Study Game - Topic 2.1

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The Circular Flow Model and GDP

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HS4

Economics

gdp

Âge recommandé: 17 ans

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Zachary Foust

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Study Game - Topic 2.1Version en ligne The Circular Flow Model and GDP par Zachary Foust 1 Gross domestic product is equal to which of the following? a Total consumer spending on final goods b The total value of all intermediate goods and finished goods c The sum of income paid to all the factors of production d The sum of values added of all foreign firms located domestically 2 The circular flow model illustrates the equality of which of the following? a Total expenditure and total income b Savings and consumption c Total income and government spending d Exports and imports 3 The table shows the sales and intermediate purchases of automobile manufacturers, glass manufacturers, and steel manufacturers in a country. Assuming these are the only three manufacturers in the country, which of the following is true? a The total value added of the glass, steel, and automobile manufacturers is $160 million. b The total value added of the glass, steel, and automobile manufacturers is $100 million. c The contribution of the automobile manufacturer to the country’s GDP is $100 million. d The contribution of the three manufacturers to the country’s GDP is $200 million. 4 Which component of GDP includes inventories? a Consumer spending b Investment spending c Government spending d Net exports 5 Which of the following is most likely included in gross domestic product? a A teenager mowing the lawn for his parents b The purchase of stocks in a major energy firm c The value of a used car d The purchase of a new personal computer 6 Which of the following best describes the GDP of Italy? a The value of all finished goods and services produced within the borders of Italy. b The value of all goods and services produced within the borders of Italy. c The profit earned by all Italian firms. d The investment spending undertaken by all Italian firms. 7 The purchase of a new home is included in which component of gross domestic product? a Consumer spending b Investment spending c Government spending d Net exports 8 Which of the following is considered a leakage from the circular flow of income and expenditure? a Savings b Spending on capital goods c Government spending d Export spending 9 Assume that imports increase. How will this affect net exports and gross domestic product (GDP)? a Net exports will increase, and GDP will increase. b Net exports will increase, and GDP will decrease. c Net exports will decrease, and GDP will decrease. d Net exports will decrease, and GDP will increase. 10 Examine the table. Calculate the GDP of Foustland. a $600 b $900 c $1,000 d $1,700 11 What is gross domestic product (GDP)? a The total value of intermediate goods produced within the borders of a country b The total value of all goods and services produced by the citizens of a country c The total value of all finished goods and services produced within the borders of a country d The total value of all goods and services bought by the citizens of a country 12 What is consumer spending? a Purchases of goods and services by households b Purchases of imports by households c The taxes paid by households to the federal government d Purchases of non-durable goods such as food 13 What is investment spending? a Purchases of previously-owned homes for the purpose of earning rental income b Purchases of comic books and other collectibles c Purchases of financial assets such as stocks, bonds, and mortgage-backed securities d Purchases of physical capital by businesses, purchases of new homes, and changes in inventories 14 What is government spending? a Transfer payments such as social security, stimulus checks, and unemployment benefits b The total spending of local, state, and federal governments on goods and services c All taxes, including the personal income tax, corporate tax, and the estate tax d Government sales of bonds 15 What are net exports? a The value of goods and services sold to other countries b Exports minus imports c The value of goods and services bought from other countries d The value of physical products sold to other countries 16 What are exports? a Goods and services sold to other countries b Goods and services bought from other countries c Physical goods sold to other countries d Physical goods bought from other countries 17 What are imports? a Goods and services sold to other countries b Goods and services bought from other countries c Physical goods sold to other countries d Physical goods bought from other countries

Study Game - Topic 2.1Version en ligne

The Circular Flow Model and GDP

par Zachary Foust

Gross domestic product is equal to which of the following?

Total consumer spending on final goods

The total value of all intermediate goods and finished goods

The sum of income paid to all the factors of production

The sum of values added of all foreign firms located domestically

The circular flow model illustrates the equality of which of the following?

Total expenditure and total income

Savings and consumption

Total income and government spending

Exports and imports

The table shows the sales and intermediate purchases of automobile manufacturers, glass manufacturers, and steel manufacturers in a country. Assuming these are the only three manufacturers in the country, which of the following is true?

The total value added of the glass, steel, and automobile manufacturers is $160 million.

The total value added of the glass, steel, and automobile manufacturers is $100 million.

The contribution of the automobile manufacturer to the country’s GDP is $100 million.

The contribution of the three manufacturers to the country’s GDP is $200 million.

Which component of GDP includes inventories?

Consumer spending

Investment spending

Government spending

Net exports

Which of the following is most likely included in gross domestic product?

A teenager mowing the lawn for his parents

The purchase of stocks in a major energy firm

The value of a used car

The purchase of a new personal computer

Which of the following best describes the GDP of Italy?

The value of all finished goods and services produced within the borders of Italy.

The value of all goods and services produced within the borders of Italy.

The profit earned by all Italian firms.

The investment spending undertaken by all Italian firms.

The purchase of a new home is included in which component of gross domestic product?

Consumer spending

Investment spending

Government spending

Net exports

Which of the following is considered a leakage from the circular flow of income and expenditure?

Savings

Spending on capital goods

Government spending

Export spending

Assume that imports increase. How will this affect net exports and gross domestic product (GDP)?

Net exports will increase, and GDP will increase.

Net exports will increase, and GDP will decrease.

Net exports will decrease, and GDP will decrease.

Net exports will decrease, and GDP will increase.

Examine the table. Calculate the GDP of Foustland.

$600

$900

$1,000

$1,700

What is gross domestic product (GDP)?

The total value of intermediate goods produced within the borders of a country

The total value of all goods and services produced by the citizens of a country

The total value of all finished goods and services produced within the borders of a country

The total value of all goods and services bought by the citizens of a country

What is consumer spending?

Purchases of goods and services by households

Purchases of imports by households

The taxes paid by households to the federal government

Purchases of non-durable goods such as food

What is investment spending?

Purchases of previously-owned homes for the purpose of earning rental income

Purchases of comic books and other collectibles

Purchases of financial assets such as stocks, bonds, and mortgage-backed securities

Purchases of physical capital by businesses, purchases of new homes, and changes in inventories

What is government spending?

Transfer payments such as social security, stimulus checks, and unemployment benefits

The total spending of local, state, and federal governments on goods and services

All taxes, including the personal income tax, corporate tax, and the estate tax

Government sales of bonds

What are net exports?

The value of goods and services sold to other countries

Exports minus imports

The value of goods and services bought from other countries

The value of physical products sold to other countries

What are exports?

Goods and services sold to other countries

Goods and services bought from other countries

Physical goods sold to other countries

Physical goods bought from other countries

What are imports?

Goods and services sold to other countries

Goods and services bought from other countries

Physical goods sold to other countries

Physical goods bought from other countries

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Study Game - Topic 2.1Version en ligne

par Zachary Foust

Gross domestic product is equal to which of the following?

The circular flow model illustrates the equality of which of the following?

The table shows the sales and intermediate purchases of automobile manufacturers, glass manufacturers, and steel manufacturers in a country. Assuming these are the only three manufacturers in the country, which of the following is true?

Which component of GDP includes inventories?

Which of the following is most likely included in gross domestic product?

Which of the following best describes the GDP of Italy?

The purchase of a new home is included in which component of gross domestic product?

Which of the following is considered a leakage from the circular flow of income and expenditure?

Assume that imports increase. How will this affect net exports and gross domestic product (GDP)?

Examine the table. Calculate the GDP of Foustland.

What is gross domestic product (GDP)?

What is consumer spending?

What is investment spending?

What is government spending?

What are net exports?

What are exports?

What are imports?