39. Which of the following is the best country\'s standard of living? A. nominal

Question

39. Which of the following is the best country's standard of living? A. nominal G B. real GDP C. nominal GOP per capita 45. The value of a car produced and sold in 2000, and sold again in 2008, should be included in GDP for A 2000 only. B 2008 only C. both 2000 and 2008 D. either 2000 or 2008, but not both measure of a a D real GDP per capita 46 This summer you have a paid internship for Kia Motors in Canada. For which nation, or nations, are you contributing to GOP? Assume you are a U.S. ctizen A. United States B. United States and Canada C. Canada D. Canada and Korea 40. Ifa country's GDP per capita rises, this means that L the country has fewer poorer people. I some people in the country have more wealth iM. the country's standard of living is rising A Ionly 47. Real GOP is nominal GDP adjusted for changes in: A population. B. the price level C. the inflation rate C only D. Il and 41. Which of the following choices shows a good or service (produced in the current periodj that is NOT counted in GDP for this year? A. apersonal computer B. wood that is used for making furniture C an oven that will be installed in a bakery D. flour sold in a grocery store D. the unemployment rate real GDP rose in 2008, we can condude that A production rose in 2008 8. the price level rose in 2008. c either praduction, or the price level, or both, rose in 2008. D. neither production nor the price level rose in 2008. 42. Which of the following services does NOT count towards GDP A A doctor treats a patient in a hospital. B. An economics professor educates her students in a classroom. C. You paint your garage. D. Your real estate agent sells your house for you. 49. If nominal GDP rose in 2008, we can conclude that A. production rose in 2008 B the price level rose in 2008 C either production or the price level or both, rose in 2008 D. neither production nor the price level rose in 2008. 43. Final goods are goods A used to produce other goods B. consumed or held in personal inventories C used up in the production process D. that cannot be exported 50. Theoretically, why should the expenditure and income approaches to calculating GOP give us the same results? A because they have the same components & because every dollar spent is a dellar earned C because of accounting errors D. because theoretically consumption equals the sum of all factor incomes 44. The sale of sugar wil be measured as part of spending in GDP when: A. the buyer is Krispy Kreme Doughnuts B. the buyer is a mother who is baking cookies C. the buyer is a Mexican food restaurant. D. the buyer is a grocery store chain.

Explanation / Answer

Answer : 39) D. real GDP per capita is the best measure of a country's standard of living.

40) If a country's GDP per capita rises, this means that III. the country's standard of living is rising.

Therefore, (C) only III is the correct answer.

41) B. wood that is used to making furniture is not counted in current year GDP. Because GDP measures the final products value. But in case of B, wood uses as an intermediate good.

42) C. you paint your garage is not counted in GDP. Because there occurs zero cost for paint by the person. Hence there is no value to include in GDP.

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