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Test Bank (chapter 03) - Macroeconomics, 6e (Blanchard╱Johnson)
Macroeconomics, 6e (Blanchard/Johnson)
Chapter 3: The Goods Market
3.1 Multiple Choice Questions
1) For the U.S. economy, which of the following represents the largest component of GDP?
A) imports
B) investment
C) government spending
D) exports
E) none of the above
Answer: E
Diff: 1
2) Which of the following types of government spending is included when calculating GDP?
A) spending at the federal level
B) spending at the state level
C) spending at the municipal level
D) all of the above
E) only A and B
Answer: D
Diff: 1
3) Which of the following would NOT be considered part of fixed investment spending (I)?
A) Toyota buys a new robot for its automobile assembly line.
B) Apple computer builds a new factory.
C) Exxon increases its inventories of unsold gasoline.
D) An accountant buys a newly built home for herself and her family.
E) all of the above
Answer: C
Diff: 1
4) Which of the following is true for a closed economy?
A) government spending equals taxes
B) there are no imports or exports
C) exports equal imports
D) there is no saving
E) there is no government spending or taxes
Answer: B
Diff: 1
5) Which of the following is an exogenous variable in our model of the goods market in Chapter 3?
A) consumption (C)
B) saving (S)
C) disposable income (YD)
D) government spending (G)
E) none of the above
Answer: D
Diff: 2
6) Which of the following is an endogenous variable in our model of the goods market in Chapter 3?
A) consumption (C)
B) disposable income (YD)
C) saving (S)
D) total income (Y)
E) all of the above
Answer: E
Diff: 2
7) Disposable income equals
A) income minus saving.
B) income minus both saving and taxes.
C) consumption minus taxes.
D) the sum of consumption and saving.
E) none of the above
Answer: D
Diff: 1
8) The marginal propensity to consume represents
A) the level of consumption that occurs if disposable income is zero.
B) the ratio of total consumption to disposable income.
C) total income minus total taxes.
D) the change in output cause
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