Question 1

An example of a final good or service is:

Accepted Answer

All options represent final goods or services as they are purchased for final use by consumers.

Question 2

Which of the following is not an intermediate good?

Accepted Answer

An intermediate good is a product that is used to produce another product. In this case, A (tires purchased by Ford) and C (tomatoes used by Ortega) are clearly intermediate goods because they are used in the production of another product. Option B, on the other hand, is not an intermediate good because it is sold directly to consumers and not used as a component in another product. Therefore, the answer is B.

Question 3

The goods and services that count toward GDP are:

Accepted Answer

All of the statements are true. GDP measures the value of all goods and services produced within a country's borders, regardless of who owns it or the citizenship of the producer.

Question 4

The goods and services that count toward GDP are:

Accepted Answer

GDP measures the value of goods and services produced within a country's borders, regardless of the nationality of the producer.

Question 5

An example of an intermediate good would be:

Accepted Answer

The rice used to make Chex cereal is an example of an intermediate good because it is used in the production process of a final product (Chex cereal) rather than being sold directly to consumers. Choices B and C are both final goods sold to consumers.

Question 6

An example of a final good is:

Accepted Answer

A final good is one that is purchased by the end consumer for their own personal use or consumption. In this case, the chocolate chips purchased by the individual to make chocolate chip cookies would be considered a final good. The other options involve the purchase of chocolate chips for use in the production of other goods or for resale, making them intermediate goods.

Question 7

Intermediate goods are not included in GDP because:

Accepted Answer

The answer of Intermediate goods are not included in GDP...

Question 8

You purchase a bag of chocolate chips for $3,a bag of flour for $1,a bag of sugar for $.50,a half dozen eggs for $.50,and a half pound of butter for $2.You use all these ingredients to make three dozen cookies.Your roommate offers you $15 for them,and you happily accept.How much does this process contribute to GDP?

Accepted Answer

The answer of You purchase a bag of chocolate chips...

Question 9

An example of a good or service that would not count in the U.S.GDP would be:

Accepted Answer

The sneakers made by Nike in Indonesia would not count in the U.S. GDP because they were produced outside of the United States. GDP measures the value of goods and services produced within a country's borders, so only goods and services that are produced in the United States would be included. The options A, B, and D all involve products produced within the United States, so they would count in the U.S. GDP.

Question 10

Suzi is a British citizen who works for Yankee Candles in Massachusetts.Suzi's work will be included in:

Accepted Answer

GDP measures the value of goods and services produced within a country's borders, regardless of the citizenship of the people producing them. Since Suzi is working for a firm located in the U.S., her work will be included in the U.S. GDP. It is not included in England's GDP since she is not producing goods and services within England's borders.

Question 11

Which of the following is not a final good or service?

Accepted Answer

The cheese on the pizza is an intermediate good used in the production of the final good, which is the pizza itself.

Question 12

Sally is a U.S.citizen who works for an Italian company at the branch office located in Tulsa,Oklahoma.Sally's work will contribute toward:

Accepted Answer

Sally's contribution to GDP is based on the location of her office, which is in the U.S. Her citizenship is not a factor.

Question 13

An example of a good or service that would count in the U.S.GNP would be:

Accepted Answer

The answer of An example of a good or service...

Question 14

Clarence is a Japanese citizen working for Toyota at the manufacturing plant located in Tennessee.Clarence's work will contribute toward:

Accepted Answer

The location of the plant is in the U.S., so Clarence's work will contribute toward U.S. GDP.

Question 15

A Chinese restaurant buys 10 cups rice for $1;soy,fish and oyster sauces for $1 each;and assorted vegetables for $20.They create 10 meals with these ingredients and sell each one for $5.How much does this process contribute to GDP?

Accepted Answer

The GDP contribution is the total revenue from selling the meals, which is 10 meals x $5 each = $50.

Question 16

An example of a good or service that would count in the U.S.GDP would be:

Accepted Answer

Only goods and services produced within the geographic boundaries of the United States count towards U.S. GDP. Choice A, a bag of coffee made in Vermont by Green Mountain Coffee Roasters, meets this criterion as it is produced in the United States. Choices B and C are produced outside the United States and therefore would not count towards U.S. GDP.

Question 17

An example of a good or service that would not count in the U.S.GDP would be:

Accepted Answer

The t-shirt made by The Gap in Cambodia would not count towards the U.S. GDP because it was produced outside of the United States. GDP only measures the value of goods and services produced within a country's borders.

Question 18

Which of the following is an intermediate good?

Accepted Answer

Intermediate goods are products used to produce a final good or finished product. In this context, none of the options represent an intermediate good as they are all final goods consumed directly by the end user.

Question 19

Which of the following is not a final good or service?

Accepted Answer

Coffee grounds used to make coffee at home are not a final good or service because they are an intermediate good that is used to produce the final good (the cup of coffee).

Question 20

An American citizen works for a U.S.-owned architectural firm located in Mexico.This architect will:

Accepted Answer

GDP is calculated based on the location of production, so the architect's work in Mexico contributes to Mexico's GDP, not the U.S. GDP.

Quiz 24: Measuring the Wealth of Nations

An example of a final good or service is:

Which of the following is not an intermediate good?

The goods and services that count toward GDP are:

The goods and services that count toward GDP are:

An example of an intermediate good would be:

An example of a final good is:

Intermediate goods are not included in GDP because:

An example of a good or service that would not count in the U.S.GDP would be:

Suzi is a British citizen who works for Yankee Candles in Massachusetts.Suzi's work will be included in:

Which of the following is not a final good or service?

Sally is a U.S.citizen who works for an Italian company at the branch office located in Tulsa,Oklahoma.Sally's work will contribute toward:

An example of a good or service that would count in the U.S.GNP would be:

Clarence is a Japanese citizen working for Toyota at the manufacturing plant located in Tennessee.Clarence's work will contribute toward:

A Chinese restaurant buys 10 cups rice for $1;soy,fish and oyster sauces for $1 each;and assorted vegetables for $20.They create 10 meals with these ingredients and sell each one for $5.How much does this process contribute to GDP?

An example of a good or service that would count in the U.S.GDP would be:

An example of a good or service that would not count in the U.S.GDP would be:

Which of the following is an intermediate good?

Which of the following is not a final good or service?

An American citizen works for a U.S.-owned architectural firm located in Mexico.This architect will: