; transfer payments = $340.
A. GDP = $2,720
B. GDP = $3,060
C. GDP = $3,140
D. GDP = $3,400
E. GDP cannot be determined due to insufficient data
52. Use the following data to calculate GDP: consumption = $5,000; gross investment = $800; government
purchases = $700; exports = $30; imports = $60; transfer payments = $340.
A. GDP = $7,400
B. GDP = $7,740
C. GDP = $3,140
D. GDP = $6,200
E. GDP cannot be determined due to insufficient data
53. Which of the following would not increase U.S. GDP?

A. increased demand in Costa Rica for California-made personal computers
B. increased demand in Alabama for California-made personal computers
C. increased production of computers in California, but no increase in the number sold
D. increased shipments of computers from the U.S. to Canada
E. increased shipments of Ghanian cocoa to the United States on Greek vessels
54. The largest component of aggregate expenditure is

A. government purchases
B. transfer payments
C. imports
D. consumption
E. investment
55. Exhibit 6-1
Planned Government
Real GDP Consumption investment purchases
$1,800 $1,540 $100 $200
1,900 1,620 100 200
2,000 1,700 100 200
2,100 1,780 100 200
2,200 1,860 100 200
2,300 1,940 100 200
Given the data in Exhibit 6-1, calculate aggregate expenditure.
A. $1,800
B. $1,900
C. $2,000
D. $2,200
E. $2,300
56. A problem inherent in using value added to measure GDP is that the method does not avoid double
counting.
A. True
B. False
57. Aggregate income is defined as

A. the sum of income earned by all laborers in the world economy
B. the sum of income earned by all workers in the private sector
C. the total income of all individuals who contribute resources to the market production of output
D. total income after all income taxes but before paying other payroll taxes
E. total income after purchases of necessities
58. If an economy produces final output worth $5 trillion, then the amount of gross income generated by that
production
A. is $5 trillion
B. is more than $5 trillion
C. is $5 trillion minus taxes
D. would be $5 trillion if profits were zero
E. would be $5 trillion if costs of production were zero
59. When a refrigerator worth $1,000 is produced and sold, its contribution to the GDP is measured on the
expenditure side by its sale price and on the income side by
A. the wages earned by the workers in the firm that produced it
B. the wages earned by the workers and the profits earned by the owners of the firm that produced it
C. wages, interest, and rent paid by the firm's owners to those who contributed to making the refrigerator
D. wages, interest, and rent paid by the firm's owners to those who contributed to making the refrigerator, less
taxes
E. wages, interest, and rent paid by the firm's owners, plus the profit they kept for themselves
60. Double counting in the value added approach to GDP refers to
A. corporate income being taxed twice
B. the amount of income taxes paid to states that is taxable by the federal government
C. calculating GDP twice using the income and expenditures methods
D. adding the value of exports to GDP and subtracting the value of imports
E. counting the total value of a final output in addition to the value of the inputs used to make it
61. Double counting in the value added approach to GDP statistics is avoided by
A. correct accounting of the values of exports and imports
B. choosing only one method to calculate GDP--either the income or the expenditures method
C. counting only the value added at each stage of a good's production process
D. counting the value of final and intermediate goods and services
E. subtracting the total value of intermediate goods and services from the total value of final goods and services
62. Katrina pays $40 for a meal at a fancy restaurant. The ingredients used in it probably cost the restaurant $10.
The value added to GDP by the purchase of this meal is
A. $30
B. $40
C. $70
D. $40 plus the wages paid the chef and waiters
E. $40 plus the profit earned by the restaurant's owner
63. The final market value of a good is

A. the sum of values added at all stages of production
B. the value added at one stage of production
C. greater than the sum of all the values added at all stages of production
D. less than the sum of all the values added at all stages of production
E. less than the price for which it is sold
64. Jimmy Earl, a farmer, sells $20 worth of peanuts to a factory that turns them into peanut butter, which is
then sold for $45. Which of the following is true?
A. Total value added is $65.
B. The value of final sales is $65.
C. The value of final sales is $25.
D. Total value added is $25.
E. Total value added is $45.
65. A wholesale nursery purchases six dozen gladiolus bulbs for $5. The nursery sells the six dozen resulting
flowers to a wholesale florist for $10. The wholesale florist delivers the flowers to a retail florist for $15. The
flowers are sold by the retail florist for $75 to the bereaved Jones family to use at great-grandfather Jones's
wake. What is the value added by the retail florist?
A. $10
B. $15
C. $25
D. $60
E. $75
66. Value added is

A. the sum of all income earned by resource suppliers
B. actual investment minus planned investment
C. any payment of income that adds to the domestic spending stream
D. the value of a product minus the cost of materials
E. the increase in the value of a financial asset such as a stock or bond
67. If a firm hires labor for $6,000, pays rent of $2,000, buys raw materials for $10,000, earns profits of $800,
and sells its output for $25,000, the firm's value added is
A. $6,200
B. $9,000
C. $15,000
D. $18,000
E. $18,800
68. If a firm hires labor for $8,000, pays rent of $4,000, buys raw materials for $13,000, earns profits of $1,200,
A. $4,800
B. $10,000
C. $18,000
D. $25,000
E. $26,200
69. If a firm hires labor for $20,000, pays rent of $12,000, buys raw materials for $6,000, earns profits of
$3,000, and sells its output for $41,000, the firm's value added is
A. $0
B. $15,000
C. $35,000
D. $38,000
E. $41,000
70. If a firm hires labor for $4,000, pays rent of $1,500, buys raw materials for $6,000, earns profits of $500,
A. $12,000
B. $8,000
C. $6,000
D. $2,000
E. $500
71. A farmer grows wheat and sells it to a bakery for $5. The bakery bakes the wheat into bread, which it sells
to a distributor for $20. The distributor sells the bread to a supermarket for $30, which sells the bread to
customers for $50. Which of the following is true?
A. The value added by the distributor is $30.
B. The supermarket contributed more, in value added, than the bakery.
C. As a result of this activity, GDP rises by $50 minus the value added at each stage of production.
D. Counting the value added at each stage instead of the final selling price creates a serious problem of double
counting.
E. The value added by the farmer is $20 because the wheat, which is worth $5, is necessary for each of the three
remaining stages of production.
72. Ann's Adventures, Inc. organizes and leads backpacking trips for $160. The business spends $30 on first aid
equipment and $10 on maps. The amount of value added to GDP is
A. $160 of backpacking trips
B. $200 of backpacking trips, $30 of first aid equipment, and $10 of maps
C. $160 of backpacking trips, $30 of first aid equipment, and $10 of maps
D. $120 of backpacking trips
E. $30 of first aid equipment and $10 of maps only
73. The ultimate goal of studying the circular flow model is to understand the flow of
A. money through the market system
B. consumer spending through the economy
C. goods and services through the product market
D. resources, goods, and money through the economy
E. resources through the resource markets and their allocation in production
74. The simple circular flow model shows that

A. households are on the demand side of both the product and resource market
B. firms are on the demand side of both the product and resource market
C. households are on the supply side of the resource market and the demand side of the product market
D. firms and governments are on the supply side of the loanable funds market
E. governments are on the demand side of the product market and the supply side of the resource market
75. The two basic markets in the simple circular flow model are the
A. product and resource market
B. export and product market
C. export and import market
D. household market and the business market
E. business market and the government market
76. In the resource market,

A. businesses borrow money to buy the capital resources they need
B. businesses sell services to the households
C. firms provide the resources to the households
D. households sell the resources to firms in return for factor payments
E. resources flow from the business sector to the household sector
77. In the circular flow model,

A. the flow of expenditures measures the dollar value on purchases of resources in the product market
B. the flow of expenditures measures the dollar value of purchases of both goods and services
C. the flow of income to the owners of labor only
D. the flow of expenditures as they move through the loanable funds market
E. the flow of funds from the product to the resource market
78. The circular flow model

A. measures identical flows through the different markets
B. shows how firms maximize profits and minimize costs
C. shows how competitive markets interact with noncompetitive markets
D. measures the value of income earned by the public sector
E. measures the value added by the business sector as it uses funds
79. Net taxes are indirect business taxes minus transfer payments.
A. True
B. False
80. Disposable income equals personal income minus indirect business taxes.
A. True
B. False
81. It is not possible for the government to spend more than it collects in taxes.
A. True
B. False
82. The main function of financial markets is to direct consumers' saving to firms that use it for investment
spending.
A. True
B. False
83. Which of the following is the largest component of GDP?

A. investment (I)
B. government spending (G)
C. consumption (C)
D. net exports (X - M)
E. taxes (T)
84. Transfer payments are an injection into the circular flow.

A. True
B. False
85. The government budget must be balanced in order to have an equilibrium in the circular flow model.
A. True
B. False
86. Taxes are an injection into the circular flow.

A. True
B. False
87. Exports are an injection into the circular flow.

A. True
B. False
88. Imports are a leakage from the circular flow.

A. True
B. False
89. Leakages include any diversion from the domestic spending stream.
A. True
B. False
90. Suppose that the economy is in equilibrium with a trade surplus and with saving less than investment.
According to the circular flow model, the government's budget
A. must be in deficit
B. must be in surplus
C. must be balanced
D. could be in a surplus or a deficit
E. could be in balance or a surplus
91. Suppose that the economy is in equilibrium with a trade deficit and that saving is greater than investment.
According to the circular flow model, the government's budget
A. must be in deficit
B. must be in surplus
C. must be balanced
D. could be in a surplus or a deficit
E. could be in balance or a deficit
92. Suppose that the economy is in equilibrium with the government budget is in deficit and with saving is less
than investment. According to the circular flow model,
A. imports must exceed exports
B. imports must be less than exports
C. imports must equal exports
D. imports could be less than or equal to exports
E. it is impossible to determine anything about imports and exports with the given information
93. Suppose that the economy is in equilibrium with the government budget in surplus and with saving is
greater than investment. According to the circular flow model,
A. imports must exceed exports
B. imports must be less than exports
C. imports must equal exports
D. imports could be greater than or equal to exports
E. it is impossible to determine anything about imports and exports using the given information
94. Suppose that the economy is in equilibrium with the government budget in surplus and with exports less
than imports. According to the circular flow model,
A. saving must exceed investment
B. saving must be less than investment
C. saving must equal investment
D. saving could be greater than or equal to investment
E. it is impossible to determine anything about saving and investment using the given information
95. Suppose that the economy is in equilibrium with the government budget in deficit and with exports greater
than imports. According to the circular flow model,
A. saving must exceed investment
B. saving must equal investment
C. saving must be less than investment
D. saving could be equal to or less than investment
E. it is impossible to determine anything about saving and investment using the given information
96. If aggregate income equals aggregate expenditure, which of the following will not be true?
A. Leakages from the circular flow must equal injections.
B. Consumption plus investment plus government spending plus net exports must equal disposable income plus
net taxes.
C. Saving must equal investment.
D. Saving plus net taxes and imports must equal investment plus government purchases and exports.
E. Saving must equal investment if the government's budget is balanced and exports equal imports.
97. Which is true of leakages and injections in the circular flow?

A. Leakages minus injections equal GDP.
B. Injections minus leakages equal GDP.
C. Leakages minus injections equal zero in equilibrium.
D. Domestic leakages must equal domestic injections.
E. Leakages must be greater than injections for the economy to be growing.
98. Which of the following statements is true regarding leakages and injections?
A. Government transfer payments must equal taxes because one is a leakage and one is an injection.
B. Imports must equal exports since both are leakages.
C. Saving must equal investment for the economy to be in equilibrium.
D. Since leakages equal injections, aggregate income equals aggregate expenditure.
E. Net taxes are an injection into the circular flow; net exports are a leakage.
99. Which of the following correctly states the leakages-injections approach to GDP?
A. DI + (NT) = C + I + G + (X - M)
B. S + C + T = DI
C. S + C + (NT) = I + G + (X - M)
D. S + (NT) + M = I + G + X
E. S + (NT) = I + G + (X - M)
100. Which of the following is a leakage from the circular flow?

A. investment
B. imports
C. government purchases
D. government borrowing
E. transfer payments

A. government purchases of goods and services
B. saving
C. transfer payments
D. exports
E. consumption expenditures

A. government purchases of goods and services
B. taxes
C. investment
D. exports
E. consumption expenditures
103. Which of the following is an injection into the circular flow?

A. taxes
B. saving
C. transfer payments
D. government borrowing
E. disposable income
A. consumption
B. exports
C. taxes
D. saving
E. government borrowing

A. government spending
B. imports
C. disposable income
D. taxes
E. saving

A. savings
B. taxes
C. government borrowing
D. investment
E. imports
107. Which of the following is not an injection into the circular flow?
A. saving
B. domestic exports
C. government expenditure on goods
D. transfer payments
E. investment by firms

A. interest rates
B. saving
C. taxes
D. exports
E. imports
109. Which of the following is an injection into the spending stream?
A. planned investment
B. imports
C. indirect business taxes
D. disposable income
E. interest on savings
110. GDP reflects many things; however, it does not reflect the depletion of natural resources, leisure, or many
things we as individuals do for ourselves.
A. True
B. False
111. GDP reflects many things; however, it does not reflect the value of production that takes place in a
nonmarket setting.
A. True
B. False
112. Which of the following is not a problem associated with GDP as a measure of social welfare?
A. It excludes many nonmarket activities.
B. It values all types of output equally.
C. It excludes pollution damage.
D. It excludes intermediate goods as a separate entry.
E. It excludes the value of leisure time.
113. An increase in household production will show up in GDP.

A. True
B. False
114. If drug enforcement policies result in price increases for illegal drugs and the quantity sold decreases, GDP
will decrease.
A. True
B. False
115. If currently illegal drugs are made legal, GDP will increase.
A. True
B. False
116. GDP understates total economic activity because it ignores household production of goods and services.
A. True
B. False
117. Recent estimates of the size of the underground economy are that it is equivalent of 7.5 percent of GDP.
A. True
B. False
118. Marianne and Laura are both homemakers with children. Then Laura takes a volunteer (unpaid) job at a
hospital and hires Marianne to care for her preschool-age child. What happens to GDP?
A. GDP increases
B. GDP decreases
C. there is no change in GDP
D. GDP increases only if Marianne gives the child better care than Laura
E. GDP increases only if the patients receive better care now that Laura works in the hospital
119. Louis always knits ten sweaters a year to give as birthday gifts to his nephews. One year, instead of giving
the sweaters as gifts, he sells them to a local store for $50 each; his nephews receive no gifts. What is the effect
on GDP?
A. GDP increases
B. GDP decreases
C. there is no change in GDP
D. GDP increases only if the $50 sweaters are comparable to store-bought sweaters
E. GDP increases only if the $50 price is less than the cost of materials
120. Which of the following transactions is not included in GDP?

A. Someone sells drugs in a vacant lot.
B. Someone sells drugs in a pharmacy.
C. A doctor treats a patient for drug addiction.
D. A drug addict spends two months in a drug rehabilitation center.
E. The drug addict buys cough medicine.
121. Which of the following increases GDP?

A. Workers take more vacation time.
B. The length of the average work week decreases.
C. Homeowners purchase lawn care services rather than maintain the lawns themselves.
D. Meals cooked at home at an average cost of $10 are replaced by restaurant meals at an average cost of $10.
E. More people wrap birthday presents in the Sunday newspaper's cartoon section.
122. Which of the following would not be included in GDP?
A. you hire someone to fix a leaky faucet
B. you clean the house before relatives visit
C. the value of housing services if you own your own home
D. an unplanned drop in business inventories
E. the Federal government buys U.S. soybeans to ship to Russia
123. An imputed payment

A. is a payment that is due but not made
B. is a payment not made through the market and therefore not counted in GDP
C. refers to nonmarket goods and services being valued as if they were sold on a market
D. refers to governmental services being valued at the cost of production
E. refers to consumers imputing a value to the payment
124. Which of the following would not be included in the measurement of GDP?
A. federal government purchases of automobiles
B. a purchase of California wine by a Canadian firm
C. employers' payments for employees' medical insurance
D. a state government's purchase of personal computers
E. transactions in the underground economy
125. GDP figures tend to understate the quantity of goods and services available because
A. they ignore most household production
B. many items are counted twice or more in intermediate stages of production
C. more women are entering the labor force
D. firms often add less to inventories than they planned to
E. exports are subtracted from GDP but imports are not added back in
126. Because of activity in the underground economy,

A. GDP statistics understate the true volume of economic activity
B. GDP statistics overstate the true prices in the economy
C. consumers are not as well off as GDP statistics indicate
D. firms' profits are higher than GDP statistics indicate
E. government revenue is higher than GDP statistics indicate
127. GDP is a good measure of social welfare since it includes the value of leisure time.
A. True
B. False
128. Which of the following would increase GDP?
A. More people walk to work rather than drive cars.
B. Consumers in rural areas switch from buying home heating oil to burning wood they collect on their own
land.
C. Farm families grow more for themselves than for the market.
D. Neither the price nor the quantity of television sets changes, but the quality of sets improves.
E. The amount spent on vacuum cleaners does not change, but quality decreases so much that more is spent on
their repair.
129. Which of the following would not be included in the measurement of GDP?
A. the spark plugs you bought to tune up your car at home
B. the government hiring a public relations consultant
C. any improvements in product or service quality not reflected in a higher price
D. winning a brand new Chevy truck in a contest
E. sales of U.S. beef to Scotland
130. GDP is a poor measure of social well-being because

A. the value of leisure time is not counted in GDP
B. revenue earned on U.S. exports is ignored
C. each dollar of government spending is valued at less than one-half of private spending
D. consumer spending is more important than business spending and should be considered more valuable
E. it values products at their market prices but ignores services produced
131. GDP fails to measure changes in

A. the prices of products caused by inflation
B. the market value of goods and services since it uses market prices for valuation
C. the quality of existing products that do not cause a change in price
D. leisure time, since it is valued at the minimum wage and not the true opportunity cost of lost wages
E. the production of services that are produced in the economy
132. If U.S. net investment is positive, the nation's capital stock is growing.
A. True
B. False
133. Depreciation refers to a decrease in the value of a durable good caused by
A. an increase in the price level
B. changes in the depreciation allowance
C. wear and tear over time
D. changes in tax law
E. a decrease in its resale value
134. How does net domestic product (NDP) differ from gross domestic product (GDP)?
A. GDP includes expenditures for gross products that pollute the environment; NDP does not.
B. GDP is gross because it values spending on each good and service in dollar terms; NDP excludes taxes.
C. GDP includes exports; NDP omits exports.
D. GDP includes all government spending; NDP subtracts taxes.
E. GDP includes that part of the capital stock used up in the production process; NDP does not.
135. Depreciation is subtracted from GDP to get NDP. Depreciation

A. represents the value of leisure goods
B. measures changes in exchange rates
C. represents income that we earn but do not receive
D. represents investment undertaken merely to replace worn-out capital
E. measures the effects of government subsidy programs
136. Given the following hypothetical data: C = $3,000; I = $1,200; G = $2,000; X - M = -$500; depreciation =
$200; transfer payments = $800, net domestic product is
A. $5,500
B. $5,700
C. $6,200
D. $6,400
E. $6,900
137. GDP is not a perfect measure of material well-being because it ignores

A. production of goods and services by the government
B. goods produced in the United States but shipped overseas
C. negative externalities
D. consumer spending on services
E. business spending on equipment
138. The U.S. Department of Commerce has been developing so called "green accounting" to
A. focus attention to the money side of GDP
B. reflect the impact of pollution and natural resource depletion
C. properly value the output of very new firms
D. illustrate the difference between GDP and real GDP
E. measure the value of the output produced by inexperienced workers
139. A shortcoming of national income accounting is that it ignores

A. the depreciation of manufactured capital
B. spending by poor households who are receiving government transfer payments
C. spending on items such as handguns and attack dogs, since they represent a decline in social well-being
D. the depletion of natural resources
E. U.S. production that is sold overseas
140. Which of the following is reflected in GDP?

A. the value of leisure time
B. the value of illegal goods and services
C. emotional and psychological well-being
D. costs of cleaning up after pollution
E. the value of house maintenance performed by homeowners
141. A decrease in GDP necessarily means that consumer welfare has decreased.
A. True
B. False
142. GDP is not a perfect measure of welfare because it

A. treats a dollar spent on guns the same as a dollar spent on education
B. treats a dollar spent on exports the same as a dollar spent on imports
C. double counts the value of leisure time
D. double counts depreciation
E. counts illegal activities in the underground economy
143. Limitations of the national income accounting system include

A. valuing all output at its market price regardless of whether it contributes to a society's economic welfare
B. placing a market value on all positive externalities but ignoring negative externalities
C. accurate measurement of the value of leisure time
D. double counting food produced on a farm for family consumption
E. ignoring government production of goods and services
144. Which is not a shortcoming of GDP accounting?
A. It ignores the underground economy.
B. It excludes household production.
C. It excludes the value of leisure time.
D. It ignores changes in population.
E. It has no mechanism for adjusting the figures for inflation.
145. The statement that "GDP values all output equally" means that
A. household production is treated the same as production by firms
B. depreciation of manufactured capital is treated the same as depletion of natural resources
C. the purchase of pollution control equipment is valued the same as the pollution itself
D. leisure time is valued the same as time spent working at a job
E. the market price of output is the measure of that output's value
146. Nominal GDP is a better measure of the growth in production than real GDP is.
A. True
B. False
147. Whenever there is inflation, the increase in nominal GDP will overstate growth in the economy.
A. True
B. False
148. To accurately measure the growth rate of output between two years, one should use
A. gross domestic product
B. net domestic product
C. real net investment
D. real gross domestic product
E. disposable income
149. Real GDP is the same thing as

A. total spending on all goods and services
B. constant-dollar GDP
C. net domestic product
D. nominal GDP adjusted for taxes
E. domestic income
150. If nominal GDP increases by 3 percent from 2004 to 2005 and real GDP increases by 5 percent from 2004
to 2005, this indicates that
A. depreciation occurred
B. taxes increased
C. the inflation rate decreased
D. the price level decreased
E. output decreased
151. Nominal GDP is measured in

A. current-year prices
B. base-year prices
C. real dollars
D. quantity of goods produced
E. hours of employment
152. If nominal GDP increases by 4 percent, then

A. real output has increased by 4 percent
B. the price level has increased by 4 percent
C. consumer spending must have increased by 4 percent
D. it is possible that all of the increase was caused by an increase in the price level
E. net exports increased by 4 percent
153. If real GDP increased by 3 percent, then

A. real output has increased by 3 percent
B. the price level has increased by 3 percent
C. consumer spending increased by 3 percent
D. government spending increased by 3 percent
E. the increase might have been caused by an increase in the price level, but we cannot tell for sure
154. The base year for a price index is the year

A. in which prices are lowest
B. in which prices are highest
C. in which real output is largest
D. in which prices were stable
E. that serves as a reference point
155. If the GDP deflator is 100 this year,
A. there has been no inflation during the year
B. the price level is the same as it was in the base year
C. the price level is one hundred times what it was in the base year
D. the price level is double what it was in the base year
E. the inflation rate has been 100 percent per year since the base year
156. The price index in the base year always equals

A. 0
B. 1
C. 100
D. infinity
E. 0.01
157. If the price index for 2008 was 100 and the price index for 2009 was 109, then how much did prices
change between 2008 and 2009?
A. 1 percent increase
B. 8 percent increase
C. 9 percent increase
D. 12 percent increase
E. 12 percent decrease
158. Suppose that in year 1 the respective prices of yogurt, candy bars, and popcorn are $1, $2, and $3. In year 2
the unit prices of each are $2, $3, and $4, respectively. Which of the following statements is true of the price
level between year 1 and year 2?
A. it doubled
B. it increased by 33 percent
C. it rose from $6 to $9
D. it went up from 106 to 109
E. it must have risen at a rate between 33 percent and 100 percent
159. If the CPI rises in one year from 220 to 230, the inflation rate is 10 percent.
A. True
B. False
160. Assume the economy produces five goods. If the prices of three of the goods increase, then the price level
must increase.
A. True
B. False
161. If the CPI is 160 one year and 175 the next, the annual rate of inflation as measured by the CPI is
approximately
A. 4.5 percent
B. 8.6 percent
C. 9.4 percent
D. 15 percent
E. 175 percent
162. If the CPI is 220 one year and 210 the next, the annual rate of inflation as measured by the CPI is
approximately
A. -2.3 percent
B. -4.6 percent
C. 10 percent
D. 4.8 percent
E. 220 percent
163. If the CPI is 200 one year and 206 the next year, the annual rate of inflation as measured by the CPI is
approximately
A. 103 percent
B. 1 percent
C. 6 percent
D. 3 percent
E. 206 percent
164. To determine the CPI, you would need to know the

A. current market basket at current- and base-year prices
B. base-year market basket at current- and base-year prices
C. current market basket at current prices and base-year market basket at base-year prices
D. current market basket at base-year prices only
E. current market basket at current prices only
165. Exhibit 6-2
Quantity in Price in Price in

Product market basket base year current year
Bread 10 $1.00 $1.50
Milk 5 1.00 2.00
Gum 50 0.20 0.50
Use the information in Exhibit 6-2 to calculate the consumer price index in the current year.
A. CPI = 2
B. CPI = 50
C. CPI = 55
D. CPI = 182
E. CPI = 200
166. Exhibit 6-2
Quantity in Price in Price in

Product market basket base year current year
Bread 10 $1.00 $1.50
Milk 5 1.00 2.00
Gum 50 0.20 0.50
Using the information in Exhibit 6-2, how much did the price index change from the base to the curtrent year?.
A. 100%
B. 50%
C. 0%
D. -50%
E. -100%
167. The consumer price index measures changes in

A. the prices of all goods and services
B. the prices of goods that are sold
C. the total cost of a specific market basket of consumer goods and services
D. the total costs of all goods and services
E. the total costs of goods and services purchased by firms
168. The Consumer Price Index is a measure of the

A. cost of a market basket of consumer goods and services relative to its cost in some base year
B. change in the average price of a market basket of "necessary" goods and services
C. annual inflation rate in the producers' goods market
D. change in the average price level of all final goods and services
E. average price of all goods and services relative to their price last year
169. If the CPI this year is 162 and last year it was 170, what do we know about the inflation rate this year?
A. It is positive.
B. It is negative.
C. It has decreased since last year.
D. It has increased since last year.
E. It is the same as last year.
170. Exhibit 6-3
Year Price Index Nominal GDP

2001 100 $ 95 billion
2002 105 $110 billion
2003 110 $120 billion
2004 120 $125 billion
2005 132 $137.5 billion
Refer to Exhibit 6-3. Between 2001 and 2002, real GDP for this nation
A. increased by slightly less than $10 billion
B. decreased by slightly more than $5 billion
C. remained constant
D. increased by only about $1 billion
E. cannot be determined from the information given
171. Exhibit 6-3

2001 100 $ 95 billion
2002 105 $110 billion
2003 110 $120 billion
2004 120 $125 billion
2005 132 $137.5 billion
A. decreased by slightly more than $5 billion
B. increased by slightly more than $4 billion
C. remained constant
D. increased by only about $1 billion
172. Exhibit 6-3

2001 100 $ 95 billion
2002 105 $110 billion
2003 110 $120 billion
2004 120 $125 billion
2005 132 $137.5 billion
A. increased more than $5 billion
B. decreased more than $5 billion
C. increased by less than $1 billion
D. decreased by less than $1 billion
E. cannot be determined from the information above
173. Exhibit 6-3

2001 100 $ 95 billion
2002 105 $110 billion
2003 110 $120 billion
2004 120 $125 billion
2005 132 $137.5 billion
A. increased by about $5 billion
B. decreased by about $5 billion
C. remained almost constant
D. increased by about $2 billion
174. The CPI overstates the true inflation rate because it ignores changes in consumers' purchasing patterns as
relative prices change.
A. True
B. False
175. The CPI tends to understate the true rate of inflation.

A. True
B. False
176. The CPI overstates the true inflation rate because it does not fully incorporate the effects of quality
improvements.
A. True
B. False
177. In order to convert nominal GDP to real GDP, we must divide

A. real GDP by the price index
B. nominal GDP by the price index
C. the price index by nominal GDP
D. the price index by real GDP
E. nominal GDP by real GDP
178. A panel of economists concluded that the current Consumer Price Index overstates increases in the "cost of
living" by about
A. 9 percent per year
B. 3 percent per year
C. 5 percent per year
D. 7 percent per year
E. 1 percent per year
179. Which of the following is true about the consumer price index (CPI) and the GDP price index?
A. Both measures weigh prices by the quantities consumed in some base year.
B. Both yield identical numbers for price level changes for any two years.
C. A price level change indicated by the CPI is usually smaller because it includes only prices for a limited
number of goods.
D. The CPI measures changes in relative prices of goods; the GDP price index measures changes in the price
level.
E. A price level change indicated by the GDP price index is usually smaller because people tend to find
substitutes for goods whose prices rise sharply.
180. If the GDP price index rises from 100 to 110 to 115 over three consecutive year, the inflation rate is
decreasing.
A. True
B. False
181. If nominal GDP is $6 trillion in a particular year and base year GDP was $3 trillion, then the GDP price
index is 167.
A. True
B. False
182. If nominal GDP for a particular year is $4 trillion and real GDP for that year is $3 trillion, then the GDP
price index is 133.
A. True
B. False
183. If real GDP is $5 trillion for a particular year and the GDP price index is 140, then nominal GDP is $7
trillion.
A. True
B. False
184. We can conclude that there has been inflation since the base year if the GDP price index in the current year
is
A. positive
B. equal to zero
C. less than 100
D. greater than 100
E. negative
185. The GDP price index

A. involves all final goods and services produced in the economy
B. is derived from looking at quantities of goods sold rather than at prices
C. is derived using the prices of only imported and exported goods and services
D. is derived using the implicit prices of goods and services produced by the government
E. involves all goods and services sold in the economy
186. Real GDP is measured in

A. current-year prices
B. base-year prices
C. nominal dollars
D. quality of goods produced
E. hours of employment
187. If real GDP in a particular year is $5,000 trillion and nominal GDP in that same year is $4,000 trillion, then
the
A. CPI is 125
B. economic activity has decreased 20 percent
C. GDP price index is 125
D. GDP price index is 80
E. economy has grown by 20 percent
188. The country of Fishland had a GDP of 1,000 doubloons (the monetary unit) in 2003 and 1,500 doubloons
in 2004. The GDP price index was 100 in 2003 and 150 in 2004. Between 2003 and 2004 real GDP in Fishland
A. increased by 500 doubloons
B. increased by 333 doubloons
C. increased by 50 doubloons
D. remained the same
E. decreased by 50 doubloons
189. If we knew that nominal GDP was currently $5.4 trillion, and that GDP in dollars of 1997 purchasing
power was $3.6 trillion, what would we know about the GDP price index?
A. It would be 0.667.
B. It would be 150.
C. We would know nothing until we had current information on the price level.
D. We would know only that a dollar buys more currently than it bought in 1997.
E. It indicates that substantial deflation has occurred since 1997.
190. If real GDP equals $200 billion this year and nominal GDP equals $300 billion, the price level since the
base year has increased
A. $100 billion
B. $200 billion
C. 50 percent
D. 100 percent
E. 33 percent
191. If the real GDP equals $100 billion this year and nominal GDP is $200 billion, the price level since the
base year has increased
A. $200 billion
B. 50 percent
C. $100 billion
D. 100 percent
E. 200 percent
192. You could determine the value of the GDP price index if you knew
A. current GDP at current- and base-year prices
B. base-year GDP at current- and base-year prices
C. current GDP at current prices and base-year GDP at base-year prices
D. current GDP at base-year prices only
E. current GDP at current prices only
193. A major difference between the CPI and the GDP price index is that the CPI includes
A. all domestically produced goods and the price index includes only a sample of domestically produced goods
B. all domestically produced goods and the price index includes a sample of goods consumed, including
imported goods
C. only a sample of domestically produced goods and the price index includes all domestically produced goods
D. a sample of goods consumed, including imported goods, and the price index includes all domestically
produced goods
E. a sample of all goods consumed that are domestically produced, and the price index includes all goods
produced
price index for that year is
A. 1.25
B. 20
C. 25
D. 80
E. 125
price index for that year is
A. 1.2
B. 17
C. 20
D. 83
E. 120
196. If real GDP for a particular year is $5 trillion and the GDP price index for that year is 136, the nominal
GDP for that year is
A. $3.7 trillion
B. $4 trillion
C. $6.8 trillion
D. $27 trillion
E. $68 trillion
197. If real GDP for the base year is $3 trillion, then nominal GDP for that year is
A. $.03 trillion
B. $0.3 trillion
C. $3 trillion
D. $30 trillion
E. $300 trillion
198. Suppose that 1986 is our base year (price index equals 100) and that the 2000 price index was 200. If
nominal GDP was $6.2 trillion in 2000, what was real GDP that year (measured in 1986 dollars)?
A. $3.1 trillion
B. $6.2 trillion
C. $12.4 trillion
D. $18.6 trillion
E. $24.3 trillion
199. Chain-weighted indexes have less bias compared to fixed-weight indexes.

A. True
B. False
200. A fixed-weight price index recognizes the fact that the composition of output changes over time.
A. True
B. False
201. A chain-weighted index recognizes the fact that the composition of output changes over time.
A. True
B. False
202. Problems with a fixed-weight price index include all of the following except one. Which is the exception?
A. the index utilizes prices from the base year only
B. the index does not account for relative price changes over time
C. price distortions only decrease when there is a long time period covered
D. base year does not include new products which came into existence later
E. the price index does not take into consideration quality changes
203. Each month, the Bureau of Labor Statistics calculates the

A. CPI
B. number of births in the U.S.
C. nominal GDP
D. cost of going to college
E. All of the answers are correct
204. If Bureau of Labor Statistics data collectors find that the model of car they priced the previous month is no
longer available on the market, they
A. just drop that product from the calculation of the CPI
B. ask the manufacturer to choose another of its models for the CPI calculation
C. must look for an available model with very similar features
D. keep entering the price of the car from the last month it was available
E. None of the answers is correct
205. The hedonic method of calculating prices breaks down the item under consideration into its characteristics
and then estimates the value of each characteristics.
A. True
B. False
206. The national income accounting system measures economic activity based on the concept of the
A. triangular flow of output and income through different sectors of the economy
B. stock of precious metals accumulated in the public treasury
C. comparative advantage of crucial national industries
D. circular flow of output and income through different sectors of the economy
E. balance sheets of all a country’s corporations
207. The value added at all production stages sums to the market value of the final good, and the value added
for all final goods sums to GDP based on the income approach.
A. True
B. False
208. Consumption spending is the biggest aggregate expenditure, about

A. one half
B. three fifths
C. two fifths
D. two thirds
E. seven tenths
209. The gross domestic product does capture changes in the

A. prices at which final goods are sold
B. availability of leisure time
C. quality of products when prices do not change
D. availability of new products
E. All of the answers are correct
210. The economy’s production possibilities depend on what happens to
A. fishing net investment
B. gross investment
C. net investment
D. net domestic product
E. computer network investment
211. Suppose a loaf of bread sold for $3.00 in 2008. The price of bread then increases to $3.60 in 2009. The
price index for bread is
A. ($3.60/$3.00) = 1.20
B. ($3.00/$3.60) ´ 100 = 83.33
C. ($3.60/$3.00) ´ 100 = 120
D. ($3.00/$3.00) ´ 100 = 100
E. ($0.60/$3.00) ´ 100 = 20
212. The CPI __________ inflation because it includes an item in the market basket only after the product
becomes __________.
A. overstates, unpopular
B. overstates, obsolete
C. overstates, widely used
D. understates, widely used
E. understates, obsolete
213. If the CPI overstated inflation by 1 percent per year, then the average real wage, instead of dropping by 2
percent in the last two decades, actually increased by about
A. 1 percent
B. 2 percent
C. 10 percent
D. 20 percent
E. 3 percent
214. Exhibit 6-4
Item Quantity 2010 price 2011 price 2012 price

Flavored noodles 20 packages $.30 $.20 $.25
Soft drink 10 2 liter bottles $1.50 $1.75 $2.00
Cold cereal 3 boxes $4.50 $5.00 $5.50
Use the information in Exhibit 6-4 to calculate the consumer price index in 2010 if the base year is 2010.
A. CPI = 5.8
B. CPI = 75.6
C. CPI = 100
D. CPI = 105.8
E. CPI = 120.3
215. Exhibit 6-4

A. CPI = 5.8
B. CPI = 75.6
C. CPI = 100
D. CPI = 105.8
E. CPI = 120.3
216. Exhibit 6-4

A. CPI = 5.8
B. CPI = 75.6
C. CPI = 100
D. CPI = 105.8
E. CPI = 120.3
217. Exhibit 6-4

A. CPI = 5.8
B. CPI = 94.5
C. CPI = 100
D. CPI = 105.8
E. CPI = 113.7
218. Exhibit 6-4

A. CPI = 5.8
B. CPI = 94.5
C. CPI = 100
D. CPI = 105.8
E. CPI = 113.7
219. Exhibit 6-4

A. CPI = 5.8
B. CPI = 94.5
C. CPI = 100
D. CPI = 105.8
E. CPI = 113.7
220. Exhibit 6-4

A. CPI = 83.1
B. CPI = 88.0
C. CPI = 100
D. CPI = 105.8
E. CPI = 113.7
221. Exhibit 6-4

A. CPI = 83.1
B. CPI = 88.0
C. CPI = 100
D. CPI = 105.8
E. CPI = 113.7
Chapter 6--Tracking the U.S. Economy Key
1. Which of the following is the best indicator of the performance of the national economy?
A. the federal government budget deficit
B. the stock of capital goods (machinery) in the nation
C. the size of the nation's stock of money
D. the balance of trade with other nations
E. the flow of new goods and services produced in the nation
2. Which of the following is true regarding Gross Domestic Product?

A. It can only be measured from the flow of total spending.
B. It can only be measured from the flow of total income in the economy.
C. It can be measured either from total spending or total expenditure.
D. It is calculated by computing total spending and total income; the larger of the two figures is counted as
GDP.
E. It can only be measured from the stock of total wealth.
3. In double-entry GDP accounting,

A. the value of output produced must equal the value of resource payments generated in producing that output
B. government is not counted because most of government spending is for transfer payments
C. payments to resources must equal the value of goods sold to households
D. inventories are counted twice, once as investment and once as output
E. intermediate goods are counted twice, once as a type of output themselves and once as part of final output
4. Gross Domestic Product equals the

A. total output of all goods and services produced by resources located in the U.S.
B. market value of all goods and services produced by resources located in the U.S.
C. market value of all final goods and services produced by resources located in the U.S.
D. value added to the economy by intermediate goods and services minus original cost
E. value of total sales of goods and services produced in the U.S.
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torto di forzar la consegna.... Più torto ancora avete adesso a
ricorrere a espedienti non degni di voi....
— Quali espedienti?
— Via, non fate l’ingenuo.... La vostra macchia di tè....
— Le dò la mia parola d’uomo d’onore....
— Inezie.... Non vi tengo mica il broncio.... E neppure voi lo terrete a
me, non è vero?... Amici come prima... E arrivederci, Gualberti,
arrivederci di giorno....
E gli tese la mano agitata da un leggero tremito.
Avvezzo a vederla così calma, così serena, così padrona di sè,
Gualberti fu colpito dal turbamento che le si scorgeva nel viso e che
l’insolito abbandono, l’insolita sconnessione del suo discorso tradiva.
— Oh signora Stella, signora Stella — egli esclamò con accento
appassionato — torno a darle la mia parola d’onore che la
fanciullaggine di cui ella m’accusa non l’ho commessa. Ma benedico
l’equivoco se ci aiuta a uscire dal circolo incantato in cui ci aggiriamo
da tanto tempo.
— Non vi capisco. Spiegatevi....
— Mi spiegherò.... Ma la scongiuro, mi lasci dire; non
m’interrompa.... Quando avrò finito andrò via, e se vorrà andrò via
per sempre.... E soprattutto non accolga nemmeno per un istante
l’idea ch’io abbia avuto in animo di offenderla, di compromettere la
sua riputazione.... Non mi giudichi capace di una bassezza simile....
Ho vissuto molto in società, è vero, in quella triste società che
guasta e corrompe; pur credo di non essermici interamente guasto e
corrotto; i suoi idoli non sono i miei idoli, i suoi trionfi non sono i
trionfi a cui miro.
— Lo so, Gualberti, lo so.
— Quand’ero giovine, i miei amici.... amici di club.... avevano la
bontà-di dire che possedevo delle qualità naturali per riuscir nella
galanteria... il grande scopo della loro esistenza... ma che prendevo
le cose troppo sul serio... che talvolta ero troppo schizzinoso nella
scelta della piazza da espugnare... chiamiamola così.... talvolta ero
troppo scrupoloso nei mezzi.... Fatto si è che fui sempre un povero
seduttore.... anche quand’ero giovine.... Si figuri adesso....
— Ebbene, amico mio — soggiunse la signora Marioli — se qualche
mia frase ha potuto farvi supporre ch’io vi mettessi a livello dei don
Giovanni da dozzina, ve ne domando perdono....
— Non è questo, signora Stella; son io in ogni caso che devo
implorare la sua indulgenza.... Sono stato indiscreto, goffo,
petulante.... Gli è che avevo un bisogno immenso di vederla.... di
vederla sola.... E proprio nell’ora che mi vestivo per quello stupido
ballo, questo bisogno diventava prepotente, irresistibile.... Mi son
trovato alla sua porta, sulle sue scale, qui, nel suo salotto, al
cospetto di lei.... Poi un po’ le sue osservazioni, un po’ il timore di
aver realmente commesso una sconvenienza mi hanno sconcertato,
inasprito.... si è sempre inaspriti con gli altri quando si ha qualche
cosa da rimproverare a sè stessi.... e allora ho cominciato a infilare
una serie di paradossi di cui le assicuro che non sono responsabile
che in piccola parte.... essi mi salivano alle labbra, e io non potevo
fermarli.... Mi sembrava di rassomigliare a un pirotecnico inesperto
che veda partire a caso i suoi razzi.... Non importa; mentre la bocca
affastellava frasi su frasi la mia anima acquistava una lucidezza
maggior dell’usato, leggevo dentro di me più chiaro ch’io non avessi
mai letto, mi convincevo ch’era assurdo il voler soffocare, il voler
nasconder sotto un finto nome i miei sentimenti per lei.... Oh non mi
faccia segno di tacere.... Non posso e non debbo.... L’amo, signora
Stella, l’amo da un pezzo. Da un pezzo, ed è la miglior prova ch’io
l’amo, m’è divenuto increscioso ogni altro pensiero; ovunque io sia la
mia mente corre a questa casa, a questo salottino, alla donna gentile
che vi abita.... Perchè ho tardato tanto a parlare?... Temevo una sua
ripulsa, non osavo giocar tutto sopra una carta.... Dacchè la conosco
davvicino, e son quasi tre anni, ho visto ronzargliene intorno dei
vagheggini, e li ho visti pur dileguarsi, scoraggiati da lei, e quelli la
cui corte era un oltraggio e quelli che le offrivano ciò che solo è lecito
offrirle.... Avrò la medesima sorte?... io chiedevo a me stesso.... E
forse volevo esser ben sicuro di me, sicuro contro ogni pentimento,
contro ogni rimpianto delle mie abitudini di scapolo.... Oggi, signora
Stella, di questi dubbi non ne ho più. Oggi sento il pregio
inestimabile d’un’affezione tranquilla, d’una vita raccolta, e
l’affezione a cui aspiro è la sua, e la vita che sogno è al suo fianco....
Siamo liberi entrambi, abbiamo, più che non paia, gusti, opinioni,
ideali comuni; perchè non dobbiamo restare uniti, perchè non vorrà
accettare la mia mano, il mio nome?... Ella è molto più giovine di me,
ma i dolori valgono gli anni e le prove attraverso le quali ella è
passata attenuano la distanza che c’è fra noi.... Non mi respinga,
signora Stella.... non rivolga il viso da un’altra parte.... mi assicuri
che non è andata in collera....
Ella s’era rimessa a sedere col gomito appoggiato al tavolino, con la
fronte appoggiata alla palma, e quella dichiarazione in cui vibrava
l’accento della verità le scendeva nell’anima come una musica
divina. Altre dichiarazioni l’era toccato ascoltare, o bugiarde, o
interessate, o ridicole, e tutte quante le avevano dato il mezzo di
sbarazzarsi con gioia di corteggiatori importuni, di riaffermare la sua
libertà che le pareva un bene così prezioso; oggi per riaffermare
quella libertà una volta di più le sarebbe convenuto perdere il suo
migliore amico;.... oh il prezzo era troppo caro. Della sincerità di
Gualberti era sicura come di esistere.... egli che non aveva mentito
mai, egli che la cingeva da tanto tempo di una tenerezza rispettosa e
discreta, egli ch’era così alieno da ogni artifizio da domandarle di
esser sua moglie, appena mezz’ora dopo averle esposte delle
massime coniugali che avrebbero sgomentato una donna volgare....
La signora Marioli levò verso di lui i suoi occhi dolci e buoni. — Non
vi avrei lasciato parlare dieci minuti di fila se fossi andata in collera....
Che cosa fate adesso?... Alzatevi, Gualberti.... Non siamo due
ragazzi.... Siamo due persone serie, mature.... Su, via....
E si alzò per la prima, sorridendo in mezzo al suo finto corruccio.
Egli non le dava retta e baciava i lembi del suo vestito e balbettava:
— Amor mio, amor mio.
— Su, Gualberti, su.... Non ho mica detto ancora di sì.
— L’ho veduto scritto sulla sua.... sulla tua fronte quel sì.... E poi me
lo dirai, non è vero?
— Ebbene.... tornate.... torna domani.
Ebbro di gioia, egli la strinse un istante fra le sue braccia, e si decise
finalmente a prendere il suo cappello.
L’orologio suonò la mezzanotte.
— Che ora impossibile! — esclamò la signora mentre premeva il
bottone del campanello elettrico. E soggiunse maliziosamente: —
Sarà tardi pel ballo della Vetturi....
— Cattiva!... Il ballo della Vetturi....
Entrò il servo.
— Buona notte, signora Stella.
— Buona notte, Gualberti.... A domani, dunque.... A qualunque
ora.... Resto tutto il giorno in casa.
— Grazie. A domani.
Gualberti fece in quattro salti le scale. E seguitava a dire al
domestico che gli veniva dietro col lume: — Ci vedo, ci vedo
benissimo.
Era buio pesto, ma l’amore, ch’è cieco, ci vede anche al buio.
L’EREDITÀ DI GIUSEPPINA.
I.
Nel salottino che una lumiera a gaz rischiarava dall’alto e che una
sola stanza divideva dalla camera del malato erano raccolte dieci o
dodici persone, quali sedute, quali in piedi, quali appoggiate al
davanzale d’una finestra aperta per respirare un po’ d’aria libera.
Sulla tavola, in mezzo ad alcuni album di fotografie e strenne e
gingilli, un gran vassoio con parecchi bicchieri d’acqua, un altro più
piccolo con una dozzina di bicchierini da liquori e una bottiglia
smerigliata di Cognac fine Champagne; infine una vaschetta piena di
pezzi di ghiaccio e con un cucchiaio di cristallo.
Di tratto in tratto qualcheduno infilava in silenzio l’uscio a sinistra,
stava fuori del salotto un paio di minuti e poi vi rientrava con aria
contrita.
— Nulla di nuovo? — si chiedeva da più parti.
— Nulla.... sempre nel medesimo stato.... Piuttosto inquieto.
Di quelle dieci o dodici persone sei erano li da poche ore, accorse
alla chiamata telegrafica. Erano i parenti più vicini, i probabili eredi
del cavaliere Achille, nessuno dei quali abitava in Venezia. L’unica
sorella superstite, la baronessa Rudeni, stava ordinariamente a
Firenze, ma il dispaccio l’aveva raggiunta a Livorno ov’ella faceva i
bagni di mare, ed ella, in compagnia del marito barone James e
della cagnetta Darling, aveva preso il primo treno per l’Alta Italia; i
Minucci, venivano da Torino, i Quaglia da Milano. 1 Minucci, padre e
figlio, erano cognato e nipote del cavaliere; così pure i Quaglia.
Tutti, come si vede, avevano risposto all’appello con meravigliosa
sollecitudine. E in vero il tenore del dispaccio spedito dal cugino
Raimondi per consiglio del medico non ammetteva indugi.
Nostro Achille colpito apoplessia. Condizione allarmante.
Desiderabile vostra presenza.
Era stato un fulmine a ciel sereno. Chi poteva immaginarsi che il
cavaliere Achille morisse d’apoplessia a quarant’anni?
Tra il cavaliere e i parenti di lui non c’era mai stata una grande
intimità. Passavano dei mesi, passava un anno intiero senza che si
vedessero, perchè egli non andava a cercarli e preferiva di far i suoi
viaggetti all’estero ed essi capitavano di rado a Venezia. Una volta,
dopo alcune perdite fatte alla Borsa dal barone James, la baronessa
moglie aveva scritto al fratello manifestandogli l’idea di tornare a
stabilirsi in patria, presso di lui, che così non sarebbe rimasto tanto
solo. Il cavaliere l’aveva dissuasa dal suo proposito. Se ne
ricordasse; ella diceva sempre che lo scirocco di Venezia le faceva
male. Di lui non si prendesse pensiero; la solitudine non lo
sgomentava. Coi Minucci e coi Quaglia le relazioni erano ancora più
fredde. A ogni modo i nipoti non mancavano di scrivere allo zio una
toccante lettera pel capo d’anno, a cui egli, che aveva mediocri
disposizioni per lo stile epistolare, rispondeva con poche righe che
principiavano invariabilmente così: — Caro nipote — Gratissimo
fummi tuo foglio, ecc., ecc.
II.
È facile immaginare che questi amorosi parenti, appena giunti,

avevano tempestato di domande il cugino Raimondi. E anche
adesso, ogni momento, egli doveva ripetere per la centesima volta
l’identica storia. — Stava bene, stava benissimo. Avevamo
passeggiato insieme l’altra sera sotto le Procuratie per mezz’ora. E
ieri mattina aveva fatto colazione con eccellente appetito.
— Voi, però, non c’eravate mica? — chiese Annibale Minucci, il
cognato del cavaliere.
— Io no.... Fu un puro caso che mi trovassi qui vicino quando
Battista, il servitore, correva in traccia del medico.
— E siete venuto subito subito?
— Sfido io.... Quelle povere donne non sapevano dove dare il capo.
— Quali donne? — domandò severamente la baronessa Rudeni
agitandosi sulla poltrona.
— Le due donne di casa, la cuoca e la cameriera.
— E vi ha riconosciuto? — seguitò Minucci.
— Senza dubbio.... Riconosce anche adesso.... La coscienza non
l’ha perduta.... ma non può parlare.... non può muovere che il
braccio destro.
— Ma! — sospirò la baronessa. E a questa esclamazione patetica
ne succedette una iraconda accompagnata dal suono secco d’uno
schiaffo: — Maledette bestie!
Darling, ch’era accovacciata sotto il tavolino, credendo che
qualcheduno avesse percosso la sua padrona, le si avvicinò
guaiolando. Ma la baronessa aveva schiaffeggiato sè medesima per
accoppare una zanzara.
— Cara Eleonora, — disse con accento flebile Ippolito Meroni, un
vecchio galante sulla sessantina, tinto e impomatato, — se vi darete
uno schiaffo a ogni zanzara che vi ronza attorno starete fresca.
Meroni assumeva volontieri un tuono confidenziale con le donne alle
quali aveva in illo tempore fatto la corte. E si diceva che la
baronessa Rudeni fosse stata una delle sue fiamme.
— Ad abitar lontana da Venezia m’ero disavvezzata da questa
piaga, — rispose la baronessa. — Quieta, Darling.
— Non c’erano zanzare adesso a Livorno?
— Che!
Ippolito Meroni colse il destro per evocare il ricordo del passato. E
abbassando la voce: — Ve ne rammentate della stagione del 1860
all’Ardenza?
La baronessa aggrottò le ciglia. — Ma che 1860?... Io non c’ero....
— Sarà stato nel 1865.
— Io non fui all’Ardenza prima del 1870, — replicò dispettosamente
la baronessa Eleonora, e alzandosi in piedi lasciò in asso il suo
vetusto adoratore.
Che età avesse la baronessa Rudeni non si poteva sapere con
precisione; certo superava di una decina d’anni il fratello Achille
ch’era il più giovine della famiglia. Non era stata brutta.... nè
inesorabile, — dicevano le male lingue; ma dacchè gli uomini la
trascuravano era divenuta d’una virtù arcigna.
— Ti piace la zia? — susurrò Minucci juniore nell’orecchio del
cugino.
— Non vorrei vederla senza busto, — rispose il contino Quaglia.
L’altro si mise a ridere. — Che sconquasso dev’essere!
Ippolito Meroni, piantato dalla baronessa, si accostò al barone il
quale leggeva la Gazzetta.
— Quel Battemberg, che ve ne pare?
— Io però o non sarei tornato a Sofia o vi sarei rimasto coûte que
coûte.
— Eh son cose presto dette.... Ma contro la Russia....
— Chi non risica non rosica.
— Quel dispaccio dello Czar è d’una prepotenza!
— Non me ne parlate, caro Meroni, non me ne parlate. E l’Europa
che tollera! E noi che tolleriamo!... Siamo liberali o non siamo
liberali?
Un’occhiata della moglie avvertì il barone che quello non era il luogo
di approfondire un tale argomento.
La baronessa s’era riunita al crocchio numeroso che stava accanto
alla finestra: Annibale Minucci, il conte Ercole Quaglia, l’avvocato
Rizzoli e qualche altro amico di famiglia. Così, in via accademica, si
calcolava a quanto potesse ascendere la fortuna del cavaliere
Achille.
— Intanto il padre gli ha lasciato tutta la disponibile, — notò Quaglia.
— Sicuro. Poi ebbe un legato da quello zio che viveva a Londra, —
soggiunse Minucci.
— E le azioni del Canale di Suez che aveva comperate a 350 franchi
e che rivendette a tremila!
Quest’enumerazione fu interrotta dall’arrivo del dottore.
III.
Il dottor Gelsi, un uomo maturo, un po’ curvo, giallo di carnagione,

calvo, miope, salutò a destra, salutò a sinistra, — buona sera, buona
sera, — chiese di volo che novità ci fossero dopo la sua ultima visita
e si diresse verso la camera del cavaliere Achille, preceduto da
Raimondi. La baronessa Eleonora gli tenne dietro, non senza aver
ordinato al marito di custodire la cagnetta Darling, perchè bisognava
assolutamente evitare la ripetizione delle scene spiacevoli avvenute
fra lei e Bibì, la cagnetta di casa. In fatti, quando Darling aveva
voluto accompagnare la baronessa nella stanza del fratello, Bibì,
gelosissima de’ suoi diritti, era uscita digrignando i denti dal suo
nascondiglio sotto il letto del padrone e le si sarebbe slanciata contro
se la pronta intromissione dei presenti non glielo avesse impedito.
Con la testa immobile sprofondata nei guanciali, con una vescica di
ghiaccio sulla fronte, il cavaliere Achille giaceva pressocchè inerte
sul suo letto conservando un resto di vita soltanto nel braccio destro
che si ostinava a uscir fuori dalle coperte, e negli occhi che giravano
lentamente nell’orbita. Vigilavano assidui al suo capezzale la
cameriera, un infermiere dell’ospedale e una terza persona, una
donna giovine, bella, decorosamente vestita, il cui sguardo ansioso,
sollecito, non si staccava mai un istante dall’ammalato.
Il dottore interrogò l’infermiere, interrogò la cameriera, ed essi, nel
rispondergli, si rivolgevano a quella terza persona: — Non è vero,
signora Giuseppina? — Allora Gelsi, non badando agli occhiacci
della baronessa, preferì di far senz’altro le sue domande alla signora
Giuseppina. Ed ella gli rispondeva con una voce dolce, una di quelle
voci che si raccomandano, rispondeva chiara, precisa; non una
parola di più, non una parola di meno del necessario. — Capisco,
capisco, — diceva il medico. Poi si chinò sull’infermo: — Signor
Achille, come va, come si sente? — Il cavaliere mosse
faticosamente il capo. — Ah, — ripigliò Gelsi come discorrendo fra
sè — si è scosso, ha mostrato d’intendere. — Oh, — sospirò la
Giuseppina — intende benissimo.... Se potesse esprimersi!
La baronessa Eleonora s’accostò al letto, dalla parte opposta a
quella ove si trovava la Giuseppina. — Achille, Achille?... M’hai
riconosciuto?... Sono Eleonora.... Eleonora.... Vuoi che resti a farti
un po’ di compagnia io? — E quell’io sottolineato tradiva l’intimo
pensiero della baronessa. Ella si offriva di vegliar qualche ora, nella
certezza che insieme con lei l’altra non avrebbe osato rimanere, o
ch’ella in ogni modo avrebbe saputo mandarla via. Ma il malato
ritorcendo il viso dalla sorella, fissò gli occhi sulla Giuseppina che
tremava come una foglia e spinse verso di lei il braccio non colpito
dalla paralisi. La giovine gli afferrò la mano e la strinse nella sua.
Gelsi intervenne. — Signora baronessa, vedremo domani.... Per
questa notte è meglio che in camera non ci sia gente nuova.
— Ma io....
— Ha ragione.... Ho sbagliato a dir gente nuova. Intendo dire gente
che il signor Achille non abbia visto da un pezzo.... Gli altri, se
credono, possono vegliar nella stanza vicina.... alternativamente....
Lei, signora baronessa, farebbe bene a riposare.... Dev’esser stanca
dal viaggio.... Già, in caso di bisogno la chiamano.... E qui, com’è
disposto il servizio per la notte?
Quest’ultima interrogazione fu rivolta alla Linda, la cameriera.
— Alle undici e mezzo, — rispose questa, — Battista e la cuoca
verranno a dare il cambio all’infermiere ed a me.
— Io non mi muovo, — soggiunse semplicemente la Giuseppina.
Dopo alcune altre ordinazioni e istruzioni, il dottore uscì. — Non c’è
peggioramento, — egli disse ai parenti ed amici. — Siamo
stazionari.... Ma pur troppo la condizione è sempre grave,
gravissima.... Basta, tornerò domattina alle sei. Buona sera, buona
sera.
La baronessa lo accompagnò fuori del salotto. — Converrà meco,
dottore, che la presenza di quella donna è uno scandalo.... Se
avessi potuto immaginarmi una cosa simile le dò la mia parola che
non sarei venuta.... Per ricever quell’accoglienza!... Poichè mio
fratello, al punto a cui è ridotto, trova il modo di farmi capire che lo
secco....
— Non creda.... non creda, — interruppe il medico. — Io mi spiego
lo stato d’animo del cavaliere Achille. I malati, anche i più gravi, e
forse per l’indebolimento stesso delle loro facoltà, non si fermano
sull’idea della morte finchè un incidente qualunque non produca
sopra di loro l’effetto d’una rivelazione improvvisa.... Il cavaliere si è
reso conto del pericolo quando ha visto intorno a sè i parenti che
non ha l’abitudine di vedere, quando ha visto lei che non veniva a
Venezia da un pezzo.... E il pensiero d’esser vicini al gran passo
turba perfino gli eroi....
La dotta disquisizione del dottor Gelsi persuase poco la baronessa.
— No, no, — ella disse — gli è che, tra la sua sorella e la sua ganza,
Achille preferisce la ganza.
Gelsi aveva fretta. — Cara baronessa, — egli concluse, — nella vita
conviene armarsi di pazienza.... E coi vecchi, coi bambini, coi malati
non si può ragionare.... Del resto, quella donna è un’infermiera
preziosa.... Vorrei averne molte all’ospitale.
IV.
I Rudeni, i Quaglia, i Minucci erano, bene o male, alloggiati in casa.

Gli altri, alle undici, si congedarono. Ma la baronessa Eleonora
pregò il cugino Raimondi e l’avvocato Rizzoli di trattenersi ancora un
poco. Indi licenziò il marito, al quale non parve vero di ritirarsi in
camera con la Gazzetta, e consigliò i nipoti Quaglia e Minucci di
andarsene a letto per alcune ore. Se tutti restavano alzati
contemporaneamente sarebbe poi giunto il momento in cui nessuno
avrebbe più avuto la forza di reggersi in piedi. Per ultimo ella disse ai
due cognati: — Voi due mi usate la cortesia di rimanere. Dobbiamo
parlare.
Fu fatto come ella voleva. E allora ella cominciò a sfogarsi con
Raimondi.... Raimondi era stato d’una leggerezza! Egli abitava a
Venezia, egli era in buoni termini con Achille.... Doveva sapere,
doveva avvertire.
Raimondi s’infastidiva. — Sapere che cosa? Avvertire di che cosa?
— Oh bella! Sapere questa tresca.... Avvertirne noi, i parenti.
— Ma scusi, Eleonora. Che ghiribizzi le saltano in testa? Gran che
seppur sapevo che Achille aveva una relazione amorosa!... Un uomo
scapolo, ricco, libero come lui?... O che dovevo mandar una
circolare?
— Ah era dunque conveniente di lasciarci, senza preavviso, trovar
occupato da un’estranea il posto che spetterebbe a noi soli, a noi di
famiglia?... Per me, l’ho detto già al dottor Gelsi, se mi fossi
immaginata che v’era una padrona di casa, nonostante tutto l’affetto
che ho per mio fratello, sarei rimasta a Livorno.
— Non esageriamo — interpose il conte Quaglia ch’era un uomo
calmo.
— Ma che padrona di casa? — replicò vivamente Raimondi. — Se la
Giuseppina non era mai stata in casa?... È venuta ieri.... e chi poteva
impedirglielo?... Era sicuro che Achille, se fosse stato in condizione
di parlare o di scrivere, l’avrebbe mandata a chiamare.... e non
saprei dargli torto quando vedo le cure che quella ragazza ha per
lui.... Da ieri in poi, nè di giorno nè di notte, non s’è allontanata un
minuto da quel letto.... Io non capisco come faccia.... Non mangia,
non dorme....
La baronessa sogghignò. — Credete ai miracoli, voi. Tant’è che
crediate anche al disinteresse della vostra Giuseppina.
— Certo che in caso d’una disgrazia ella perde tutto, — osservò
Minucci.
— Che ingenuità! — esclamò la baronessa Eleonora. — Quelle non
son femmine da lasciarsi cogliere alla sprovveduta.... Per esse
l’amore è un mercato.... Tanto si guadagna, tanto si rischia.... E dei
rischi voglion esser coperte.... Veda, avvocato Rizzoli, se l’ho
pregato di rimanere....
In fatti Rizzoli non sapeva ancora perch’egli fosse lì ad assistere a
questa disputa.
— Se l’ho pregato di rimanere, — proseguì la baronessa, — gli è
perchè, oltre ad essere un amico di famiglia, ella è un valente legale
e può consigliarci.
— Benedette donne! — pensò Rizzoli. — Non sanno ancora che i
consulti agli avvocati si vengono a domandare nello studio. — A ogni
modo, egli si limitò a chinare il capo in silenzio.
— Io metterei la mano nel fuoco che qui sotto c’è un grande
imbroglio, — ripigliò in tuono misterioso la baronessa Eleonora. —
Quando un uomo cade nei lacci d’un intrigante, egli non vede che
per i suoi occhi, è pronto a dimenticare per lei fratelli, sorelle, nipoti,
e, se ne avesse, persino i genitori e i figliuoli.... Alle corte, per me
non c’è dubbio che la signora Giuseppina ha carpito ad Achille un
testamento a suo favore....
Quaglia e Minucci, che fino allora non avevano dato segno di
commuoversi molto alle filippiche della cognata, esclamarono in
coro: — Possibile?
Il cugino Raimondi protestò. — Nemmen per sogno.... La
Giuseppina è una buona diavola, incapace di sotterfugi.... E Achille
era le mille miglia lontano dall’idea di poter morire a quarant’anni....
— Voi, Raimondi, siete un uomo antidiluviano, — interruppe la
baronessa. E continuò con aria contrita: — Mi ripugna, lo sa Iddio se
mi ripugna il toccar questo tasto.... e volesse pure il cielo che mio
fratello campasse ancora cent’anni.... io abborro le questioni
d’interesse.... e infine per me.... non ho figliuoli.... e sarete persuasi
che se parlo, parlo piuttosto per voi altri, — questa dichiarazione era
fatta ai due cognati. — .... Ma le ingiustizie mi offendono, e pur
troppo d’ingiustizie nella nostra famiglia ne furono commesse.... il
povero babbo ha favorito Achille in un modo!... Basta, era l’unico
maschio.... Insomma quello che volevo chiedere a lei, Rizzoli, è
questo. Non sarà, ma supposto che la nuova ingiustizia sia
realmente avvenuta, che i parenti più stretti siano stati sacrificati per
una poco di buono.... la legge non provvede, non dà i mezzi di
difendersi?
— Ecco, signora baronessa, — rispose l’avvocato, — il cavaliere
Achille, non lasciando nè ascendenti nè discendenti, nè moglie, era
in piena facoltà di disporre come meglio gli piacesse di tutta la sua
sostanza.
— Di tutto?
— Eh sì; il Codice è chiaro.... Diritti intangibili non ne hanno appunto
che gli ascendenti, i discendenti e il coniuge superstite.... Certo che
un testamento di cui si potesse provare che fu carpito con la frode o
con la violenza diverrebbe nullo.... Ma qui entriamo in un ginepraio;
non sono cose delle quali si possa discorrere vagamente, a priori....
Bisogna vedere al caso pratico.... Del resto, — soggiunse Rizzoli
guardando l’orologio ch’era posto sulla mensola e che segnava le
undici e tre quarti, — sono anch’io d’opinione, come Raimondi, che il
cavaliere Achille non abbia preso alcuna disposizione.... Un
testamento per atto di notaio, a quanto mi consta, non c’è....
Potrebb’esserci in qualche cassetto un testamento olografo, ma non
lo credo....
Dopo di ciò, l’avvocato chiese licenza. Aveva da discutere una causa
la mattina e voleva esaminare certi documenti. Raimondi uscì con
lui. — Parola d’onore, — egli disse appena giù delle scale, — a
momenti finivo collo schiaffeggiare mia cugina, la baronessa.... Che
cinismo!... Suo fratello non è ancora morto ed ella si è già prese le
chiavi dei cassetti.... l’ho vista io a prendersele.... ed è tutta
trepidante per la sua parte d’eredità.... E quegli scrupoli da
santocchia.... lei!... Col suo passato!... E quella stramba pretesa
ch’io la informassi degli amori d’Achille?... O per chi mi prende?...
Son forse il suo salariato?... È vero, ho sempre avuto il torto di esser
troppo servizievole con questi miei signori parenti.... Ma se si
sognano d’abusarne!... Con quel sugo poi.... Anche in questa
faccenda dell’eredità che c’entro io?... Che ci sia o che non ci sia
testamento io non m’aspetto un centesimo.... Dunque perchè mi
seccano? Sono pentito d’aver mandato io i telegrammi che misero in
movimento questo sciame di corvi.
— Eh, caro mio, — notò Rizzoli con un risolino sardonico, — quando
c’è di mezzo l’interesse, gli uomini, su per giù, sono tutti d’uno
stampo.... Tu pure....
— Ti prego....
— Oh vorresti darmi ad intendere, per quanto bene tu voglia a tuo
cugino Achille, che s’egli ti avesse legato centomila lire, non ti
consoleresti più presto della sua perdita?
— Scettico incorreggibile! — borbottò Raimondi.
V.
Erano le cinque del mattino. Le due fiamme della lumiera a gaz del
salotto erano abbassate. Nella stanza fra il salotto e la camera del
malato ardeva una candela. Alle quattro la baronessa Eleonora, il
conte Quaglia e Annibale Minucci erano andati a coricarsi; da un’ora
vegliavano Minucci e Quaglia juniori. Vegliavano così per dire,
giacchè s’erano addormentati tutti e due, il primo sopra una poltrona
del salotto, il secondo sul canapè della stanza attigua. Destatisi
contemporaneamente allo scoccar delle cinque, i due cugini si
vennero incontro sbadigliando, col piglio annoiato di persone che
adempiono mal volentieri a un ufficio antipatico.
— Se la zia Eleonora sapesse che abbiamo dormito, ci metterebbe
sotto consiglio di guerra, — disse il contino Quaglia.
Minucci si strinse nelle spalle. — Per quello che c’è da fare!... La zia
Eleonora è una visionaria.... A badare a lei, qui dovrebbe essere un
continuo scassinare armadi, trafugar carte, e che so io ancora...
Quasi quasi si correrebbe il pericolo di essere assaliti per le stanze.
— Sciocchezze! A proposito, l’hai vista la terribile Giuseppina?
— Come l’hai vista tu. Da lontano, dalla soglia, poichè confesso che
l’entrar nella camera non mi seduce.... Ci fui ieri appena arrivato, e
sarà stata un’idea mia, ma mi parve che lo zio Achille mi facesse
certi occhiacci.
— Neppur io ci vado volentieri nella camera, — soggiunse Quaglia.
— Ma la donna è bella, sai.
— È parso anche a me.... Briccone d’uno zio!... Ma adesso,
poveretto, anche per lui è finita.... Potrebbe, tutt’al più, durar così
qualche mese.
— Non è probabile.... E non è neanche da augurarglielo.
In quel punto, Battista, il servo che aveva vegliato fino allora presso
il padrone, passò pel salotto ove si trovavano i due giovani.
— E come va? — essi gli chiesero.
Battista tentennò la testa. — Male.... Da mezzanotte in poi è stato
d’un’inquietudine!... E non si può capir che cosa voglia.... È una
pena....
Era giorno fatto e Battista aperse le imposte e spense i lumi. Poi
disse officiosamente: — Di qui a cinque minuti porterò loro il caffè.
E uscì dissimulando con fine arte diplomatica la noia che gli dava in
un momento simile la presenza di sei ospiti in casa.
1 due giovani s’affacciarono alla finestra. Non s’erano più visti dopo
il Carnovalone di Milano, che Minucci aveva passato presso i suoi
parenti Quaglia, e adesso, trovandosi insieme così inopinatamente,
evocavano i ricordi di quei giorni di baldoria.
— Ti rammenti dell’ultimo veglione alla Scala?
— E delle cene in buona compagnia al Rebecchino?
— A proposito, con la Vittoria ti trovi spesso?
— Non è più a Milano.... Ha seguito Angioletti che è di guarnigione a
Napoli.
Battista ricomparve col caffè.
VI.
Era vero. Dalla mezzanotte, anzi da prima di mezzanotte, una strana

inquietudine s’era impadronita del cavaliere Achille. Moveva
continuamente le labbra senza poter mettere che suoni inarticolati,
moveva il braccio smaniando, fissava gli occhi sulla Giuseppina con
un certo sguardo supplichevole come a dirle: — Indovinami.
Povera Giuseppina! Che non avrebbe fatto per indovinarlo? Gli
raccomodava i guanciali sotto la testa, gli porgeva da bere, e alle
sue mute richieste rispondeva con altre interrogazioni: — Vuol
questo? Vuol quello? — No, non c’era verso di coglier nel segno. A
volte ella dimenticava i rispetti umani, non si curava della cuoca e di
Battista ch’erano lì davanti, e gli dava del tu e non lo chiamava più
signor Achille, ma lo chiamava Achille com’egli voleva esser
chiamato da lei. — Achille, dimmi che cosa vuoi, dillo alla tua
Giuseppina.
Nel vederlo ridotto così, le salivano le lacrime agli occhi, ma le
ratteneva, ma si sforzava di sorridergli, di mostrargli una fisonomia
ilare, confidente, piena di speranza.
Era sua da tre anni; però non aveva cominciato ad amarlo davvero
che dopo qualche tempo. Sulle prime aveva ceduto a lui come una
ragazza povera, cresciuta in un ambiente poco scrupoloso, cede a
un uomo ricco che le assicura la pace, l’agiatezza, il modo di giovare
alla famiglia. L’aveva amato più tardi quando s’era accorta che egli
non la trattava con l’aria sprezzante con cui gli uomini trattano le
donne di cui fanno lo strumento dei loro piaceri. L’aveva amato
senza sognarsi nemmeno ch’egli potesse sposarla, godendo del
presente come d’un bene superiore ai suoi meriti, mettendo il suo
orgoglio, la sua dignità nel prevenire ogni desiderio di lui, nel
rallegrargli col suo sorriso la vita. E anch’egli le si era affezionato a
grado a grado. In principio era stata per esso uno svago e nulla più,
poi aveva compreso ch’ella era molto dissimile da tante altre; aveva
sentito, egli scapolo impenitente, che questa donna piena di
abnegazione e di tenerezza riempiva un vuoto nella sua esistenza,
che senza imporgli i legami, a suo modo di vedere, intollerabili del
matrimonio, ella lo salvava dalla prosa delle tresche volgari. Le
aveva ammobigliato un quartierino di poche stanze e veniva a
passar qualche ora ogni giorno in quel nido tranquillo ov’ella, pure
uscita dal popolo, spargeva un profumo d’eleganza e di distinzione
nativa.
Misantropo per indole, disgustato de’ suoi parenti, e, quantunque nè
sciocco nè ignorante, privo di ambizioni letterarie, scientifiche,
politiche, il cavaliere Achille non istava volentieri che con la
Giuseppina e con pochi amici. Ma nemmeno coi pochi amici egli
usava discorrere de’ suoi amori, e poichè la Giuseppina aveva un
uguale riserbo, si può dire che questa relazione rimaneva avvolta in
un’ombra discreta.
Quella che la sapeva più lunga sull’argomento era la cagnetta Bibì,
ordinaria compagna del padrone nelle sue passeggiate, ma Bibì si
limitava a far le sue confidenze ad altri individui della razza canina.
Comunque sia, in quell’istante supremo una cosa era certa. La
persona, che al cavaliere Achille pesava di più di lasciar sulla terra,
era la Giuseppina; e la Giuseppina era quella che sentiva più acerbo
lo strazio della sua morte.
VII.
— Buon giorno, buon giorno — disse il dottor Gelsi entrando in

camera col suo solito dondolamento di testa. — Si fece far dalla
Giuseppina un rapporto particolareggiato della notte, ordinò che si
aprissero meglio le imposte per aver più luce e poi si accinse a un
esame minuzioso dell’infermo, di cui lo colpì la singolare eccitazione
nervosa. — Sarà un affare serio dopo — egli pensò in cuor suo.
— Ah, se potesse indovinar lei ciò ch’egli vuole! — sospirò la
Giuseppina, affranta da tanti tentativi inutili.
Dopo essercisi provato e riprovato senz’alcun frutto, il dottore allargò
le braccia col gesto di chi si dà per vinto. — Scriverò la ricetta per un
calmante.
E s’avviò verso il tavolino.
Ma la Giuseppina lo trattenne chiamandolo con voce soffocata: —
Dottore, dottore.
— Che c’è?
— Guardi.
Gli occhi del malato s’erano dilatati nell’orbita, il suo braccio si
moveva rapido da destra a sinistra, da sinistra a destra.
Il medico fece un gesto interrogativo.
La Giuseppina soggiunse: — Lo sguardo ha assunto
quell’espressione, il movimento del braccio si è fatto così insistente
quand’ella disse che avrebbe scritto una ricetta.
Gelsi si picchiò la fronte. — Scrivere!... Che sia questo ciò ch’egli
vuole?... Non gli si era domandato?
— No, no.
— Presto allora... Non perdiamoci in chiacchiere.... Pur che sia in
grado di scrivere!... Col lapis forse sarà meno difficile.
Si trovò sul tavolino un quinterno di carta da lettere; il lapis lo diede il
dottore.
Il cavaliere Achille seguiva con impazienza angosciosa questi
preparativi. La fissità della pupilla, la tensione dei muscoli tradivano
in lui lo sforzo della mente e della volontà. Quando il lapis fu posto
tra le sue dita, quando il quinterno di carta fu dalla Giuseppina
collocato in modo ch’egli potesse scriverci, egli vi tracciò
faticosamente alcuni segni, poi lasciò ricader la mano spossata sulle
coperte.
— Dunque? — chiese il dottore allorchè la giovine, obbedendo a un
cenno dell’infermo, ebbe preso il foglio.
Sulle prime quei geroglifici riuscirono incomprensibili alla
Giuseppina, ma, avvicinatasi alla finestra, le linee confuse,
aggrovigliate si riordinarono come per incanto sotto i suoi occhi e le
permisero di leggere due parole. Quali parole fossero ella non disse;
piegò il foglio e lo nascose in seno, si precipitò sul letto del
moribondo, ne afferrò la mano e la coperse di baci e di lacrime. Bibì,
sentendola piangere, venne a fregarsele attorno mugolando
sommessamente.
In quel punto s’affacciò sul limitare dell’uscio la baronessa Eleonora
la quale aveva ordinato che la chiamassero al giungere del medico.
Era in vestaglia, molto impreparata, in quelle condizioni nelle quali i
nipoti non avrebbero voluto vederla.

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Macroeconomics A Contemporary

Approach 10th Edition McEachern Test

2. Which of the following is true regarding Gross Domestic Product?

3. In double-entry GDP accounting,

4. Gross Domestic Product equals the

6. Which of the following would be included in this year's GDP?

7. Which of the following would be included in this year's US GDP?

8. Which of the following would not be included in this year's US GDP?

9. Which of the following best describes an intermediate good?

12. Gross Domestic Product measures the

14. Which of the following is the best example of an intermediate good?

17. Which of the following actions would not increase GDP?

18. Which of the actions below will not increase GDP?

19. GDP does not include the

27. Investment spending is a flow variable; inventories are a stock variable.

28. Other things equal, increased imports decrease GDP.

29. Which of the following would directly reduce GDP?

32. The immediate effect on GDP of Ibrahim's purchase of a government bond is

34. Consumption in the expenditures approach to calculating GDP includes

35. In GDP measurement, consumer spending includes

37. In GDP measurement, Investment spending includes

43. Which of the following is not included in GDP?

44. U.S. imports are

45. U.S. exports are

49. Which of the following is not a component of aggregate expenditure?

50. Which of the following is not a component of aggregate expenditure?

53. Which of the following would not increase U.S. GDP?

54. The largest component of aggregate expenditure is

55. Exhibit 6-1

57. Aggregate income is defined as

63. The final market value of a good is

66. Value added is

74. The simple circular flow model shows that

76. In the resource market,

77. In the circular flow model,

78. The circular flow model

83. Which of the following is the largest component of GDP?

84. Transfer payments are an injection into the circular flow.

86. Taxes are an injection into the circular flow.

87. Exports are an injection into the circular flow.

88. Imports are a leakage from the circular flow.

97. Which is true of leakages and injections in the circular flow?

100. Which of the following is a leakage from the circular flow?

101. Which of the following is a leakage from the circular flow?

102. Which of the following is a leakage from the circular flow?

103. Which of the following is an injection into the circular flow?

105. Which of the following is an injection into the circular flow?

106. Which of the following is an injection into the circular flow?

108. Which of the following is an injection into the circular flow?

113. An increase in household production will show up in GDP.

120. Which of the following transactions is not included in GDP?

121. Which of the following increases GDP?

123. An imputed payment

126. Because of activity in the underground economy,

130. GDP is a poor measure of social well-being because

131. GDP fails to measure changes in

135. Depreciation is subtracted from GDP to get NDP. Depreciation

137. GDP is not a perfect measure of material well-being because it ignores

139. A shortcoming of national income accounting is that it ignores

140. Which of the following is reflected in GDP?

142. GDP is not a perfect measure of welfare because it

143. Limitations of the national income accounting system include