Score:

30 out of 100 points (30%)

1.
award:

10 out of 10.00 points

GDP can be found by: Adding the monetary value of all final goods and services produced. Adding the physical amount of all final goods and services produced. Taking the difference between exports and imports. Adding the value of all final output produced and measuring it in constant prices. GDP is a summary measure of a nation's output. Multiple Choice Learning Objective: 02-01

2.
award:

0 out of 10.00 points

GDP is: The sum of the physical amounts of goods and services in the economy. A dollar measure of output produced within a nation's borders during a given time period. A measure of the per capita economic growth rate of the economy. A physical measure of the capital stock of the economy. GDP enables us to sum production of all goods and services. Multiple Choice Learning Objective: 02-01

3.
award:

0 out of 10.00 points

The value of output produced in the United States in current prices measures: GDP growth. Real GDP. Per capita GDP. Nominal GDP.

Nominal GDP is the value of output measured in current prices. Multiple Choice Learning Objective: 02-01

4.
award:

0 out of 10.00 points

Which of the following countries has the largest GDP? Japan. China. Britain. United States.

Because of the vast natural resources, the U.S. has the largest GDP. Multiple Choice Learning Objective: 02-02

5.
award:

0 out of 10.00 points

Ceteris paribus, economic growth involves an: Increase in imports. Expansion of production possibilities. Increase in GDP due to inflation. Increase in government spending. Economic growth will expand production possibilities outward.

Multiple Choice

Learning Objective: 02-01

6.
award:

0 out of 10.00 points

For government, most market activity can be explained by the goal of: Welfare maximization. Social responsibility. Utility maximization. Charitable responsibility. Government agencies attempt to maximize social welfare. Multiple Choice Learning Objective: 03-01

7.
award:

0 out of 10.00 points

Which of the following is a constraint that motivates economic interactions? The outsourcing of jobs. The limited resources that individuals have. The limited profit margin for individuals. The inability of individuals to take on risk. An element common to all participants is limited resources. Multiple Choice Learning Objective: 03-01

8.
award:

10 out of 10.00 points

A market:

Is any place where goods are bought and sold. Must have a physical location so buyers and sellers can meet. Does not exist for the exchange of illegal goods and services. Must be approved by the government before it can exist. A market exists when goods are bought and sold. Multiple Choice Learning Objective: 03-01

9.
award:

0 out of 10.00 points

Which of the following is not a factor of production? Land. Wages. Labor. Capital. Wages are not considered a factor of production. Multiple Choice Learning Objective: 03-01

10.
award:

10 out of 10.00 points

In order to demand a good, the buyer must: Want the good very much. Be both willing and able to pay for it. Think that the good has significant utility. Be aware of the opportunity costs. A demand exists only if someone is willing and able to pay for the goods. Multiple Choice Learning Objective: 03-02

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