Web Quiz chapter 5.docx

Web Quiz chapter 5
Assignment Name: Baumol/Blinder, Economics: Principles and Policy 11e, Chapter 22
窗体顶端
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窗体顶端
1.
, an retailer of books, buys a shipment of economics textbooks from a publisher. Is this included in GDP?

a.
Yes.

b.
No.

c.
It depends on how the payment is made.

d.
Yes, in real but not nominal GDP.

e.
Yes, in nominal but not real GDP.
2.
Nominal GDP is calculated by using:

a.
prices set in a base year.

b.
average prices in all major cities.

c.
current prices.

d.
prices charged by initial producers.
3.
The September 11, 2001 terrorist attacks most likely would have what effect on real GDP?

a.
Decrease in real GDP because of the destruction of buildings.

b.
Decrease in real GDP because of the the cost of cleanup borne by the government.

c.
Increase because of the loss of lives.

d.
Increase because of the reconstruction and repair of damaged buildings.

e.
No effect because it only affected prices, not real output.
4.
The stagflation in the United States during the 1974-1975 period can be attributed to:

a.
increases in real GDP due to high levels of defense spending.

b.
tight ary and fiscal policies of the Nixon-Ford administrations.

c.
rapid increases in petroleum prices, poor harvests, and the removal of wage and price controls.

d.
budgets d