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Gross Domestic Product measures the  : market value of the final goods and services produced in a given year within a country.. If you make dinner for yourself: only the market value of ingredients that you purchased this year is added to GDP.. Which of the following is a final good or service? : a new replacement muffler installed by Midas Mufflers . Consumption expenditures are defined as spending on goods and services by: households. . Investment is defined as the purchase of: the purchase of new capital goods and additions to inventories. . The purchase of stocks and bonds is : not included in GDP as investment. . Net exports of goods and services is defined as equal to: the value of exports of goods and services minus the value of imports of goods and services.. Which of the following expenditure components of GDP can be negative or positive: Net exports of goods and services. . In order to measure gross domestic product, we can follow: two approaches: the expenditure approach and the income approach.. When calculating GDP, purchases of used goods are: not included. . The purchase of the financial assets, such as stocks and bonds, is not included in GDP because : they don't represent the production of goods or services. . The expenditure approach to measuring GDP is done by using data on only: consumption expenditure, investment, government expenditures on goods and services, and net exports of goods and services.. Real GDP measures the value of goods and services produced in a given year valued using: base year prices.

The amount of a good or service that is wanted is called:: demand. The amount of a good or service provided is called:: supply. The total value of goods and services produced within the a country during one year: . There are 4 _______________. They are land, labor, capital and entrepreneurship: Factors of Production . Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________: Capital. The study of how people seek ways to meet their wants and needs by making choices is called: Economics. The four factors of production. : Natural Resources, Labor, Capital, Entrepreneurship . This measurement is used to determine how well a country's economy is doing: Gross Domestic Product. Phrase that means how good a person's quality of life is: Standard of living. All of the following are possible costs of your decision to go away to college except: You will become more educated. What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired: Time. What is the best example of scarcity: The school parking lot only has 150 spaces but 200 students want to park there. You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost: $100. What factor of production does this picture represent: Labor. The basic problem of economics that develops because humans have unlimited wants but limited resources: Scarcity. The factor of production that includes the physical land and resources that come directly from the earth: Land. The limited availability of resources is known as..: Scarcity. A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario: Opportunity Cost. Which of the following is true: Needs and wants are unlimited but resources are limited

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How many EWoTs are there: 7. The crux of all economics is _______________ forces tradeoffs: scarcity. According to an economist, we do stuff IF: benefits are greater than costs. Deciding to eat that 4th piece of pizza or not is what EWoT: thinking at the margin. things that "nudge" people towards certain behaviors is known as ___________. Examples include speed limits, school suspensions, and pay for work: incentives. ______________ makes people better off. That's why our presidents are wrong concerning China and Mexico tariffs: trade. Which of the following is NOT a market: all of these are markets. The acronym for the crux of ch 1, "How to think like an economist" is..: EWoT. T or F: Economic is Everywhere: True

At what point do supply and demand intersect on a curve: market equilibrium. What occurs when the price of a product is higher than the market equilibrium: surplus. Why does a surplus happen: prices are too high and there's too much supply. What is the simplest solution to a surplus: the producer lowers the price until the supply balances out to equilibrium. What causes a shortage: A product's price is lower than equilibrium with not enough supply. What are the 3 solutions for a shortage: allowing the price to rise to equilibrium. What is a price ceiling: It's a price below equilibrium . What is a price floor: a price above equilibrium. A price floor leads to a:: surplus

The ______ states that as the price of a good rises, the quantity consumers are willing to purchase decreases: Law of Demand. The ______ states that as the price of a good rises, the quantity producers are willing to produce increases: Law of Supply. True or False: A change in the price of a product causes a shift in the demand curve: False. Do the circled points represent a price floor or a price ceiling: Price Floor. Do the circled points represent a surplus or shortage: Shortage. A market in which a few sellers offer similar products: Oligopoly. A business owned by one person: Sole Proprietorship. This market structure has the strongest price controls: Monopoly. This market structure has no barriers to entry: Pure Competition. This market structure often has product differentiation so they can charge different prices. : Monopolistic Competition. This type of business is the easiest to start but has unlimited liability and a limited lifespan: Sole Proprietorship. This type of business is the most complex to start but has limited liability and an unlimited lifespan: Corporation. A market in which one seller controls the market: Monopoly. A market in which many sellers offer differentiated products: Monopolistic Competition. A market in which many sellers offer identical products: Pure Competition. A business owned by two or more people: Partnership. A business owned by shareholders and run by the board of directors: Corporation

What type of GDP is calculated with the current year's prices: Nominal GDP. The most important measure of economic growth is... : GDP. What is the 1st economic goal of each country: Promote Economic Growth. Which of the following goods is included in GDP: Dresses. Lauren coaches softball and gets paid in cash each week.  Is this included in GDP: . What type of GDP shows the average level of wealth in a country: GDP per capita. Which is an example of investment in human capital: education. High levels of GDP per capita indicate..: Higher standard of living. The Income Approach of Calculating GDP includes..: All Income made from selling all final goods.. The Expenditures Approach of Calculating GDP includes..: All spending on final products in the year.

What is the best measure of a nation's standard of living: real GDP per capita. Real GDP: expresses GDP in constant prices. Which is the following is included in GDP: a fish that you buy at a store. When a farm worker loses his job after the harvest, it is an example of : Seasonal unemployment. Which statement describes full employment: There is no cyclical unemployment. A general increase in prices is called: inflation. People who underemployed: work part time or at jobs that are below their skills. The inflation rate is: the percentage change in prices over time. Inflation reduced people's purchasing power because: the same amount of money buys fewer goods and services. Is this counted in the GDP of the US?The federal government purchases a new submarine for the US Navy: Yes. In which part of the GDP calculation does this fit? You spend $15 at AMC to see the latest Avengers movie: Consumer spending. In which part of the GDP calculation does this fit?The US military spends $5 billion on five new helicopters: Government spending. In which part of the GDP calculation does this fit?The local taxi service purchases new vehicles for the company: Investment spending. In which part of the GDP calculation does this fit?Australia exported $6 billion worth of goods in 2018, but imported $10 billion in goods. : Net exports. What the definition of deflation? : decrease in the average price of goods and services. What causes demand pull inflation: a rise in price level due to an increase in consumption. GDP that is adjusted for inflation: real GDP. a woman who lost her job due to a decrease in sales during a recession in the economy is..: cyclically unemployed. Which of the following best defines unemployment? : The state of being able to work and actively seeking work, but unable to find employment . Which of these people is officially unemployed: Maid who got fired and will start a new job in 2 weeks

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