Posted: January 2nd, 2017

Final goods or services used to compute GDP refer to: a) the factors of production used to produce output.

Economic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories. a) Specialization Model b) financial capital market c) financial investment market d) circular flow diagram Question 9 1 / 1 point Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization? division of labour international trade economies of scale command economy Chapter 6 Random Question 10 1 / 1 point Which of the following is true? a) During the contractionary phase of the business cycle, the rate of unemployment is generally quite low. b) A depression is a recession that is mild and relatively brief. c) The timing of business fluctuations is regular and therefore easily predictable. d) The expansions and contractions of real world business cycles last varying lengths of time and often differ in magnitude. Question 11 1 / 1 point Final goods or services used to compute GDP refer to: a) the factors of production used to produce output. b) the sum of all wages paid to laborers. c) goods and services purchased by the ultimate users. d) the value of outstanding shares of stock of manufacturing firms. Question 12 1 / 1 point The difference between nominal GDP and real GDP is: a) nominal GDP adjusts for inflation b) real GDP excludes imports and exports c) real GDP adjusts for inflation d) nominal GDP measures actual productivity Question 13 1 / 1 point Middle-income countries, which include much of Latin America, Eastern Europe, and some countries in East Asia, have per capita GDP in the range of ___________. a) $6,000 to $12,000 b) $60,000 to $120,000 c) $600 to $1200 d) $60 to $120 Question 14 1 / 1 point ___________ is a small category that refers to the goods produced by one business that have yet to be sold to consumers, and are either still sitting in warehouses and on store shelves. a) Durable goods b) Services c) Inventories d) Structures Question 15 1 / 1 point For most high-income countries of the world, GDP _________________ over time. a) has risen gradually b) has declined slightly c) has sharply risen d) has proven to be stable