PARTE MULTIPLE CHOICE 1) During a business cycle expansion, total production A) increases increases B) increases;...

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PARTE MULTIPLE CHOICE 1) During a business cycle expansion, total production A) increases increases B) increases; decreases C) decreases increases D) decreases; decreases A) employment in a specific industry. B) employment in the economy. C) output of a specific firm. D) output of a specific industry. 2) Macroeconomics, as opposed to microeconomics, includes the study of what determines the level of 3) Gross domestic product is calculated by summing up A) the total quantity of goods and services in the economy. B) the total quantity of goods and services produced in the economy during a period of time. C) the total market value of goods and services in the economy. D) the total market value of final goods and services produced in the economy during a perion of time. 4) Which of the following is not directly counted in GDP? A) investment expenditures B) government purchases C) intermediate goods D) consumer goods 5) You are given the full information about simple economy Product Sweatshirts Dental examinations Coffee drinks Coffee beans Quantity 50 40 (5 Marks) and total employment 1,000 2,000 Price $35.00 75.00 4.00 0.50 1 Using the information in the above table, nominal GDP for this simple economy equals A) 3,090 units. B) $7,250. C) $8,750. D) $9,750. PARTE MULTIPLE CHOICE 1) During a business cycle expansion, total production A) increases increases B) increases; decreases C) decreases increases D) decreases; decreases A) employment in a specific industry. B) employment in the economy. C) output of a specific firm. D) output of a specific industry. 2) Macroeconomics, as opposed to microeconomics, includes the study of what determines the level of 3) Gross domestic product is calculated by summing up A) the total quantity of goods and services in the economy. B) the total quantity of goods and services produced in the economy during a period of time. C) the total market value of goods and services in the economy. D) the total market value of final goods and services produced in the economy during a perion of time. 4) Which of the following is not directly counted in GDP? A) investment expenditures B) government purchases C) intermediate goods D) consumer goods 5) You are given the full information about simple economy Product Sweatshirts Dental examinations Coffee drinks Coffee beans Quantity 50 40 (5 Marks) and total employment 1,000 2,000 Price $35.00 75.00 4.00 0.50 1 Using the information in the above table, nominal GDP for this simple economy equals A) 3,090 units. B) $7,250. C) $8,750. D) $9,750.

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