Chap 0310ceMacro-22-24

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School
Northern Alberta Institute of Technology **We aren't endorsed by this school
Course
ECON ECON-111
Subject
Economics
Date
Nov 19, 2023
Pages
3
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Version 1 22 72) How could reported GDP remain constant when production has risen? A) If the price level rises. B) If the increase in production was in the form of a non-market activity. C) If underground production fell. D) If inventories fall. 73) What are net exports? A) Exports less imports. B) Exports plus imports. C) Exports plus consumption. D) Exports plus consumption less imports. 74) Which of the following is necessary for national income to be in equilibrium? A) S + IM + T = I + X + G. B) S + IM + T = I + X N + G. C) C + I + G = X N = GNP. D) C + I + G + X = GDP. 75) All of the following, except one, are components of aggregate expenditures. Which is the exception?
Version 1 23 A) Investment. B) Government spending on goods and services. C) Transfer payments. D) Consumption. E) Net exports 76) Which of the following is included by Statistics Canada in investment? A) Changes in the value of inventories B) The purchase of any durable goods, such as a car or television C) An increase in total saving in the economy. D) The change in the value of mutual funds from one year to the next. 77) Which of the following is regarded as physical capital? A) A savings account. B) A share of Bank of Montreal stock. C) A dump truck. D) A stock certificate. 78) Which of the following leads to an understatement of total production? A) The exclusion of work done by homemakers. B) A decrease in the GST rate. C) Government spending on an oil-spill clean-up. D) The exclusion of intermediate goods.
Version 1 24 79) Which of the following will result in an increase in the stock of capital goods? A) If net investment is negative. B) If net investment is positive. C) If gross investment is less than consumption. D) If gross investment is negative. 80) What is the level of savings in an economy with no government and no international trade, if total factor income is $600 and consumption spending is $480? A) -$120. B) $120. C) $1,080. D) Cannot be determined from the information given. 81) What does the simple circular flow show? A) That households are both buyers and sellers of products and resources. B) That businesses are sellers of resources and buyers of products. C) That households are buyers of products and sellers of resources. D) That businesses are sellers and households are buyers of both products and resources. E) That businesses both buy and sell products and resources, whereas households only buy. 82) All of the following, except one, adjustments to national income are necessary to obtain personal income. Which is the exception?
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