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Macroeconomic Homework

In: Business and Management

Submitted By Honghoa
Words 6193
Pages 25
Vietnam National University, Hanoi
UNIVERSITY OF ECONOMICS AND BUSINESS

Macroeconomics

Home work 1. Measuring a Nation’s Income

Section 1: Multiple choice questions

1. In producing a sweater, a man who shears sheep pays a farmer $4 for a sheep. The shearing shop sells the wool to a knitting mill for $7. The knitting mill buys the wool and makes it into a fine fabric and sells it to a sweater-making firm for $13. The sweater-making firm sells the sweater to a clothing store for $20, and the clothing store sells the sweater, gift wrapped, for $50. What is the contribution to GDP of the previous sales transactions? a. $4. b. $44. c. $50. d. $94.

2. Susie grows corn in her backyard garden to feed her family. The corn she grows is not counted in GDP because a. it was not produced for the marketplace. b. it is an intermediate good which Susie will process further. c. the corn has no value. d. it reduces the amount of corn she will buy at the store.

3. Which of the following would be counted in U.S. GDP? a. the purchase of an historical house b. the purchase of a haircut c. the purchase of a $1000 government savings bond d. the value generated when you wash your car in your driveway

4. If private investment increased by $50 billion while GDP remained the same, which of the following could have occurred, all else being the same? a. Consumption spending decreased by $50 billion. b. Exports increased by $50 billion. c. Imports decreased by $50 billion. d. Net exports increased by $50 billion.

5. The four categories of expenditures that make up GDP are consumption, investment, a. exports, and government purchases. b. imports, and government purchases. c. net exports, and government purchases. d. net exports, and

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