4.5 Quiz_ Gross Domestic Product_ Principles of Macroeconomics 32870-933

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2023/2/26 上午 12:48 4.5 Quiz: Gross Domestic Product: Principles of Macroeconomics 32870-933 https://ccsf.instructure.com/courses/53429/quizzes/353836 1/7 Due Feb 26 at 11:59pm Points 100 Questions 10 Time Limit 60 Minutes Allowed Attempts 3 Instructions Module 4.5 Quiz Purpose The purpose of this quiz is to review GDP, its components, how to measure GDP, nominal and real GDP, and shortcomings of GDP. Quiz Instructions After carefully reviewing the text and the videos in this Module, please complete this quiz. In this quiz, you are allowed 3 attempts and the highest score will be used for your grade. As you take the quiz, you will see all of the questions on one page. You have 60 minutes to complete this quiz. Quizzes are 10% of your final grade. Submission When you have completed the quiz to the best of your ability, click the "Submit Quiz" button located at the bottom right of the screen. Helpful Resources How do I take a quiz? (https://community.canvaslms.com/docs/DOC-10645-421241977)
2023/2/26 上午 12:48 4.5 Quiz: Gross Domestic Product: Principles of Macroeconomics 32870-933 https://ccsf.instructure.com/courses/53429/quizzes/353836 2/7 Attempt History Attempt Time Score LATEST Attempt 1 8 minutes 80 out of 100 Correct answers are hidden. Score for this attempt: 80 out of 100 Submitted Feb 26 at 12:48am This attempt took 8 minutes. Take the Quiz Again 10 / 10 pts Question 1 Which of the following expenditures would not be included in GDP? Purchase of a silver cup previously sold new in 1950. Purchase of a ticket to the latest movie. Purchase of a new lawnmower. All of these would be counted in GDP. 0 / 10 pts Question 2 Incorrect Incorrect Why is it important to use real GDP rather than nominal GDP figures when making comparisons of output across time periods? The real figures will reflect changes in the general level of prices as well as changes in the quantity of output.
2023/2/26 上午 12:48 4.5 Quiz: Gross Domestic Product: Principles of Macroeconomics 32870-933 https://ccsf.instructure.com/courses/53429/quizzes/353836 3/7 The real GDP figures adjust for changes in the level of employment. The real GDP figures are a better measure of changes in the general level of prices. The real figures will reflect changes in the quantity of output and not changes in the general level of prices. 10 / 10 pts Question 3 Gross domestic product (GDP) includes: intermediate as well as final goods. foreign goods as well as domestically produced goods. used goods sold in the current time period. only final goods and services. 10 / 10 pts Question 4 Which of the following would be counted as a final good for inclusion in GDP? A piece of glass bought this year by a consumer to fix a broken window. None of these would be counted in GDP.
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2023/2/26 上午 12:48 4.5 Quiz: Gross Domestic Product: Principles of Macroeconomics 32870-933 https://ccsf.instructure.com/courses/53429/quizzes/353836 4/7 A tire produced this year and sold to a car maker for a new car sold this year. A sheet of glass produced this year by Ford for windows in a new car. 0 / 10 pts Question 5 Incorrect Incorrect GDP Expenditures and Income Components Personal consumption expenditures $5,207 Interest 425 Corporate profits 735 Government spending 1,406 Depreciation 830 Rental income 146 Gross private domestic investment 1,116 Compensation of employees 4,426 Exports 870 Imports 965 Indirect business taxes 553 Proprietors' income 520 Personal taxes 886
2023/2/26 上午 12:48 4.5 Quiz: Gross Domestic Product: Principles of Macroeconomics 32870-933 https://ccsf.instructure.com/courses/53429/quizzes/353836 5/7 Social Security taxes 432 Transfer payments 376 Using the expenditures approach, based on the information above, gross domestic product (GDP) is: $7,082 billion. $7,634 billion. $7,730 billion. $6,807 billion. $7,637 billion. 10 / 10 pts Question 6 Which one of the following transactions would be included in GDP? Mr. Doe donates $500 to his town's junior college scholarship fund. Ms. Kim pays $50 for a used picture frame at a neighborhood garage sale. Ms. Smith pays $5,000 to purchase 100 shares of Microsoft stock. Ms. Bartolini pays $500 to fix the front end of her car damaged in a recent accident.
2023/2/26 上午 12:48 4.5 Quiz: Gross Domestic Product: Principles of Macroeconomics 32870-933 https://ccsf.instructure.com/courses/53429/quizzes/353836 6/7 10 / 10 pts Question 7 Nominal gross domestic product is based on: none of these. prices of final goods and services adjusted for inflation. prices at which intermediate goods are sold. the existing prices at which final goods and services are actually sold. 10 / 10 pts Question 8 Gross domestic product is officially measured by adding together the: market value of all final goods and services produced within the borders of a nation. quantity of goods and services produced by companies owned by U.S. citizens. quantity of each good and service produced by U.S. residents. Quantity of goods and services produced by U.S. residents minus depreciation of productive assets. 10 / 10 pts Question 9
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2023/2/26 上午 12:48 4.5 Quiz: Gross Domestic Product: Principles of Macroeconomics 32870-933 https://ccsf.instructure.com/courses/53429/quizzes/353836 7/7 Real GDP means GDP: corrected for changes in quality. that does not change from year to year. valued at prices in a base year. valued at prices at which goods are actually sold. 10 / 10 pts Question 10 The largest component of GDP as measured by the expenditure approach is: net profits of corporations. personal consumption. wages and salary earnings. gross private investment. Quiz Score: 80 out of 100

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