1-How often is GDP reported for the U.S. economy? Select one: a. weekly b. month
ID: 1163192 • Letter: 1
Question
1-How often is GDP reported for the U.S. economy?
Select one:
a. weekly
b. monthly
c. quarterly
d. annually
2-The measure of GDP that has NOT been adjusted for changes in prices is called:
Select one:
a. annual GDP
b. nominal GDP
c. real GDP
d. aggregate GDP
3-Services involve production that provides:
Select one:
a. a benefit along with the production of a tangible physical product.
b. a benefit without the production of a tangible physical product.
c. no benefit to the producer.
d. no benefit to the consumer.
4-Which statement is TRUE about a recession?
Select one:
a. It can be concentrated only in a single geographic area, but it must be widespread across many sectors of the economy within that area.
b. It must be a significant decline in economic activity that lasts for at least three years in a row.
c. It is a significant decline in economic activity lasting more than a few months and must be widespread geographically.
d. It can be a significant and widespread decline lasting only a month or two.
5-Real GDP is calculated using:
Select one:
a. prices at the time of sale.
b. the cost of production.
c. the same prices in all years.
d. a correction for inflation.
6-GDP is equal to:
Select one:
a. consumption + investment – net exports.
b. consumption + investment + wages + profits.
c. consumption + investment + government spending – net exports.
d. consumption + investment + government spending + net exports.
7-Which of the following is NOT considered a government purchase?
Select one:
a. new rifles for the military
b. unemployment checks
c. salaries for public school teachers
d. levees built by the Army Corps of Engineers
Explanation / Answer
1.
In the US, Bureau of economic analysis (BEA) is tasked with producing official GDP data on a quarterly basis.
the correct option is (c)
2.
The GDP which has not been changed for price adjustments is known as nominal GDP
the correct option is (b)
3.
Services involve production that provides benefits without production of the tangible physical product. Intangibility means which cannot be seen beforehand and so cannot be evaluated.
the correct option is (b)
4.
Recession refers to a significant decline in economic activity lasting more than a few months and widespread geographically.
the correct option is (c)
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