宏观经济学习题练习.docVIP

Exercise and answer Note: These are based on Principle of Macroeconomics, helping to understand basic concepts. Some contents such as those of Chap 7, 8, 10, may not be covered here. For your final review, please aid also with questions and problems of the Macroeconomics textbook. Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Suppose that an apartment complex converts to a condominium where the renters are now owners of their former apartments. Suppose that an estimate of the value of the condominium owners housing services is now the same as their former rent. a. GDP necessarily increases. b. GDP necessarily decreases. c. GDP is unaffected because neither the rent nor the estimate of the value of housing services is included in GDP. d. GDP is unaffected because previously rent was included in GDP, and now it is replaced by the estimate of the value of housing services. ____ 2. GDP a. includes the value of intermediate goods so we can get a measure of sales. b. excludes the value of intermediate goods because they are too difficult to measure. c. excludes the value of intermediate goods because their value is already counted in the value of final goods. d. None of the above are correct. ____ 3. Which of the following is included in U.S. GDP? a. goods produced by foreign citizens working in the United States b. the difference in the price of the sale of an existing home and its original purchase price c. known illegal activities d. None of the above are correct. ____ 4. A firm produces consumer goods and adds some to inventory in the third quarter. In the fourth quarter the firm sells the goods at a retail outlet which leaves their inventory diminished. As a result of these actions, what component(s) of real GDP change in the fourth quarter? a. only investment and it decreases. b. only consumption and it increases. c. Investment decreases and consumption increases. d. None of the above is co