Page 13

Chapter 2: Economics: The Framework for Business

67.

Gross Domestic Product (GDP) measures the total value of all final goods and services produced within a nation’s physical boundaries over a given period of time. ANS: T DIF: Easy NAT: BUSPROG: Communication KEY: Bloom’s Knowledge

68.

REF: TOP:

Page 32 OBJ: 2-6 Gross Domestic Product

REF: TOP:

Page 32 OBJ: 2-6 Gross Domestic Product

REF: TOP:

Page 32 OBJ: Employment Level

2-6

The unemployment rate measures individuals 16 years of age and older without jobs who are actively seeking employment. ANS: T DIF: Easy NAT: BUSPROG: Communication KEY: Bloom’s Knowledge

73.

Page 32 OBJ: 2-6 Gross Domestic Product

The unemployment rate includes only individuals over the age of 21 who were involuntarily laid off or fired from their previous jobs. ANS: F DIF: Easy NAT: BUSPROG: Communication KEY: Bloom’s Knowledge

72.

REF: TOP:

Resulting from a 2.7% growth rate increase since 2009, the 2010 GDP of the United States is close to $15 trillion. ANS: T DIF: Easy NAT: BUSPROG: Communication KEY: Bloom’s Comprehension

71.

Page 32 OBJ: 2-6 Gross Domestic Product

GDP, as the measurement of the total value of goods and services, includes the output produced within households and output produced by illegal activities. ANS: F DIF: Easy NAT: BUSPROG: Communication KEY: Bloom’s Comprehension

70.

REF: TOP:

GDP tends to overstate the amount of output produced by a nation’s economy. ANS: F DIF: Easy NAT: BUSPROG: Communication KEY: Bloom’s Knowledge

69.

55

REF: TOP:

Page 32 OBJ: Employment Level

2-6

Gross Domestic Product (GDP) includes the value of output produced within a nation even if that output is produced by a foreign-owned company. ANS: T DIF: Moderate NAT: BUSPROG: Communication KEY: Bloom’s Comprehension

REF: TOP:

Page 32 OBJ: 2-6 Gross Domestic Product

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Test Bank for BUSN 5 5th Kelly  

Test Bank BUSN 5 5th Edition Kelly 2013 (Test Bank Download) (9781111826734) (1111826730). Instant access. All chapter are included. All fil...

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Test Bank BUSN 5 5th Edition Kelly 2013 (Test Bank Download) (9781111826734) (1111826730). Instant access. All chapter are included. All fil...