Macroeconomics Chapter 2 Quiz

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Approximately how much of the world’s output does the United States produce?

(a). 5%
(b). 17%
(c). 30%
(d).12%

(b). 17%

The best definition of GDP is

(a). The sum of the physical amounts of goods and services in the economy.

(b). A dollar measure of final output produced during a given time period within a nation’s borders.

(c). A measure of the per capita economic growth rate of the economy.

(d). A physical measure of the capital stock of the economy.

(b). A dollar measure of final output produced during a given time period within a nation’s borders.

The measure of final goods and services produced in the United States is the

(a). GDP of the U.S.
(b). Percentage change in the GDP of the United States.
(c). Per capita GDP in the United States.
(d). Total sales of all goods during the year.

(a). GDP of the U.S.

Approximately how much of the world’s output does China produce?

(a). approximately 13%
(b). approximately 0%
(c). approximately 9%
(d). approximately 15%

(a) approximately 13%

Which of the following countries (or regions) produces the most output annually?

(a). Japan.
(b). United States.
(c). China.
(d). Germany.

(b). U.S.

Per capita GDP is

(a). The sum of consumer goods, investment goods, government services, and net exports.

(b). A dollar measure of the economic growth rate of a country.

(c). The value of the factors of production used to produce output in a country.

(d). The dollar value of GDP divided by total population.

(d). The dollar value of GDP divided by total population.

Average GDP per person is

(a). Also known as GDP.
(b). Also known as per capita GDP.
(c). The value of the factors of production used to produce output in a country.
(d). A measure of the economic growth rate of a country.

(b). Also known as per capita GDP.

The best measure of how much output the average person would get if all output were divided evenly among the population would be

(a). GDP.
(b). The economic growth of the economy.
(c). Per capita GDP.
(d). The capital stock of the economy.

(c). Per capita GDP.

Average living standards are best measured using

(a). GDP
(b). The economic growth of the economy.
(c). Per Capita GDP.
(d). The capital stock of the economy.

(c). Per Capita GDP

Per capita GDP will rise if GDP

(a). Increases more rapidly than the population increases.

Economic growth

(a). Is an increase in output or real GDP.
(b). Causes a contraction in the production possibilities curve.
(c). nvolves reduced capacity in the short run.
(d). None of the choices are correct.

(a). Is an increase in output or real GDP.

Which of the following countries had the highest average growth rate for per capita GDP from 2000 to 2009?

(a). Canada
(b). Haiti
(c). China
(d). Burundi

(c). China

The current U.S. economy is based primarily on the production of

(a). agriculture
(b). Goods for federal government use
(c). Manufacturing goods
(d). services

(d). services

Differences in size of real GDP across countries are best explained by

(a). Population growth.
(b). Human capital.
(c). Large farming sector.
(d). None of the choices are correct.

(b). Human capital.

Which of the following contains the two sectors whose percentage contribution to the real GDP has declined since 1900?

Farming and Manufacturing

During the past 100 years, the United States has transformed into primarily

A service economy

To an economist, the four factors of production are

Land, labor, capital, and entrepreneurship.

Which component(s) of U.S. real GDP decreased in size relative to total U.S. real GDP from 1950 to 2000?

Agriculture and Manufacturing

According to the World View chart in the text, from highest to lowest real GDP, which is correct?

United States, China, Japan, Germany, Russia.

As of 2010, per capita GDP in the United States was approximately how many times the world average?

5

As of 2010, per capita GDP in the United States was approximately

$47,000

A capital-intensive production process is one that

Has a high ratio of capital to labor.

A labor-intensive production process is one that

Has a low ratio of capital to labor.

As a country’s human capital capacity increases, we observe that the relative number of

Capital-intensive production processes increases.

As a country’s human capital capacity increases, we observe that the relative number of

Capital-intensive production processes increases.

Although the necessary role of government in the economy is highly debated, many people agree that it should

(a). Provide a legal framework.
(b). Protect the environment.
(c). Protect consumers and labor.
(d). All of the choices are correct.

(d). All of the choices are correct.

In providing a legal framework, the government

(a). Protects patents to encourage entrepreneurship.
(b). Protects copyrights to encourage textbook protection.
(c). Protects the ownership of private property to encourage the private sector.
(d). All of the choices are correct.

(d). All of the choices are correct.

The term externalities refers to

The negative costs and positive benefits of a market activity borne by a third party.

The government regulates monopolies in order to

(a). Ensure that product quality meets minimum standards, such as testing of new drugs.
(b). Prohibit mergers or acquisitions that would lessen competition.
(c). Protect consumers from false advertising.
(d). All of the choices are correct.

(d). All of the choices are correct.

According to economists, which of the following is NOT a factor of production?

Money

An example of human capital would be

Carpentry skills.

The term factor of production refers to

Any resource input used to produce goods and services.

Human capital is defined as the

Knowledge and skills workers possess.

Which of the following will increase the level of human capital in an economy?

An increase in literacy rates.

Productivity is a measure of

Output per unit of input.

Which of the following definitely means productivity has increased?

More output from fewer workers.

When economists describe a production process as capital-intensive, they mean that the

Process uses a high ratio of machinery and other capital to labor.

Which of the following is likely to be most capital-intensive?

Oil refining in the United States.

The investment in human capital through education and training can result in

Greater productivity.

Outsourcing leads to

Increases in productivity and increases in total output.

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