Chapter 23 Measuring a Nation's Income
MULTIPLE CHOICE
1. Macroeconomists study
a. the decisions of individual households and firms. b. the interaction between households and firms. c. economy-wide phenomena.
d. regulations imposed on firms and unions. ANS: C DIF: 1 REF: 10-0
LOC: The study of economics and definitions in economics TOP: MSC: Definitional
NAT: Analytic Macroeconomics
2. Which of the following newspaper headlines is more closely related to what microeconomists study than to what macroeconomists study?
a. Unemployment rate rises from 5 percent to 5.5 percent. b. Real GDP grows by 3.1 percent in the third quarter. c. Retail sales at stores show large gains.
d. The price of oranges rises after an early frost. ANS: D DIF: 2 REF: 10-0 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Macroeconomics MSC: Interpretive
3. Which of the following questions is more likely to be studied by a microeconomist than a macroe-conomist?
a. Why do prices in general rise by more in some countries than in others? b. Why do wages differ across industries?
c. Why do national production and income increase in some periods and not in others? d. How rapidly is GDP currently increasing? ANS: B DIF: 2 REF: 10-0 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Macroeconomics MSC: Interpretive
4. Which of the following topics are more likely to be studied by a macroeconomist than by a microeconomist?
a. the effect of taxes on the prices of airline tickets, and the profitability of
automobile-manufacturing firms
b. the price of beef, and wage differences between genders
c. how consumers maximize utility, and how prices are established in markets for agricultural
products
d. the percentage of the labor force that is out of work, and differences in average income from
country to country
ANS: D DIF: 2 REF: 10-0 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Macroeconomics MSC: Interpretive
5. We would expect a macroeconomist, as opposed to a microeconomist, to be particularly interested in a. explaining how economic changes affect prices of particular goods.
b. devising policies to deal with market failures such as externalities and market power. c. devising policies to promote low inflation.
d. identifying those markets that are competitive and those that are not competitive. ANS: C DIF: 2 REF: 10-0 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Macroeconomics MSC: Interpretive
6. Which of the following is not a question that macroeconomists address? a. Why is average income high in some countries while it is low in others? b. Why does the price of oil rise when war erupts in the Middle East?
c. Why do production and employment expand in some years and contract in others?
d. Why do prices rise rapidly in some periods of time while they are more stable in other periods? ANS: B DIF: 2 REF: 10-0 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Macroeconomics MSC: Interpretive
7. The basic tools of supply and demand are
a. useful only in the analysis of economic behavior in individual markets.
b. useful in analyzing the overall economy, but not in analyzing individual markets. c. central to microeconomic analysis, but seldom used in macroeconomic analysis. d. central to macroeconomic analysis as well as to microeconomic analysis. ANS: D DIF: 1 REF: 10-0 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Supply and demand MSC: Definitional
8. Which of the following statistics is usually regarded as the best single measure of a society’s eco-nomic well-being?
a. the unemployment rate b. the inflation rate
c. gross domestic product d. the trade deficit ANS: C DIF: 1 REF: 10-0 NAT: Analytic LOC: The study of economics and definitions in economics TOP: GDP MSC: Definitional
9. GDP
a. is used to monitor the performance of the overall economy but is not the single best measure of a
society’s economic well-being.
b. is used to monitor the performance of the overall economy and is the single best measure of a
society’s economic well-being.
c. is not used to monitor the performance of the overall economy but is the single best measure of a
society’s economic well-being.
d. is not used to monitor the performance of the overall economy and is not the single best measure
of a society’s economic well-being.
ANS: B DIF: 1 REF: 10-0 NAT: Analytic LOC: The study of economics and definitions in economics TOP: GDP MSC: Definitional
THE ECONOMY'S INCOME AND EXPENDITURE
1. Gross domestic product measures
a. income and expenditures. b. income but not expenditures. c. expenditures but not income. d. neither income nor expenditures. ANS: A DIF: 2 REF: 10-1 LOC: The study of economics and definitions in economics MSC: Interpretive
NAT: Analytic TOP: GDP
2. Expenditures on a nation’s domestic production
a. are less than its domestic production. b. are equal to its domestic production. c. are greater than its domestic production.
d. could be less than, equal to, or greater than its domestic production. ANS: B DIF: 1 REF: 10-1 NAT: Analytic LOC: The study of economics and definitions in economics TOP: GDP MSC: Definitional
3. Income generated by a nation’s domestic production
a. is less than its domestic production. b. is equal to its domestic production. c. is greater than its domestic production.
d. could be less than, equal to, or greater than its domestic production. ANS: B DIF: 1 REF: 10-1 NAT: Analytic LOC: The study of economics and definitions in economics TOP: GDP MSC: Definitional
4. For an economy as a whole,
a. wages must equal profit.
b. consumption must equal saving. c. income must equal expenditure.
d. the number of buyers must equal the number of sellers. ANS: C DIF: 2 REF: 10-1 NAT: Analytic LOC: The study of economics and definitions in economics TOP: GDP MSC: Interpretive
5. Which of the following statements about GDP is correct?
a. GDP measures two things at once: the total income of everyone in the economy and the
total expenditure on the economy’s output of goods and services.
b. Money continuously flows from households to firms and then back to households, and
GDP measures this flow of money.
c. GDP is generally regarded as the best single measure of a society’s economic
well-being.
d. All of the above are correct. ANS: D DIF: 2 REF: 10-1 NAT: Analytic LOC: The study of economics and definitions in economics TOP: GDP MSC: Interpretive
6. Because every transaction has a buyer and a seller,
a. GDP is more closely associated with an economy’s income than it is with an economy’s
expenditure.
b. every transaction contributes equally to an economy’s income and to its expenditure. c. the number of firms must be equal to the number of households in a simple
circular-flow diagram.
d. firms’ profits are necessarily zero in a simple circular-flow diagram. ANS: B DIF: 2 REF: 10-1 NAT: Analytic LOC: The study of economics and definitions in economics TOP: Circular flow MSC: Interpretive
北大出版社曼昆宏观经济学第六版全英题库有答案23章
