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Measurement of Economic Systems
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Measurement of Economic Systems
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25 Questions

1. Housing, education, and health insurance are goods and services that have what in common?
2. McDonald’s fast-food restaurant is an American-based industry but has franchises all over the world. The value of the output produced by a McDonald’s restaurant in England is I. not included in the GDP for the United States II. included in the GDP for the United States III. included in England’s GDP IV. included in the GNP for the United States
3. Refer to the following chart to answer questions 56 and 57. According to the chart, what is the unemployment rate?
4. According to the chart, what is the size of the labor force?
5. The labor force is defined as
6. Full employment occurs when
7. All of the following would be included in the expenditure approach to calculate GDP EXCEPT
8. The fact that the government is included in the circular flow model shows that the government
9. In the simple circular flow model
10. The amounts businesses are willing and able to invest at each possible level of GDP is known as the
11. Use the following data to answer this question. The information is in billions of dollars. Based on the information in the preceding chart, the GDP would be calculated as
12. When economists refers to the gross domestic product (GDP), they mean
13. If you wanted to understand the relationship between households, businesses, and resources, you would study
14. Jason and Mary purchased a new house in 2012 for $300,000. This purchase would be included in the GDP as
15. All of the following are examples of an underground economy EXCEPT
16. Stagflation occurs when
17. When constructing a price index, a base year refers to
18. All of the following would be calculated into the GDP EXCEPT
19. If the nominal GDP for 2011 was $200 billion and the price index was 90, real GDP would be calculated as
20. An example of an intermediate good would be
21. Dennis decides to loan his friend some money. He would like to see a 5% return on the loan. If the current rate of inflation is 15%, what should he charge as an interest rate?
22. Suppose the gross domestic product is $15 million, where consumer spending is $4 million, investments are $2 million, government spending is $5 million, and exports are $4 million. How much is spent on imports?
23. John is a supply-side economist. If the United States is experiencing stagflation, which of the following actions would he be most willing to support?
24. In 2011, the U.S. economy saw the value of investments rise from $150 billion to $250 billion. In calculating total investment for GDP for that year, national income accountants would
25. Elaine quit her job as a teaching assistant and went back to school to be a guidance counselor. Last year she received her master’s degree and is currently looking for a job. Elaine is considered

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