Applying Sentence Variety Strategies To Your Writing

Applying Sentence Variety Strategies To Your Writing Strategies Of Sentence Variety A professional writer or a student, who needs to complete an essay, is scared of repetitive and difficult to read sentences. Remember the times, when the sentences seemed to be smooth in the process but turned out completely choppy in the result? That is why it is so important to read every work carefully, making all the necessary changes before submitting it. When you proofread your work, you can apply one of the multiple strategies of sentence variety and make the text understandable and clear. Such strategies are crucial if you want to create your own writing style and to show your personality. In this article, you will get familiar with sentence variety strategies and will be able to improve your writing. Evaluate sentence variety When you are writing a college assignment, an article or any other paper you don’t pay much attention to sentence structure and style, because it is very distracting and may influence creativity. That is why it is better to implement the strategy of sentence variety on the editing stage. It should consider the beginnings of your sentences, their type and lengths. Take a separate piece of paper and make three columns: Opening words of every sentence; Quantity of words in every sentence. To save time, don’t count the words on your own. Just select the sentence and use a built-in MS Word feature, called the Word Count; Types of sentences you have used. For example, affirmative, interrogative, exclamatory, etc. These three columns will be very helpful in identifying various problems. For example, too long sentences, repetitive information, wrong sentence types and so on. Once this stage is completed, you can apply one of the strategies, which are stated below. Include long and short sentences to change the rhythm If you write several sentences or even a whole paragraph of the same length, it may seem quite difficult to read. You risk of making the text monotonous. That is why it is better to include long and short sentences to make the text lively and fresh. Example: Michael became a book club member to discuss classical literature. He thought he would read Crime and Punishment, War and Peace and other famous books. However, he was very disappointed to find out that no one else read the book and that club’s members were simply gossiping. He went home not being able to discuss the book he has read and was very sad for expecting so much from the meeting. Revised version: Michael became a book club member to discuss classical literature like Crime and Punishment, War and Peace and other famous books. He realized, however, that no one has read them. Michael discovered that other members haven’t read the chosen book and were simply gossiping, that is why he decided to go home not being able to discuss the book he has read. It was pure disappointment. Sentence openings If many sentences start with a certain word, like The, This, I, It and so on, a common reader will find the work quite boring. You can prevent it simply by altering the beginning of your sentences. Example: Mark fell off his bike. Revised: After leaving his home, Mark fell off the bike. Clumsily, Mark fell off his bike. On the way to school, Mark fell off the bike. While heading to school, Mark fell off the bike. Types of sentences There are four main categories of sentences in English. They are based on dependent and independent clauses inside a certain sentence. Being able to distinguish different sentence types helps with adding complexity and variation to the assignment. Sentence types include: One independent and no dependent clause. For example, I like vanilla ice-cream; Several independent and no dependent clauses. For example, The dog barked and frightened the boy, and he ran away screaming; One independent and minimum one dependent clause. For example, Anna left when her husband arrived; Complex-compound. Several independent and minimum one dependent clause. She decided that the book was too scary but her daughter, who likes such stories, thought that her mother was wrong. Alter short sentences Although it is thought that short sentences are easier to understand, it is not always correct. If the text consists of many short and choppy sentences, the rhythm of the paper becomes unclear and the reading flow is greatly disturbed. If you want to fix the situation, follow these tips: Include conjunctions by joining your sentences with and, or, but, nor, yet, for, so. Example: Maria is a true adventurer. She goes hiking very often. Revised: Maria is a true adventurer and she often goes hiking. Connect two related sentences using the following connectors: unless, until, whether, whereas, since, that, even though, rather than, although, before, as, after, because. Example: Mark loves movies. He goes to the movie theater every Friday. Revised: Mark loves movies, that is why he goes to the movie theater every Friday. When you are working on a particular topic, it is quite easy to repeat sentences by accident. Such sentences, as well as many other typical mistakes, greatly contribute to monotonous works and lead to losing interest in the reading. To solve such a problem, use the following techniques: Using relative pronouns. Build one sentence inside another one, using which, that, who, whose, whoever. Example: Our lab work failed because of American citizens seem to face addiction problems Murphy’s Law. It states that if something might go wrong, it surely will. Revised: Our lab work failed because of Murphy’s Law that states if something might go wrong, it surely will. Include participles. Instead of using forms of the ‘to be’ verb, include present and past participles. Example: Anna was terrified to see the man lying on the pavement. She immediately called 911. Revised: Terrified to see the man lying on the pavement, Anna immediately called 911. Using prepositions. You can turn your sentence in a prepositional one, using such words as with, up, under, over, off, from, except, down, despite, after, behind, beneath, across, down, etc. Example: Jason used his father’s phone to call his girlfriend. This was surely against the rules. Revised: Against father’s rules, Jason used his phone to call his girlfriend. How to change sentences with similar rhythms and patterns Even an outstanding paper can seem quite boring if the sentences are of a similar pattern or rhythm. However, such a problem can be easily solved. Here are the best techniques: Using dependent markers. Don’t start every sentence with a subject. Instead, use phrases and clauses, like even if, because, before, whether, whenever, although, unless, in order to, until, after, though. Example: The room went completely silent when Anna, the Duchess, entered the room. Revised: When Anna, the Duchess, entered the room, it went completely silent. Using transitional verbs or phrases. To improve the sentence’s rhythm, you can use transitional verbs in the beginning. They include after all, accordingly, meanwhile, consequently, however, regardless, but, otherwise and many others. Example: Pharmaceutical producers are often focused on creating dependent drugs that have only a temporary effect on insomnia. American citizens seem to face addiction problems. Revised: producers are often focused on creating dependent drugs that have only a temporary effect on insomnia. Consequently, American citizens seem to face addiction problems.

The 5 Secrets To Unleashing The Power Of Webinars To Drive Sales

The 5 Secrets To Unleashing The Power Of Webinars To Drive Sales How many Webinars have you attended? Presented? How would you rate them? Unfortunately, most Webinars fail because they’re poorly executed and take a lot of time and energy to produce. How can you create a worthwhile Webinar? Today, we’re talking to Todd Earwood, CEO of MoneyPath and creator of Webinar Works. He identifies the biggest difference between mediocre Webinars and those that drive sales results. Also, he describes five Webinar elements needed to increase a company’s ROI. When framed correctly, a Webinar adds value for a business. Software companies’ marketing tends to focus on inbound content-related emails and Webinars; Webinars bring marketing and sales together Webinar Works helps companies create unique and different Webinars; teaches them how to save time creating content and make it effective What are you doing wrong when it comes to Webinars? Hook is a dud and you can’t hold that stage no matter how good the content Webinars should include a host and thought leader; it’s a performance, not a PowerPoint, to keep people engaged and take action Webinar Elements: Worrying about the wrong metrics Targeting a niche to build a hook focused on pain Offering polls to engage the audience and qualify leads Segmenting follow up Creating a â€Å"can of soup† to repurpose contentLinks: MoneyPath Webinar Works HubSpot GoToWebinar Wistia Rev Write and send a review to receive a care package If you liked today’s show, please subscribe on iTunes to The Actionable Content Marketing Podcast! The podcast is also available on SoundCloud, Stitcher, and Google Play. Quotes by Todd Earwood: â€Å"Why are the big SaaS companies doing this (Webinars)? It brings together marketing and sales.† â€Å"It’s a performance. It’s not death by PowerPoint.† â€Å"I think the #1 thing that everyone’s getting wrong on Webinarswe’re worried about the wrong metrics.† But as real marketers, targeting real businesses and real customers, I think we can influence our thought leadership content with a little bit of sales strategic decisions that actually get both parties to win.

On the behind The Soloist Essay Example | Topics and Well Written Essays - 1000 words

On the behind The Soloist - Essay Example With personal endeavor in seeking proper evidences that would either prove or disprove the blogger, my research has led me to findings that agree with Lechuguilla’s statement from which to affirm that, indeed, â€Å"The Soloist† is a film based on true account. Through a tribune newspaper website Los Angeles Times, in June of 2011 or approximately two years after the movie was released, Steve Lopez who is himself a certified Los Angeles Times reporter for real wrote â€Å"A love of music brings Nathaniel Ayers out to the Foshay Learning Center to perform with kindred spirits.† On the same page may be viewed pictures that reveal the true Nathaniel Anthony Ayers in a 3-D flesh holding and playing a violin similar to the portrayal of his character in â€Å"The Soloist†. ... Furthermore, Hilary Lewis of the Business Insider told that a segment in 60 Minutes show tackled about a significant event in the friendship between Lopez and Ayers for which a video documentation was rendered. In the interview aired primarily on the 22nd of April in 2008, Lopez confessed of having chronicled the mental struggle of Ayers through a number of columns for the Los Angeles Times until Lopez decided to create and publish the book â€Å"The Soloist: A Lost Dream, and Unlikely Friendship, and the Redemptive Power of Music† which detailed the real situation of Ayers as a figure of wonder suppressed by schizophrenic battle with life. Other relevant observations of the real-life Nathaniel Ayers were drawn from psychiatric analyses conducted with the following ‘Diagnostic Impression’ (Heffner, 2002): Axis I: Clinical Syndrome(s) Schizophrenia Axis II: Developmental and Personality Disorders Inclination to developmental disorder may be observed through the per son’s pervasive deficits in social interaction, with chief preference to be left on his own having sought mastery of natural endowment, the period of which extends from his adolescence until becoming part of the skid row in the greater L.A. community. Moreover, eccentricity on certain aspects reflect through cluster-A personality disorder as (1) paranoid: showing distrust/suspicion of people, which may have ensued from visual hallucinations, leading to angry outburst; (2) schizoid: dullness/indifference as in a social gathering in school with occurrences of only partly seeing the reality while the other view maintains abstract connections (3) shizotypal:

International trade and payments Essay Example | Topics and Well Written Essays - 3000 words

International trade and payments - Essay Example It illustrates on the point of China’s growth on the rest of the world economy. It is assumed that France is importing grapes from the world market. The supply and demand curve of the country and the world market are given by the lines D and S respectively. The world trade price is set at PW and PA is the equilibrium price of the importing price, i.e. France in this case. At price level Pw, the demand for grapes is OQ1 and the supply of grapes is OQ2. Q1Q2 accounts for the amount of shortage of grapes in the domestic market. The amount of imports is also the same for France. As the world price of grapes is lower than the French price, this implies a better off effect for the consumers as lower priced goods are available to them now. But there is a negative effect for the domestic producers. Now, they would have to produce at a lower price in order to compete with the global price. Some of them would be even compelled to leave the market. The above figure depicts how imposition of tariff affects the economy. The French government imposes tariff on imports of grapes. The world price of grapes is at Pw and on implementing tariff the price rises to Pw+t. Initially, Q1 and Q2 were the supply and demand for grapes in the world market, respectively. After tariff, Q3 and Q4 becomes the supply and demand respectively. Thus, imports shrink from Q1Q2 to Q3Q4. Imposing tariff has two beneficial effects. Firstly it adds to the revenue of the government. Secondly, it acts as a protection for the domestic producers, so that they can produce more. Effect on Consumers: Consumers in the importing country, in this case France, suffer a reduction in well being as a result of the tariff. Increase in the domestic prices of goods and services imported reduce the amount of consumer surplus in the market. Effect on Producers: Producers in France experience in well being as a result of the tariff. Increase in prices of their product in the domestic market increase their

Country Case Report for China Essay Example for Free

Country Case Report for China Essay The third largest land area in the world belongs to the People’s Republic of China. Presently, its population is the largest on the record and its capital, Beijing is the economic and cultural center. China’s economic growth greatly improves due to the trend of poverty reduction during the period of 1980-1990. From 542 million to 375 million, shrinking by 167 million, China’s poverty population exceedingly reduced. Angang stated that China’s achievements in poverty reduction made huge contributions to the cause of poverty reduction of the world (2). According to World Bank, the poverty population of the world dropped off by 98. 3 million. Among the five Asian countries with the most condensed poverty population are India, China, Pakistan, Bangladesh and Indonesia, and according to the industrial poverty line, China’s current proportion of poverty population is the lowest. Statistics show that China has experienced a period of human history in which poverty population decreased by a largest margin in the past 2 decades, and reversed the trend that poverty population has been increasing in the past five decades in the world history, causing the poverty population of the world to decrease for the first time. That is to say, without China’s efforts of poverty reduction, the poverty population of the world would have increased from 848 million in 1980 to 917 million in 1990. (Angang, 2-3). Ambassador Baodong stated that the Development-oriented Poverty reduction program for Rural China for the period of 2001-2010 generated grand effects in the global poverty reduction. The number of rural population in China declined to 21. 48 million and 2. 3% of national poverty incidence was accounted for the 55% of global poverty reduction in 2007 (Baodong, 1). Technological development plays a vital role in the country’s economic growth. From 1980 to 1990, China’s expenditure amounted to US $17billion for imported technology. The trend of research and development made an immense leap. As a result there has been a modest amount of growth in the country’s development however the inefficiencies posted to be the chief dilemma. At the end of 1990, statistics illustrated that 50 of Shanghai’s large and medium enterprises only reached 10 percent of international level of quality standards and 30 percent arrived at the prototype stage using the new programs. From the year 2001 – 2005, this country became a major IT nation in the world, standing third place in manufacturing setting and first rank in telecommunications. The business cycle of the Chinese economy had undergone substantial magnitude from the time when the government established in the mid1950’s centralized economic management and planning. The period from 1979-1990 was depicted with relative stability and high escalation. In 1955-1978 economic growth rates, the movement went from 5. 7 percent to 9. 3 percent in 1979 to 1993 period. Investment cycles, harvest fluctuations, political disturbances, inflation and periodic retrenchments are the major factors that affect business cycles. Downturn was evident during 1980-1981, then an upswing from 1982 – 1989 and the business cycle in 1989 was another downturn and an upturn in 1990. Imai’s stated that his conclusion on Chinese business cycle stated that cycle interacts with exogenous shocks and generates business cycles with dissimilar amplitude and duration. An investment cycle is generated by patterned reaction of central planners who adjust the level of fixed investment in response to capacity pressure, an indicator of macroeconomic tension. An instititutional prerequisite of this cycle is the weak financial accountability of state enterprises (178). Economists added that the efficiency wedge, which represents institutional change and technology advance, was the main source of economic fluctuations in 1978 2006. The amplitude of it fluctuation declined after 1992, which resulted in moderation of business cycle fluctuations. Distortions manifest themselves as taxes on investment, which represents frictions in the capital market, became another economic fluctuation source after 1992, which is different from results of business cycle accounting on US and Japan data. Results also show that government consumption and net exports played minor roles in generating business cycles (Gao). China’s world trade generated a strong impact on its growth. Imports and exports led China to be among the world’s most significant export destinations for other Asian countries. Since the year 1979, the country’s global trade gradually improved. Presently, Japan’s exports of 11 percent came from China, before it was only 2 percent during the end of 1990. The Chinese government implemented tariff reductions in order to continue its longstanding trend in world trade. During 2004, China’s tariff rates dropped from 0. 6 to 10. 4 percent. Part of the country’s trade reforms to (WTO) World Trade Organization is to lessen tariff rates and eliminate import quotas and licenses, opening sectors for foreign country involvement such as telecommunications, financial and insurance services. Complete access to foreign participants is greatly assured through automatic licensing procedures. Eradication of limitations on trading and domestic distribution for majority of goods is also part of the plan. According to WTO, China will retain import state trading for wheat, rice, corn, sugar, tobacco, cotton and chemical fertilizers, as with export trading, corn, tea, rice, coal, silk, crude and processed oils, cotton, tungsten and ammonium products are included. In addition to this, China had been permanently bestowed with the most-favored-nation (MFN) treatment by other participants of WTO. As response to this honor, some countries have abolished restrictions on China’s imports. The contributing factor for the possible boost in China’s trade is when quota restrictions are lifted. China’s membership to World Trade Organization made enormous effect on some of the trends in relation to the role of China in international trade. Examples comprise of its magnetism to foreign investors and developing role in global export base. This is evident in IMF statistics that showed its market share in Japan, United States and Europe, from the period 1980 to 1990, an overall total of 10. 3 percent, and end of 2003, a whopping 37 percent (Source: IMF, Direction of Trade Statistics). â€Å"Just as water always flows to the lowest point, China is bound to be the first option for foreign capital investment (â€Å"Chinas Cheap† A1). China’s labor force is considered cheap and also of good quality. It is estimated that 100 million of employees in rural areas are likely to be waiting to be changed to urban workers. The Labor Force Participation Rate (LFPR) is a significant gauge to quantify the labor supply of PR China. In the period of 1980-1990, the LFPR in China is higher among other countries. The most likely basis is moderately low income level. There is high participation in the labor force among women because one wage earner is inadequate to support a family. In the last 5 years (2002-2007), women’s participation in the labor force exceedingly increased according to APEC statistics. Presently, the government was executing the guidelines which were implemented during 1997, which was the division of labor market between urban and rural areas. The labor market is exclusively for high school graduates or those with lower educational background. This probable outcome of this situation is the layoffs in urban places and labor surplus in rural areas. In the coming years, it has been forecasted that China might face a nationwide labor shortage. The country is fast approaching the â€Å"Lewisian turning point†. It is a theory by Arthur Lewis stating the turning point from surplus labor to labor scarcity. In the year 1980, State Council issued a decree prohibiting the use of foreign exchange for making payments in China. Foreign exchange rates or Waihui, equal in value to the Renminbi at effective rate, were put into circulation for use by nonresidents only. It could be use for transportation fares, hotel bills and purchases at Friendship stores. Then in 1981, the foreign trade rate was since fixed at 2. 80 from 1. 750. In 1985, the internal settlement rate was abolished and all trade was governed by the Effective Rate. A foreign exchange retention quota also exists for a portion of export proceeds. Authorization was granted for Chinese residents to hold foreign exchange and open foreign exchange accounts and to deposit and withdraw funds in foreign exchange. In the year 1986, The trade-weighted basket of currencies was abandoned and the Effective Rate was placed on a controlled float based on developments in the balance of payments and in costs and exchange rates of Chinas major competitors. Shanghai International Trust and Investment Corporation was authorized to handle exchange business. In 1988, early this year, all domestic entities which are allowed to retain foreign exchange earnings were granted permission to trade in the adjustment centers, and by October 1988, 80 adjustment centers were established. Initially, a relatively small volume of transactions took place in these markets, but the volume has increased substantially since access to the centers was expanded. The Foreign Exchange Swap Rate was 6. 60 from 3. 72. In 1989, regulations were issued governing the use of foreign exchange obtained in foreign exchange adjustment centers. Imports of inputs for the agricultural sector, textile, and for technologically advance and light industries were given priority. Purchases of foreign exchange for a wide range of consumer products were prohibited. Such corporations are permitted to sell in China for foreign exchange provided that the sales involve purchases under the Governments annual import plan, sales in Special Economic Zones and other promotional areas, and sales of import substitutes. The Foreign Exchange Swap Rate was 5. 40 from 3. 72. By the end of 1990, The Foreign Exchange Swap Rate was 5. 70 from 5. 22. (Ka Fu) Presently, Premier Jiabao stated in the Annual Meetings of the Board of Governors of the African Development Bank Group in Shanghai that the government continues to push the Renminbi exchange rate reform in order to confer larger range to the role of the market. The reform permits citizens to purchase more foreign currencies and commercial banks. Financial market development has been highlighted with China’s monetary reforms. The Peoples Bank of China (PBC) has made great strides in modernizing its monetary policy frameworks but their effectiveness will diminish as the sophistication of the economy increases. Empirical evidence supports maintaining a reference to money in Chinas monetary strategy and enhancing the role of interest rates in its conduct (Maino, 44). The most suitable monetary strategy for China would be an eclectic monetary policy framework, whereby the growth in money supply and bank credit extension are used as intermediate guidelines for the determination of short-term interest rates. In addition, in deciding on the most appropriate monetary policy stance, developments in a number of other variables need to be taken into consideration, because the monetary aggregates are loosing some of their usefulness as indicators of future inflation due to structural changes in the economy (Maino, 40). The IMF also points out that Chinese monetary policy could improve noticeably if the central bank were granted more discretionary power to set interest rates. In the last two years, increases in the trade surplus and significant inflows of foreign capital have led to a large accumulation of international reserves, which has further complicated monetary policy handling. In this respect, the IMF has welcomed the changes introduced into the Chinese exchange rate system as a significant step towards making this system more flexible. Although it is difficult to define an equilibrium exchange rate, and not just revaluation, must be adopted if china is to increase the independence of its monetary policy and shield its economy against external shocks (Ruete, 8). Works Cited Angang, Hu. China’s economic growth and poverty reduction (1978-2002). 2 June 2003. IMF. 20 April 2008 http://www. imf. org/external/np/apd/seminars/2003/newdelhi/angang. pdf. Baodong, Li. Remarks by Ambassador LI Baodong At Ministerial Roundtable Breakfast of Economic and Social Council On Food, Nutrition and Agriculture: Working Together to End Hunger. 12 July 2007. China-UN. 22 April 2008 http://www. china-un. ch/eng/xwdt/t339666. htm Chinas Cheap, High-quality Labor Lures Foreign Investment. Editorial. Xinhua News Agency 21 December 2002, A1. Gao, Xu. Business Cycle Accoounting for the Chinese Economy. N. p. : n. p, n. d. http://www. wdi. umich. edu/files/Publications/WorkingPapers/wp795. pdf Imai, Hiroyuki, Explaining Chinas Business Cycles. 6 June 1996. IDE. 22 April 2008 http://www. ide. go. jp/English/Publish/De/pdf/96_02_03. pdf. Ka Fu, Wong. International Economics. 1 January 2007. 23 April 2008. http://intl. econ. cuhk. edu. hk/exchange_rate_regime/index. php? cid=8. Manio, Rodolfo. China: Strengthening Monetary Policy Implementation. 1 January 2007. Social Science Research Network. 23 April 2008 http://papers. ssrn. com/sol3/papers. cfm? abstract_id=959761. Ruete, Javier. The Development of Chinas Export Performance. 7 March 2006. Central Reserve Bank of Peru. 23 April 2008 http://www. bcrp. gob. pe/bcr/dmdocuments/Ingles/Comunicaciones/Press_200602. pdf.

Essay --

Introductory paragraph Nigeria has the largest population of any African country and it is the 6th in the world. Population Growth is the change in population overtime. Nigeria is also the most densely populated country in Africa, that means, nearly one in six Africans is a Nigerian. Nigeria’s population is unevenly distributed across the country and the world. In July 2001, Nigeria’s population was estimated at more than 123 million people about 345 people per square mile. The population growth rate is influenced by the interplay of the three main demographic processes of fertility, mortality and migration. The population growth of Nigeria can be analysed through the Antiquity of the population of Nigeria, the Current population, the Trends and the Future Predictions of the population of Nigeria. History The population growth of people in Nigeria started from the antiquity of Slavery, Tribes and Culture. Slavery was common in Nigeria long before the Europeans arrived. Slavery also known as â€Å"slave trade† started in Badagry, the second largest commercial town in Lagos, Nigeria. In the early 1500’s, people were being transported from Nigeria through Badagry, to North and South America. Slaves were brought from all corners and crannies of Nigeria mostly from raided villages and captives of war, who were also brought to Badagry for auctioning. Some of the main slavery countries from Europe that engaged in the slavery of Nigerians were England, Portugal, Spain and the Netherlands. The slave trade became a major source of income for the Europeans. It is reported that Badagry conveyed no fewer than 550,000 Africans slaves to America during the period of the American Independence in 1787. The exact number of people taken from Nigeria ... ...lation but also its composition† (2001). Migration could cause a numerical decrease and increase in the population of Nigeria. At the same time, people also move into Nigeria to explore the natural resources such as Zinc, Gold, Tin, Ignite, Oil and Gas etcetera. Nigeria is also free from natural disasters like hurricane, typhoon and so on. Nigeria has a lot tourist attractions, and offers job opportunities to people. This makes people move into Nigeria, and therefore brings an increase in the population growth of Nigeria. The current population of Nigeria is 173,611,131. The Migration, Immigration and Causes are some of the things that influences the population growth of Nigeria. Figure 1/Nigerian Current Population. Source: www.tradingeconomics.com As seen from the table, Nigeria’s current population is 13.61 million. Nigeria has a growing population.

Measuring a Nation’s Income

Chapter 23 Measuring a Nation's Income TRUE/FALSE 1. In years of economic contraction, firms throughout the economy increase their production of goods and services, employment rises, and jobs are easy to find. ANS:FDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Economic expansionMSC:Definitional 2. Macroeconomic statistics include GDP, the inflation rate, the unemployment rate, retail sales, and the trade deficit. ANS:TDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:MacroeconomicsMSC:Definitional 3.Macroeconomic statistics tell us about a particular household, firm, or market. ANS:FDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:MacroeconomicsMSC:Definitional 4. Macroeconomics is the study of the economy as a whole. ANS:TDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:MacroeconomicsMSC:Definitional 5. The goal of macroeconomics is to explain the economic changes that affect many households, firms, and markets simultaneously. ANS:TDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:MacroeconomicsMSC:Definitional . Microeconomics and macroeconomics are closely linked. ANS:TDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Microeconomics | MacroeconomicsMSC:Definitional 7. The basic tools of supply and demand are as central to macroeconomic analysis as they are to microeconomic analysis. ANS:TDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Demand | SupplyMSC:Definitional 8. GDP is the most closely watched economic statistic because it is thought to be the best single measure of a society’s economic well-being. ANS:TDIF:1REF:23-0NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 9. GDP can measure either the total income of everyone in the economy or the total e xpenditure on the economy’s output of goods and services, but GDP cannot measure both at the same time. ANS:FDIF:2REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 10. For an economy as a whole, income must exceed expenditure. ANS:FDIF:1REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Income | ExpenditureMSC:Definitional 11.An economy’s income is the same as its expenditure because every transaction has a buyer and a seller. ANS:TDIF:1REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Income | ExpenditureMSC:Definitional 12. GDP is the market value of all final goods and services produced by a country’s citizens in a given period of time. ANS:FDIF:1REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 13. GDP adds together many different kinds of products into a single measure of the value of economic act ivity by using market prices. ANS:TDIF:1REF:23-2NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 14. U. S. GDP includes the market value of rental housing, but not the market value of owner-occupied housing. ANS:FDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 15. U. S. GDP excludes the production of most illegal goods. ANS:TDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 16. U. S. GDP includes estimates of the value of items that are produced and consumed at home, such as housework and car maintenance. ANS:FDIF:2REF:23-2NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 17. GDP includes only the value of final goods because the value of intermediate goods is already included in the prices of the final goods. ANS:TDIF:1REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of ec onomics TOP:GDP | Intermediate goodsMSC:Definitional 18. Additions to inventory subtract from GDP, and when the goods in inventory are later used or sold, the reductions in inventory add to GDP. ANS:FDIF:1REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | InventoryMSC:Definitional 9. While GDP includes tangible goods such as books and bug spray, it excludes intangible services such as the services provided by teachers and exterminators. ANS:FDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 20. At a rummage sale, you buy two old books and an old rocking chair; your spending on these items is not included in current GDP. ANS:TDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 21. When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP. ANS:FDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definit ions of economics TOP:GDPMSC:Applicative 22. If the U. S. government reports that GDP in the third quarter was $12 trillion at an annual rate, then the amount of income and expenditure during quarter three was $3 trillion. ANS:TDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 23. The government computes measures of income other than GDP because these other measures usually tell different stories about overall economic conditions.ANS:FDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | IncomeMSC:Interpretive 24. Expenditures by households on education are included in the consumption component of GDP. ANS:TDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:ConsumptionMSC:Interpretive 25. Most goods whose purchases are included in the investment component of GDP are used to produce other goods. ANS:TDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and d efinitions of economics TOP:InvestmentMSC:Interpretive 26.New home construction is included in the consumption component of GDP. ANS:FDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:InvestmentMSC:Interpretive 27. Changes in inventory are included in the investment component of GDP. ANS:TDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:InvestmentMSC:Interpretive 28. The investment component of GDP refers to financial investment in stocks and bonds. ANS:FDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:InvestmentMSC:Interpretive 29.The government purchases component of GDP includes salaries paid to soldiers but not Social Security benefits paid to the elderly. ANS:TDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Government purchasesMSC:Interpretive 30. If the value of an economy’s imports exceeds the value of that economy’s exports, then net exports is a negative number. ANS:TDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Net exportsMSC:Interpretive 31. If someone in the United States buys a surfboard produced in Australia, then that purchase is included in both the consumption component of U.S. GDP and the net exports component of U. S. GDP. ANS:TDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Consumption | Net exportsMSC:Applicative 32. If consumption is $4000, exports are $300, government purchases are $1000, imports are $400, and investment is $800, then GDP is $5700. ANS:TDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 33. If exports are $500, GDP is $8000, government purchases are $1200, imports are $700, and investment is $800, then consumption is $6200. ANS:TDIF:2REF:23-3NAT:AnalyticLOC:The study of economics and definitions of economics TOP:ConsumptionMSC:Appli cative 34. If consumption is $1800, GDP is $4300, government purchases are $1000, imports are $700, and investment is $1200, then exports are $300. ANS:FDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:ExportsMSC:Applicative 35. U. S. GDP was almost $14 billion in 2007. ANS:FDIF:1REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 36. In 2007, government purchases was the largest component of U. S. GDP. ANS:FDIF:2REF:23-3NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 37. If total spending rises from one year to the next, then the economy must be producing a larger output of goods and services. ANS:FDIF:2REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 38. An increase in nominal U. S. GDP necessarily implies that the United States is producing a larger output of goods and services. ANS:FDIF:2REF:23-4 NAT :AnalyticLOC:The study of economics and definitions of economics TOP:Nominal GDPMSC:Interpretive 39.Nominal GDP uses constant base-year prices to place a value on the economy’s production of goods and services, while real GDP uses current prices to place a value on the economy’s production of goods and services. ANS:FDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Nominal GDP | Real GDPMSC:Definitional 40. Real GDP evaluates current production using prices that are fixed at past levels and therefore shows how the economy’s overall production of goods and services changes over time. ANS:TDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Real GDPMSC:Definitional 1. The term real GDP refers to a country’s actual GDP as opposed to its estimated GDP. ANS:FDIF:2REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Real GDPMSC:Interpretive 42. Changes in real GDP reflect only changes in the amounts being produced. ANS:TDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Real GDPMSC:Definitional 43. Real GDP is a better gauge of economic well-being than is nominal GDP. ANS:TDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Nominal GDP | Real GDPMSC:Definitional 44.Changes in the GDP deflator reflect only changes in the prices of goods and services. ANS:TDIF:2REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP deflatorMSC:Interpretive 45. If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125. ANS:TDIF:2REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP deflatorMSC:Applicative 46. If nominal GDP is $12,000 and the GDP deflator is 80, then real GDP is $15,000. ANS:TDIF:2REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Real GDPMSC:Applicative 7. Economist s use the term inflation to describe a situation in which the economy’s overall production level is rising. ANS:FDIF:1REF:23-4 NAT:AnalyticLOC:Unemployment and inflationTOP:Inflation MSC:Definitional 48. If the GDP deflator in 2006 was 160 and the GDP deflator in 2007 was 180, then the inflation rate in 2007 was 12. 5%. ANS:TDIF:2REF:23-4 NAT:AnalyticLOC:Unemployment and inflationTOP:Inflation rate MSC:Applicative 49. If the GDP deflator in 2004 was 150 and the GDP deflator in 2005 was 120, then the inflation rate in 2005 was 25%. ANS:FDIF:2REF:23-4NAT:AnalyticLOC:Unemployment and inflationTOP:Inflation rate MSC:Applicative 50. The GDP deflator can be used to take inflation out of nominal GDP. ANS:TDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP deflatorMSC:Definitional 51. In 2004, the level of U. S. real GDP was close to four times its 1965 level. ANS:TDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Real GDPMSC:Definitional 52. The output of goods and services produced in the United States has grown on average 3. 2 percent per year. ANS:TDIF:1REF:23-4NAT:AnalyticLOC:Productivity and growthTOP:Growth MSC:Definitional 53. Periods during which real GDP rises are called recessions. ANS:FDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:RecessionsMSC:Definitional 54. Recessions are associated with lower incomes, rising unemployment, and falling profits. ANS:TDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:RecessionsMSC:Definitional 55. If real GDP is higher in one country than in another, then we can be sure that the standard of living is higher in the country with the higher real GDP. ANS:FDIF:2REF:23-5NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Real GDP | Standard of livingMSC:Interpretive 56. Real GDP per person tells us the income and expenditure of the average person in th e economy. ANS:TDIF:1REF:23-5 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Real GDP per personMSC:Definitional 57. GDP does not directly measure those things that make life worthwhile, but it does measure our ability to obtain many of the inputs into a worthwhile life. ANS:TDIF:1REF:23-5 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 58.GDP does not make adjustments for leisure time, environmental quality, or volunteer work. ANS:TDIF:2REF:23-5 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 59. Other things equal, in countries with higher levels of real GDP per person, life expectancy and literacy rates are higher than in countries with lower levels of real GDP per person. ANS:TDIF:2REF:23-5 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive SHORT ANSWER 1. GDP is defined as the market value of all final goods and services produ ced within a country in a given period of time.In spite of this definition, some production is left out of GDP. Explain why some final goods and services are not included. ANS: GDP excludes some products because they are so difficult to measure. These products include services performed by individuals for themselves and their families, and most goods that are produced and consumed at home and, therefore, never enter the marketplace. In addition, illegal products are not included in GDP even if they can be measured because, by society's definition, they are bads, not goods.DIF:2REF:23-2NAT:Analytic LOC:The study of economics and definitions of economicsTOP:GDP MSC:Interpretive 2. Explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the value of intermediate goods produced and not sold is included directly as part of GDP. ANS: Intermediate goods produced and sold during the year are not included separately as part of GDP because the value of those goods is included in the value of the final goods produced from them.If the intermediate good is produced but not sold during the year, its value is included as inventory investment for the year in which it was produced. If inventory investment was not included as part of GDP, true production would be underestimated for the year the intermediate good went into inventory, and overestimated for the year the intermediate good is used or sold. DIF:2REF:23-2NAT:Analytic LOC:The study of economics and definitions of economicsTOP:GDP | Intermediate goods MSC:Interpretive 3. Since it is counted as investment, why doesn't the purchase of earthmoving equipment from China by a U. S. orporation increase U. S. GDP? ANS: The purchase of foreign equipment is counted as investment, but GDP measures only the value of production within the geographic borders of the United States. In order to avoid including the value of the imported equipment, impo rts are subtracted from GDP. Hence, the value of the equipment in investment is canceled by subtracting its value as an import. DIF:2REF:23-3NAT:Analytic LOC:The study of economics and definitions of economicsTOP:GDP | Investment | Imports MSC:Applicative 4. Identify the immediate effect of each of the following events on U. S. GDP and its components. a. |James receives a Social Security check. | |b. |John buys an Italian sports car. | |c. |Henry buys domestically produced tools for his construction company. | ANS: |a. |Since this is a transfer payment, there is no change to GDP or to any of its components. | |b. |Consumption and imports will rise and cancel each other out so that there is no change in U. S. GDP. | |c. |This increases the investment component of GDP and so increases GDP. | DIF:2REF:23-3NAT:Analytic LOC:The study of economics and definitions of economics TOP:GDP | Transfer payments | Net exports | InvestmentMSC:Applicative . Between 1929 and 1933, NNP measured in cur rent prices fell from $96 billion to $48 billion. Over the same period, the relevant price index fell from 100 to 75. |a. |What was the percentage decline in nominal NNP from 1929 to1933? | |b. |What was the percentage decline in real NNP from 1929 to 1933? Show your work. | ANS: |a. |NNP measured in current prices is nominal NNP. Nominal NNP fell from $96 billion to $48 billion, a decline of 50 percent. | |b. |Real NNP is nominal NNP divided by the price index and multiplied by 100. Real NNP in 1929 was ($96 b/100) [pic] 100 = $96 | | |b.Real NNP in 1933 was ($48 b/75) [pic] 100 = $64 b. Real NNP fell from $96 billion to $64 billion, a decline of 33 | | |percent. | DIF:2REF:23-4NAT:Analytic LOC:The study of economics and definitions of economicsTOP:Nominal NNP | Real NNP MSC:Applicative 6. You find that your paycheck for the year is higher this year than last. Does that mean that your real income has increased? Explain carefully. ANS: Real income is nominal income adjusted for gene ral increase in prices. If my paycheck is higher this year than last, my nominal income has increased.Whether my real income has increased or not depends on what has happened since last year to the level of prices of things I buy with my income. If the percentage increase in prices is less than the percentage increase in my nominal income, then my real income has increased. Otherwise, my real income has not increased. DIF:2REF:23-4NAT:Analytic LOC:The study of economics and definitions of economics TOP:Nominal income | Real incomeMSC:Interpretive 7. U. S. real GDP is substantially higher today than it was 60 years ago. What does this tell us, and what does it not tell us, about the well-being of U.S. residents? ANS: Since this is in real terms, it tells us that the U. S. is able to make a lot more stuff than in the past. Some of the increase in real GDP is probably due to an increase in population, so we could say more if we knew what had happened to real GDP per person. Supposing t hat there was also an increase in real GDP per person, we can say that the standard of living has risen. Material things are an important part of well-being. Having sufficient amounts of things such as food, shelter, and clothing are fundamental to well-being.Other things such as security, a safe environment, access to safe water, access to medical care, justice, and freedom also matter. However, many of these things are more easily obtained by being able to produce more using fewer resources. Countries with higher real GDP per person tend to have longer life spans, less discrimination towards women, less child labor, and a higher rate of literacy. DIF:2REF:23-5NAT:Analytic LOC:The study of economics and definitions of economics TOP:Real GDP | Economic welfareMSC:Interpretive Sec00 – Measuring a Nation's Income MULTIPLE CHOICE 1.Statistics that are of particular interest to macroeconomists |a. |are largely ignored by the media. | |b. |are widely reported by the media. | |c. | include the equilibrium prices of individual goods and services. | |d. |tell us about a particular household, firm, or market. | ANS:BDIF:2REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:MacroeconomicsMSC:Interpretive 2. Macroeconomists study |a. |the decisions of households and firms. | |b. |the interaction between households and firms. | |c. |economy-wide phenomena. | |d. |regulations on firms and unions. | ANS:CDIF:1REF:23-0NAT:AnalyticLOC:The study of economics and definitions of economics TOP:MacroeconomicsMSC:Definitional 3. Which of the following newspaper headlines is more closely related to what microeconomists study than to what macroeconomists study? |a. |Unemployment rate rises from 5 percent to 5. 5 percent. | |b. |Real GDP grows by 3. 1 percent in the third quarter. | |c. |Retail sales at stores show large gains. | |d. |The price of oranges rises after an early frost. | ANS:DDIF:2REF:23-0 NAT:AnalyticLOC:The study of economics and defin itions of economics TOP:Microeconomics | MacroeconomicsMSC:Interpretive 4.Which of the following questions is more likely to be studied by a microeconomist than a macroeconomist? |a. |Why do prices in general rise by more in some countries than in others? | |b. |Why do wages differ across industries? | |c. |Why do production and income increase in some periods and not in others? | |d. |How rapidly is GDP currently increasing? | ANS:BDIF:2REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Microeconomics | MacroeconomicsMSC:Interpretive 5. Which of the following topics are more likely to be studied by a macroeconomist than by a microeconomist? |a. the effect of taxes on the prices of airline tickets, the profitability of automobile-manufacturing firms, and | | |employment trends in the food-service industry | |b. |the price of beef, wage differences between genders, and antitrust laws | |c. |how consumers maximize utility, and how prices are established i n markets for agricultural products | |d. |the percentage of the labor force that is out of work, and differences in average income from country to country |ANS:DDIF:2REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Microeconomics | MacroeconomicsMSC:Interpretive 6. We would expect a macroeconomist, as opposed to a microeconomist, to be particularly interested in |a. |explaining how economic changes affect prices of particular goods. | |b. |devising policies to deal with market failures such as externalities and market power. | |c. |devising policies to promote low inflation. | |d. |identifying those markets that are competitive and those that are not competitive. | ANS:CDIF:2REF:23-0NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Microeconomics | MacroeconomicsMSC:Interpretive 7. Which of the following is not a question that macroeconomists address? |a. |Why is average income high in some countries while it is low in others? | |b. |Why does the price of oil rise when war erupts in the Middle East? | |c. |Why do production and employment expand in some years and contract in others? | |d. |Why do prices rise rapidly in some periods of time while they are more stable in other periods? | ANS:BDIF:2REF:23-0NAT:AnalyticLOC:The study of economics and definitions of economics TOP:MacroeconomicsMSC:Interpretive 8. The basic tools of supply and demand are |a. |useful only in the analysis of economic behavior in individual markets. | |b. |useful in analyzing the overall economy, but not in analyzing individual markets. | |c. |central to microeconomic analysis, but seldom used in macroeconomic analysis. | |d. |central to macroeconomic analysis as well as to microeconomic analysis. | ANS:DDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Demand | SupplyMSC:Definitional . Which of the following statistic is usually regarded as the best single measure of a society’s economic w ell-being? |a. |the unemployment rate | |b. |the inflation rate | |c. |gross domestic product | |d. |the trade deficit | ANS:CDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:DefinitionalSec01 – Measuring a Nation's Income – The Economy's Income and Expenditure MULTIPLE CHOICE 1. Which of the following statements about GDP is correct? |a. |GDP measures two things at once: the total income of everyone in the economy and the unemployment rate of the economy’s | | |labor force. | |b. |Money continuously flows from households to government and then back to households, and GDP measures this flow of money. | |c. |GDP is to a nation’s economy as household income is to a household. | |d. |All of the above are correct. | ANS:CDIF:2REF:23-1NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 2. Gross domestic product measures two things at once: |a. |the total spending of everyone in the economy and the total saving of everyone in the economy. | |b. |the total income of everyone in the economy and the total expenditure on the economy's output of goods and services. | |c. |the value of the economy's output of goods and services for domestic citizens and the value of the economy's output of | | |goods and services for the rest of the world. | |d. the total income of households in the economy and the total profit of firms in the economy. | ANS:BDIF:1REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 3. For an economy as a whole, |a. |wages must equal profit. | |b. |consumption must equal saving. | |c. |income must equal expenditure. | |d. |the number of buyers must equal the number of sellers. | ANS:CDIF:2REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Income | ExpenditureMSC:Interpretive 4. For an economy as a whole, income must equal expenditure because |a. the number of firms is equal to the number of households in an economy. | |b. |international law requires that income equal expenditure. | |c. |every dollar of spending by some buyer is a dollar of income for some seller. | |d. |every dollar of saving by some consumer is a dollar of spending by some other consumer. | ANS:CDIF:2REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Income | ExpenditureMSC:Interpretive 5. If an economy’s GDP rises, then it must be the case that the economy’s |a. |income rises and saving falls. | |b. |income and saving both rise. |c. |income rises and expenditure falls. | |d. |income and expenditure both rise. | ANS:DDIF:2REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Income | ExpenditureMSC:Interpretive 6. If an economy’s GDP falls, then it must be the case that the economy’s |a. |income falls and saving rises. | |b. |income and saving both fall. | |c. |income falls and expenditure rises . | |d. |income and expenditure both fall. | ANS:DDIF:2REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Income | ExpenditureMSC:Interpretive . Because every transaction has a buyer and a seller, |a. |GDP is more closely associated with an economy’s income than it is with an economy’s expenditure. | |b. |every transaction contributes equally to an economy’s income and to its expenditure. | |c. |the number of firms must be equal to the number of households in a simple circular-flow diagram. | |d. |firms’ profits are necessarily zero in a simple circular-flow diagram. | ANS:BDIF:2REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Income | ExpenditureMSC:Interpretive 8.Which of the following statements about GDP is correct? |a. |GDP measures two things at once: the total income of everyone in the economy and the total expenditure on the economy’s | | |output of goods and services. | |b. |Mon ey continuously flows from households to firms and then back to households, and GDP measures this flow of money. | |c. |GDP is generally regarded as the best single measure of a society’s economic well-being. | |d. |All of the above are correct. | ANS:DDIF:2REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 9.In a simple circular-flow diagram, total income and total expenditure are |a. |never equal because total income always exceeds total expenditure. | |b. |seldom equal because of the ongoing changes in an economy’s unemployment rate. | |c. |equal only when one dollar is spent on goods for every dollar that is spent on services. | |d. |always equal because every transaction has a buyer and a seller. | ANS:DDIF:2REF:23-1 NAT:AnalyticLOC:Understanding and applying economic models TOP:Circular-flow diagramMSC:Interpretive 10. In a simple circular-flow diagram, |a. |households spend all of their income. |b. |all goods and services are bought by households. | |c. |expenditures flow through the markets for goods and services, while income flows through the markets for the factors of | | |production. | |d. |All of the above are correct. | ANS:DDIF:2REF:23-1 NAT:AnalyticLOC:Understanding and applying economic models TOP:Circular-flow diagramMSC:Interpretive 11. In a simple circular-flow diagram, firms use the money they get from a sale to |a. |pay wages to workers. | |b. |pay rent to landlords. | |c. |pay profit to the firms’ owners. | |d. |All of the above are correct. | ANS:DDIF:1REF:23-1NAT:AnalyticLOC:Understanding and applying economic models TOP:Circular-flow diagramMSC:Definitional 12. In the actual economy, households |a. |spend all of their income. | |b. |divide their income among spending, taxes, and saving. | |c. |buy all goods and services produced in the economy. | |d. |Both (a) and (c) are correct. | ANS:BDIF:2REF:23-1 NAT:AnalyticLOC:Understanding and applying economic models TOP:C ircular-flow diagramMSC:Interpretive 13. In the actual economy, goods and services are purchased by |a. |households, but not firms or the government. | |b. |households and firms, but not the government. |c. |households and the government, but not firms. | |d. |households, firms, and the government. | ANS:DDIF:2REF:23-1 NAT:AnalyticLOC:Understanding and applying economic models TOP:Circular-flow diagramMSC:Interpretive Sec02 – Measuring a Nation's Income – The Measurement of Gross Domestic Product MULTIPLE CHOICE 1. GDP is defined as |a. |the market value of all goods and services produced within a country in a given period of time. | |b. |the market value of all goods and services produced by the citizens of a country, regardless of where they are living, | | |in a given period of time. | |c. the market value of all final goods and services produced within a country in a given period of time. | |d. |the market value of all final goods and services produced by the citiz ens of a country, regardless of where they are | | |living, in a given period of time. | ANS:CDIF:1REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 2. Gross domestic product is defined as |a. |the quantity of all final goods and services demanded within a country in a given period of time. | |b. |the quantity of all final goods and services supplied within a country in a given period of time. |c. |the market value of all final goods and services produced within a country in a given period of time. | |d. |Both (a) and (b) are correct. | ANS:CDIF:1REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 3. To compute GDP, we |a. |add up the wages paid to all workers. | |b. |add up the costs of producing all final goods and services. | |c. |add up the market values of all final goods and services. | |d. |take the difference between the market values of all final goods and services and the co sts of producing those final | | |goods and services. ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 4. GDP adds together many different kinds of products into a single measure of the value of economic activity by using prices determined by |a. |banks. | |b. |economists. | |c. |the government. | |d. |markets. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 5. In order to include many different goods and services in an aggregate measure, GDP is computed using, primarily, |a. values of goods and services based on surveys of consumers. | |b. |market prices. | |c. |consumer and producer surpluses. | |d. |costs of producing goods and services. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 6. Gross domestic product adds together many different kinds of goods and services into a single measure of the value of economic activity. To do this, GDP makes use of |a. |market prices. | |b. |prices that government economists believe reflect the true value of goods and services to society. |c. |the assumption that quantities of goods and services produced are unchanged from year to year. | |d. |the assumption that prices of goods and services are unchanged from year to year. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 7. In computing GDP, market prices are used to value final goods and services because |a. |market prices do not change much over time, so it is easy to make comparisons between years. | |b. |market prices reflect the values of goods and services. | |c. if market prices are out of line with how people value goods, the government sets price ceilings and price floors. | |d. |None of the above is correct; market prices are not used in computing GDP. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economic s and definitions of economics TOP:GDPMSC:Interpretive 8. If the price of a DVD player is three times the price of a CD player, then a DVD player contributes |a. |more than three times as much to GDP as does a CD player. | |b. |less than three times as much to GDP as does a CD player. | |c. |exactly three times as much to GDP as does a CD player. | |d. to GDP but a CD player does not contribute to GDP. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 9. Which of the following is correct? |a. |The market value of rental housing services is included in GDP, but the market value of owner-occupied housing services | | |is not. | |b. |The market value of owner-occupied housing services is included in GDP, but the market value of rental housing services | | |is not. | |c. |The market values of both owner-occupied housing services and rental housing services are included in GDP. | |d. Neither the market value of owner-occupied housing services nor the market value of rental housing services is included | | |in GDP. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 10. The value of the housing services provided by the economy's owner-occupied houses is |a. |included in GDP, and the estimated rental values of the houses are used to place a value on these housing services. | |b. |included in GDP, and the actual mortgage payments made on the houses are used to estimate the value of these rental | | |services. | |c. excluded from GDP since these services are not sold in any market. | |d. |excluded from GDP since the value of these housing services cannot be estimated with any degree of precision. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 11. Suppose an apartment complex converts to a condominium, so that the former renters are now owners of their housing units. Suppose further t hat a current estimate of the value of the condominium owners' housing services is the same as the rent they previously paid. What happens to GDP as a result of this conversion? a. |GDP necessarily increases. | |b. |GDP necessarily decreases. | |c. |GDP is unaffected because neither the rent nor the estimate of the value of housing services is included in GDP. | |d. |GDP is unaffected because previously the rent payments were included in GDP and now the rent payments are replaced in | | |GDP by the estimate of the value of housing services. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 12. James owns two houses. He rents one house to the Johnson family for $10,000 per year. He lives in the other house.If he were to rent the house in which he lives, he could earn $12,000 per year in rent by doing so. How much do the housing services provided by the two houses contribute to GDP? |a. |$0 | |b. |$10,000 | |c. |$12,000 | | d. |$22,000 | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 3. GDP excludes most items that are produced and sold illegally and most items that are produced and consumed at home because |a. |the quality of these items is not high enough to contribute value to GDP. | |b. |measuring them is so difficult. | |c. |the government wants to discourage the production and consumption of these items. | |d. |these items are not reported on income tax forms. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 14. Estimates of the values of which of the following non-market goods or services are included in GDP? |a. the value of unpaid housework | |b. |the value of vegetables and other foods that people grow in their gardens | |c. |the estimated rental value of owner-occupied homes | |d. |All of the above are included in GDP. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study o f economics and definitions of economics TOP:GDPMSC:Applicative 15. Over the last few decades, Americans have chosen to cook less at home and eat more at restaurants. This change in behavior, by itself, has |a. |reduced measured GDP. |b. |not affected measured GDP. | |c. |increased measured GDP only to the extent that the value of the restaurant meals exceeded the value of meals previously | | |cooked at home. | |d. |increased measured GDP by the full value of the restaurant meals. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 16. Over time, people have come to rely more on market-produced goods and less on goods that they produce for themselves. For example, busy people with high incomes, rather than cleaning their own houses, hire people to clean their houses.By itself, this change has |a. |caused measured GDP to fall. | |b. |not caused any change in measured GDP. | |c. |caused measured GDP to rise. | |d. |probably changed measured GDP, but in an uncertain direction; the direction of the change depends on the difference in | | |the quality of the cleaning that has resulted. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 17. Ralph pays someone to mow his lawn, while Mike mows his own lawn. Regarding these two practices, which of the following statements is correct? a. |Only Ralph’s payments are included in GDP. | |b. |Ralph’s payments as well as the estimated value of Mike’s mowing services are included in GDP. | |c. |Neither Ralph’s payments nor the estimated value of Mike's mowing services is included in GDP. | |d. |Ralph’s payments are definitely included in GDP, while the estimated value of Mike’s mowing services is included in GDP | | |only if Mike voluntarily provides his estimate of that value to the government. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definit ions of economics TOP:GDPMSC:Applicative 18.If Susan switches from going to Speedy Lube for an oil change to changing the oil in her car herself, then GDP |a. |necessarily rises. | |b. |necessarily falls. | |c. |will be unaffected because the same service is produced in either case. | |d. |will be unaffected because car maintenance is not included in GDP. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 19. Which of the following is not included in GDP? |a. |carrots grown in your garden and eaten by your family | |b. carrots purchased at a farmer’s market and eaten by your family | |c. |carrots purchased at a grocery store and eaten by your family | |d. |More than one of the above is not included in GDP. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 20. A professional gambler moves from a state where gambling is illegal to a state where gambling is legal. Most of his income was, and continues to be, from gambling.His move |a. |necessarily raises GDP. | |b. |necessarily decreases GDP. | |c. |doesn't change GDP because gambling is never included in GDP. | |d. |doesn't change GDP because in either case his income is included. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 21. If a state made a previously-illegal activity, such as gambling or prostitution, legal, then, other things equal, GDP |a. |necessarily decreases. | |b. |necessarily increases. | |c. |doesn't change because both legal and illegal production are included in GDP. | |d. doesn't change because these activities are never included in GDP. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 22. Which of the following is included in GDP? |a. |medical marijuana purchased from a government-run pharmacy by a glaucoma patient | |b. |recreational ma rijuana purchased from a drug dealer by a college student | |c. |recreational marijuana produced and consumed by a man in his attic | |d. All of the above are included in GDP. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 23. Marijuana is an illegal good and broccoli is a legal good. Which of the following statements is true? |a. |Darin grows and sells marijuana to Lisa. When Darin and Lisa get married, GDP falls. | |b. |Darin grows and sells marijuana to Lisa. When Darin and Lisa get married, GDP rises. | |c. |Darin grows and sells broccoli to Lisa. When Darin and Lisa get married, GDP falls. | |d. |Darin grows and sells broccoli to Lisa. When Darin and Lisa get married, GDP rises. ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 24. Spots, Inc. produces ink and sells it to Write on Target, which makes pens. The ink produced by Spots, Inc. is called |a. |an inventory good. | |b. |a transitory good. | |c. |a preliminary good. | |d. |an intermediate good. | ANS:DDIF:1REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Intermediate goodsMSC:Definitional 25. Which of the following statements is correct? |a. |The value of intermediate goods is always included in GDP. | |b. The value of intermediate goods is included in GDP only if those goods were produced in the previous year. | |c. |The value of intermediate goods is included in GDP only if those goods are added to firms’ inventories to be used or | | |sold at a later date. | |d. |The value of intermediate goods is never included in GDP. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | Intermediate goodsMSC:Interpretive 26. Grapes are |a. |always counted as an intermediate good. | |b. |counted as an intermediate good only if they are used to produce another good, such as wine. | |c. counted as an interm ediate good only if they are consumed. | |d. |counted as an intermediate good, whether they are used to produce another good or consumed. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Intermediate goodsMSC:Applicative 27. Gasoline is considered a final good if it is sold by a |a. |gasoline station to a bus company that operates a bus route between San Francisco and Los Angeles. | |b. |pipeline operator to a gasoline station in San Francisco. | |c. |gasoline station to a motorist in Los Angeles. | |d. |All of the above are correct. | ANS:CDIF:2REF:23-2NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Intermediate goodsMSC:Applicative 28. A steel company sells some steel to a bicycle company for $150. The bicycle company uses the steel to produce a bicycle, which it sells for $250. Taken together, these two transactions contribute |a. |$150 to GDP. | |b. |$250 to GDP. | |c. |between $250 and $400 to GDP, depending on the profit earned by the bicycle company when it sold the bicycle. | |d. |$400 to GDP. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | Intermediate goodsMSC:Applicative 9. Al’s Aluminum Company sells $1 million worth of aluminum to Shiny Foil Company, which uses the aluminum to make aluminum foil. Shiny Foil Company sells $4 million worth of aluminum foil to households. The transactions just described contribute how much to GDP? |a. |$1 million | |b. |$3 million | |c. |$4 million | |d. $5 million | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | Intermediate goodsMSC:Applicative 30. One bag of flour is sold for $1. 00 to a bakery, which uses the flour to bake bread that is sold for $3. 00 to consumers. A second bag of flour is sold to a consumer in a grocery store for $2. 00. Taking these three transactions into account, what is the effect on GDP? |a. |GDP increases by $2. 00. | |b. |GDP increases by $3. 00. | |c. |GDP increases by $5. 00. | |d. |GDP increases by $6. 00. | ANS:CDIF:3REF:23-2NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | Intermediate goodsMSC:Analytical 31. Suppose there are only two firms in an economy: Cowhide, Inc. produces leather and sells it to Couches, Inc. , which produces and sells leather furniture. With each $1,000 of leather that it buys from Cowhide, Inc. , Couches, Inc. produces a couch and sells it for $3,000. Neither firm had any inventory at the beginning of 2006. During that year, Cowhide produced enough leather for 20 couches. Couches, Inc. bought 80% of that leather for $16,000 and promised to buy the remaining 20% for $4,000 in 2007.Couches, Inc. produced 16 couches during 2006 and sold each one during that year for $3,000. What was the economy's GDP for the 2006? |a. |$48,000 | |b. |$52,000 | |c. |$64,000 | |d. |$68,000 | ANS:BDIF:3REF:23-2 NAT:AnalyticLOC:The study of economics and def initions of economics TOP:GDP | Intermediate goodsMSC:Analytical 32.Suppose there are only two firms in an economy: Rolling Rawhide produces rawhide and sells it to Chewy Chomp, Inc. , which uses the rawhide to produce and sell dog chews. With each $2 of rawhide that it buys from Rolling Rawhide, Chewy Chomp, Inc. produces a dog chew and sells it for $5. Neither firm had any inventory at the beginning of 2007. During that year, Rolling Rawhide produced enough rawhide for 1000 dog chews. Chewy Chomp, Inc. bought 75% of that rawhide for $1500 and promised to buy the remaining 25% for $500 in 2008. Chewy Chomp, Inc. produced 750 dog chews during 2007 and sold each one during that year for $5.What was the economy's GDP for 2007? |a. |$3750 | |b. |$4250 | |c. |$5250 | |d. |$5750 | ANS:BDIF:3REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | Intermediate goodsMSC:Analytical 33.In 2007, Corny Company grows and sells $2 million worth of corn to Tasty Cere al Company, which makes corn flakes. Tasty Cereal Company produces $6 million worth of corn flakes in 2007, with sales to households during the year of $4. 5 million. The unsold $1. 5 million worth of corn flakes remains in Tasty Cereal Company’s inventory at the end of 2007. The transactions just described contribute how much to GDP for 2007? |a. |$4. 5 million | |b. |$6 million | |c. |$6. million | |d. |$8 million | ANS:BDIF:3REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | Intermediate goodsMSC:Analytical 34. The total sales of all firms in the economy for a year |a. |equals GDP for the year. | |b. |is larger than GDP for the year. | |c. |is smaller than GDP for the year. | |d. |Any of the above is possible. | ANS:BDIF:3REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | Intermediate goodsMSC:Analytical 35.Which of the following domestically produced items is not included in GDP? |a. |a bottle of sham poo | |b. |a hairdryer | |c. |a haircut | |d. |All of the above are included in GDP. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 36. Which of the following is not included in GDP? |a. |a can of bug spray | |b. the services of an exterminator | |c. |the honey produced and sold by a beekeeper | |d. |All of the above are included in GDP. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 37. Gross domestic product includes all |a. |legal and illegal goods, but it excludes all legal and illegal services. | |b. |legal and illegal goods and all legal and illegal services. |c. |legal goods and services, but it excludes illegal goods and services. | |d. |legal and illegal goods and legal services, but it excludes illegal services. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 38. Transactions invol ving items produced in the past, such as the sale of a 5-year-old automobile by a used car dealership or the purchase of an antique rocking chair by a person at a yard sale, are |a. |included in current GDP because GDP measures the value of all goods and services sold in the current year. | |b. included in current GDP but valued at their original prices. | |c. |not included in current GDP because GDP only measures the value of goods and services produced in the current year. | |d. |not included in current GDP because these items have no current value. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 39. Which of the following events would cause GDP for 2007 to increase? |a. |In February 2007, Amanda sells a 1996 Honda Accord to Isabella. | |b. |In February 2007, Amanda buys a ticket to visit a zoo in Florida. She visits the zoo in April 2007. |c. |In December 2007, Isabella eats onions that she harvested from her backyar d garden in October 2007. | |d. |All of the above are correct. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 40. Until recently, George lived in a home that was newly constructed in 2005. In 2005, he paid $200,000 for the brand new house. He sold the house in 2006 for $225,000. Which of the following statements is correct regarding the sale of the house? |a. |The 2006 sale increased 2006 GDP by $225,000 and had no effect on 2005 GDP. | |b. The 2006 sale increased 2006 GDP by $25,000 and had no effect on 2005 GDP. | |c. |The 2006 sale increased 2006 GDP by $225,000; furthermore, the 2006 sale caused 2005 GDP to be revised upward by | | |$25,000. | |d. |The 2006 sale affected neither 2005 GDP nor 2006 GDP. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 41. Tyler and Camille both live in Oklahoma. A new-car dealer in Oklahoma bought a new car from the manuf acturer for $18,000 and sold it to Tyler for $22,000. Later that year, Tyler sold the car to Camille for $17,000.By how much did these transactions contribute to U. S. GDP for the year? |a. |$18,000 | |b. |$22,000 | |c. |$39,000 | |d. |$57,000 | ANS:BDIF:3REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Analytical 42.Consider two cars manufactured by Chevrolet in 2007. During 2007, Chevrolet sells one of the two cars to Sean for $24,000. Later in the same year, Sean sells the car to Kati for $19,000. The second automobile, with a market value of $30,000, is unsold at the end of 2007 and it remains in Chevrolet’s inventory. The transactions just described contribute how much to GDP for 2007? |a. |$24,000 | |b. |$43,000 | |c. $54,000 | |d. |$73,000 | ANS:CDIF:3REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Analytical 43. Which of the following is included in U. S. GDP? |a. |the value of production b y an American working in Morocco | |b. |the value of production by a Moroccan working in the U. S. | |c. |Both (a) and (b) are correct. | |d. |Neither (a) nor (b) is correct. ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 44. Anna, a U. S. citizen, works only in Germany. The value she adds to production in Germany is included |a. |in both German GDP and U. S. GDP. | |b. |in German GDP, but it is not included in U. S. GDP. | |c. |in U. S. GDP, but it is not included in German GDP. | |d. |in neither German GDP nor U. S. GDP. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 45. An American company operates a fast food restaurant in Romania.Which of the following statements is accurate? |a. |The value of the goods and services produced by the restaurant is included in both Romanian GDP and U. S. GDP. | |b. |One-half of the value of the goods and services produced by the restaurant is included in Romanian GDP, and the other | | |one-half of the value is included in U. S. GDP. | |c. |The value of the goods and services produced by the restaurant is included in Romanian GDP, but not in U. S. GDP. | |d. |The value of the goods and services produced by the restaurant is included in U. S. GDP, but not in Romanian GDP. ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 46. Quality Motors is a Japanese-owned company that produces automobiles; all of its automobiles are produced in American plants. In 2007, Quality Motors produced $20 million worth of automobiles, with $12 million in sales to Americans, $6 million in sales to Canadians, and $2 million worth of automobiles added to Quality Motors’ inventory. The transactions just described contribute how much to U. S. GDP for 2007? |a. |$12 million | |b. $14 million | |c. |$20 million | |d. |$34 million | ANS:CDIF:3REF:23-2 NAT:Analyti cLOC:The study of economics and definitions of economics TOP:GDPMSC:Analytical 47. Which of the following items is included in U. S. GDP? |a. |goods produced by foreign citizens working in the United States | |b. the difference in the price of the sale of an existing home and its original purchase price | |c. |known illegal activities | |d. |None of the above is included in U. S. GDP. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 48. Which of the following items is included in U. S. GDP? |a. |final goods and services that are purchased by the U. S. federal government | |b. |intermediate goods that are produced in the U. S. ut that are unsold at the end of the GDP accounting period | |c. |goods and services produced by foreign citizens working in the U. S. | |d. |All of the above are included in U. S. GDP. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 49. Which of the following items is included in U. S. GDP? |a. |the estimated value of production accomplished at home, such as backyard production of fruits and vegetables | |b. |the value of illegally-produced goods and services | |c. the value of cars and trucks produced in foreign countries and sold in the U. S. | |d. |None of the above is included in U. S. GDP. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 50. Which of the following is not included in U. S. GDP? |a. |unpaid cleaning and maintenance of houses | |b. |services such as those provided by lawyers and hair stylists | |c. the estimated rental value of owner-occupied housing | |d. |production of foreign citizens living in the United States | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 51. Which of the following values would be included in U. S. GDP for 2006? |a. |the rent that John, an Amer ican citizen, would have paid on his home in New York in 2006 had he not owned that home | |b. the rent that Sarah, an American citizen, paid on her apartment in San Francisco in 2006 | |c. |the value of the legal services provided by Carlos, an attorney and a Mexican citizen, who lived in Houston and | | |practiced law there in 2006 | |d. |All of the above would be included in U. S. GDP for 2006. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 52.Which of the following examples of production of goods and services would be included in U. S. GDP? |a. |Samantha, a Canadian citizen, grows sweet corn in Minnesota and sells it to a grocery store in Canada. | |b. |Ian, an American citizen, grows peaches for his family in the back yard of their Atlanta home. | |c. |Leo, an American citizen, grows marijuana in his Seattle home and sells it to his friends and neighbors. | |d. |None of the above examples of production would be in cluded in U. S. GDP. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 3. Which of the following transactions adds to U. S. GDP for 2006? |a. |In 2006, Ashley sells a car that she bought in 2002 to William for $5,000. | |b. |An American management consultant works in Mexico during the summer of 2006 and earns the equivalent of $30,000 during | | |that time. | |c. |When John and Jennifer were both single, they lived in separate apartments and each paid $750 in rent. John and | | |Jennifer got married in 2006 and they bought a house that, according to reliable estimates, could be rented for $1,600 | | |per month. | |d. |None of the above transactions adds to U.S. GDP for 2006. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 54. Which of the following transactions adds to U. S. GDP for 2006? |a. |In 2006, Marvin Windows manufactures 20 windows that will eventual ly be installed in an office building in Minneapolis. | | |The windows remain in Marvin’s inventory at the end of 2006. | |b. |An Irish marketing consultant works in Boston during the summer of 2006 and earns $30,000 during that time. | |c.

A House for Mr. Biswas: Mr. Biswas’ Identity Struggle

Almost all the works of V.S. Naipaul have charaters who are poor and live in rural areas. Always these characters undergo trials and suffer identity crisis.The main protagonist, Mr. Mohun Biswas in V. S. Naipuls’ A house for Mr. Biswas, is not an exemption. â€Å"I am going to get a job of my own. And I am going to get my own house, too.† This vow of Mr. Biswas typifies his longing for freedom, social and family respect and acceptance that constitute his 40 year struggle to gain his own identity.The moment Mr. Biswas is born, he already has the burden of deformed identity that will make him feel that he does not belong: He is born with six fingers. â€Å"Born in the wrong way,† as they say. This alone alienates him from his peers and the society. Adding up to the injury, the attending midwife declares that they should be careful because Mr. Biswas, with his seemingly uncommon figure, will eat up his parents.As he grows up, Mr. Biswas experiences seemingly endless prejudices and ridicules. The community in which he lives in is bounded by traditional superstitions and caste discrimination; thus his misshapen fingers make him feel a real outsider.But misfortune is not only brought by his six fingers; they have been living in poverty even before he is born and their financial woe continues. In fact, it worsens that they hardly eat. Mr. Biswas becomes thin with stunted growth and acquires sores and eczema. This appearance of his heightens his insecurity and his alienation from the people around him.Poverty drives Mr. Biswas to seek employment. He is hired by Dhari to look after his calf. Finally, Mr. Biswas is exulted because someone trusts him. But it is only a short-lived glory as his clumsiness and low self-esteem make him lose Dhari’s calf. He runs away to avoid punishment. Mr.Biswas’ father drowns in the pond when he is looking for him in the forest. This fulfils one half of the midwife’s prophesy when he was born.Anoth er show of Mr. Biswas’ struggle for self-identity is when, in the classroom, he is forced to write â€Å"I am an ass† on the board. Although this is his punishment for disobedience, he will not do this if he has a strong confidence of who he is.The statement is downright degrading. Perhaps a physical punishment, like cleaning the room or running around the ground, is more fitting. This is more dignified than the self-inflicting defamatory words on the board.From here on, Mr. Biswas’ luck does not depend entirely on his own effort as destitution and inevitable consequences force him to live momentarily from one home to another, relying on other people’s aid to feed his stomach.Through this pitiful journey, amidst the manipulation of people around him, he holds on tightly to his principles and ideals; cluthcing to the thin thread of his identity, to his assumption that he, Mr. Biswas descended from noble families and not from common rural nobodies. He consi ders himself to be in line with the colonial tradition and language instead with the custom and tradition of other races in the island. This arrogance may heighten his feeling of alienation.

Essay Sample on John Dewey and His Philosophy

Essay Sample on John Dewey and His Philosophy John Dewey had a long and prosperous career as a philosopher and as an educator. Tanner and Tanner have since called him the greatest of American Educational Philosophers (Tanner and Tanner, 1995). John Deweys very influential philosophy has been a guiding force throughout the twentieth century. His philosophy is most evident today through his many writings. Probably most notable among these was his book Democracy and Education. After nearly twenty years of practicing his philosophy in laboratory schools he published Experience and Education. This book is a concise refinement of his most popular work. It is here that he expresses a reformulation of the concepts presented in Democracy and Education. Educational Theory of the Day In 1859 the English philosopher Herbert Spencer asked a very profound question in his essay What Knowledge is of Most Worth. This question proved to be a turning point for what was to come(Tanner and Tanner, 1995) for it influenced many who came to follow. Specifically it influenced a young educator by the name of John Dewey who began his teaching career in 1879 in the small town of Oil City, Pennsylvania. Soon thereafter John Dewey left Pennsylvania for graduate school at Johns Hopkins University. There he received his Ph.D. in 1884 (Levine, 1998). Prior to 1900, education had little to offer in the way of a theoretical framework (Wilburg, 1998). The belief at the time was that schools should require strong discipline and that children should not talk to one another; all communication should be between the teacher and the class (Tyler, 1975). A popular curricula of the day centered around McGuffys Readers, which taught American ideals and morals (Ornstein and Hunkins, 1998). John Deweys influential books School and Society and Interest and Effort in Education were published in 1902. These works carried the same theme as many of his later works. Namely that students interest are an important component in any curriculum. Soon after Dewey published his book Democracy and Education, one of his former graduate students Heard Kilpatrick, introduced what he called the project method. This methodology engages the student in a number of projects. The projects he defined as a purposeful activity carried to completion in a natural setting (Tyler,1975). A number of schools adopted curriculum plans such as these and, thus began the controversial Progressive Education movement. This Progressive Education movement threaten the standards of the day and caused a great deal of controversy. Dewey speaks of it often in his book Experience and Education. He describes people as having a Either-Or philosophy. Particularly that they can see no intermediate possibilities between traditional education and that of the progressive movement. He does not propose one is better than the other simply that each has its advantages and disadvantages. As one might expect the New education he proposes as an alternative is closely linked to the ideals of the progressives. Deweys main concern is that traditional education produces students that are schooled in the basic concepts of a subject matter, yet have no way to deal with real world problems because they have not been taught problem solving techniques. Dewey soon after making a description of the benefits of the new education calls attention to the fact that there is a need for a theory of experience. Remember that at the time of Deweys writing (1938) there was little in the way of a theory of experience. Cognitive Psychology was still 20 years away in the future. It was at this point Behaviorism was the theory of the day. Ideas of memory and cognition were being downplayed. The need for a theory of experience, the name of Deweys second chapter, makes some very valid points. One being Education and Experience can NOT be equated with one another. Some experience as he says can be miseducative. Any experience can be miseducative if it arrest or distorts growth. His inverse statement then is that educative experience is growth. This truth is a theme throughout the book. Social Control and Education As in Democracy and Education, Dewey is very concerned that traditional education is an autocratic social dynamic. This top down approach is a limitation to personal growth. Dewey makes a very convincing argument that a traditional school room with its fixed rows of desks and straight jacket chain gang procedures need to be done away with. Dewey rather dramatically calls attention to the similarities of a student and a slave by describing Platos definition of a slave. It is someone who executes the purposes of another. Perhaps it is time to reexamine our handling of students in the classroom. Personally, I felt a great freedom moving from the K-12 environment to a college classroom. Was I mystically transformed in the intervening summer? This is evident in many classrooms today. He proposes in the place of a traditional classroom a more laboratory type setting where students are free to grow and learn. He describes education as having a social nature. The tradition schoolroom limits this social nature and even prohibits it. The traditional schoolroom even holds silence as a prime virtue. Deweys Enduring Legacy Many saw an end to the progressive movement with John Deweys death in 1953. The movement may have passed even before his death. But his ideas continue to survive in other educational reformers works. Dewey was if anything a driving force for change in Americas schools. Even though Dewey disdained the -isms, the current constructivism has much in common with his progressive movement. It is an active process in which learners construct new ideas or concepts through experience. Deweys liberal ideas caused quite a controversy in his day. In many ways they still do. All paradigm shifts, (be they the Copernican universe, evolution through natural selection, or a call for freedom in education) take time to be accepted.

Biography of Cy Twombly, Romantic Symbolist Artist

Biography of Cy Twombly, Romantic Symbolist Artist Cy Twombly (born Edwin Parker Cy Twombly, Jr.; April 25, 1928–July 5, 2011) was an American artist known for works featuring scribbled, sometimes graffiti-like paintings. He was often inspired by classical myths and poetry. His style is called romantic symbolism for its interpretation of classical material in shapes and words or wordless calligraphy. Twombly also created sculptures during much of his career. Fast Facts: Cy Twombly Occupation: ArtistKnown For: Romantic symbolist paintings and characteristic scribblesBorn: April 25, 1928 in Lexington, VirginiaDied: July 5, 2011 in Rome, ItalyEducation: School of the Museum of Fine Arts, Black Mountain CollegeSelected Works: Academy (1955), Nine Discourses on Commodus (1963), Untitled (New York) (1970)Notable Quote: I swear if I had to do this over again, I would just do the paintings and never show them. Early Life and Education Cy Twombly grew up in Lexington, Virginia. He was the son of a professional baseball player, Cy Twombly, Sr., who had a short major league career pitching for the Chicago White Sox. Both men were nicknamed Cy after legendary pitcher Cy Young. As a child, Cy Twombly practiced art with kits that his family ordered from the Sears Roebuck catalog. He began taking art lessons at age 12. His instructor was painter Pierre Daura, a Catalan artist who fled Spain during the Spanish Civil War of the 1930s. After high school, Twombly studied at the School of the Museum of Fine Arts in Boston and Washington and Lee University. In 1950, he began studying at the Art Students League of New York, where he met fellow artist Robert Rauschenberg. The two men became lifelong friends. With Rauschenbergs encouragement, Twombly spent much of 1951 and 1952 studying at the now-defunct Black Mountain College in North Carolina with artists like Franz Kline, Robert Motherwell, and Ben Shahn. Klines black-and-white abstract expressionist paintings, in particular, heavily influenced Twomblys early work. Twomblys first solo exhibition took place at the Samuel M. Kootz Gallery in New York in 1951. Military Influence and Early Success With a grant from the Virginia Museum of Fine Arts, Cy Twombly traveled to Africa and Europe in 1952. Robert Rauschenberg accompanied him. When Twombly returned to the U.S. in 1953, Twombly and Rauschenberg presented a two-person show in New York City that was so scandalous, the visitor comments book was removed to avoid the negative and hostile responses to the show. In 1953 and 1954, Cy Twombly served in the U.S. Army as a cryptologist deciphering coded communication. While on weekend leaves, he experimented with the Surrealist art technique of automatic drawing, and he adapted it to create a methodology for drawing in the dark. The result was abstract forms and curves that emerged as key elements of later paintings. Cy Twombly Academy (1955) at Museum of Modern Art, New York City, USA. Robert Alexander / Getty Images From 1955 through 1959, Twombly emerged as a prominent New York artist associating with both Robert Rauschenberg and Jasper Johns. During this period, his scribbled pieces on white canvas gradually evolved. His work became simpler in form and monochromatic in tone. By the late 1950s, his pieces appeared on dark canvas with what looked like white lines scratched into the surface. Romantic Symbolism and Blackboard Paintings In 1957, on a trip to Rome, Cy Twombly met Italian artist Baroness Tatiana Franchetti. They married in New York City in 1959 and soon moved to Italy. Twombly spent part of the year in Italy and part in the U.S. for the rest of his life. After moving to Europe, classical Roman myths began to heavily influence Twomblys art. In the 1960s, he frequently used classical mythology as source material. He created cycles based on myths like Leda and the Swan and The Birth of Venus. His work was dubbed romantic symbolism, as the paintings were not directly representational but rather were meant to symbolize the classical, romantic content. In the late 1960s and early 1970s, Twombly created what are often called the Blackboard Paintings: scrawled white writing on a dark surface that resembles a chalkboard. The writing does not form words. In the studio, Twombly reportedly sat on the shoulders of a friend and moved back and forth along the canvas to create his curving lines. Cy Twomblys Untitled (New York City) at Christies auction. Peter Mcdiarmid / Getty Images In 1963, after the assassination of U.S. President John F. Kennedy, Twombly created a series of paintings informed by the life of the assassinated Roman emperor Commodus, son of Marcus Aurelius. He titled it Nine Discourses on Commodus. The paintings include violent splatters of color against the background of grey canvases. When exhibited in New York in 1964, American critics reviews were largely negative. However, the Commodus series is now seen as one of Twomblys most significant achievements. Sculpture Cy Twombly created sculpture from found objects throughout the 1950s, but he stopped producing three-dimensional work in 1959 and did not begin again until the mid-1970s. Twombly returned to found and discarded objects, but just like his paintings, his sculptures were newly influenced by classical myths and literature. Most of Twomblys sculptures are painted white- in fact, he once said, White paint is my marble. Cy Twombly sculptures and paintings at the Broad Museum in Los Angeles, California, USA. Santi Visalli / Getty Images Twomblys sculpted works were not well-known to the public for most of his career. An exhibition of selected sculpted pieces from throughout his career was shown at the Museum of Modern Art in New York City in 2011, the year of Twomblys death. Since they are constructed mostly of found objects, many observers see his sculpture as a three-dimensional record of the artists life. Later Works and Legacy Late in his career, Cy Twombly added more bright color to his work, and on occasion his pieces were representational, such as his massive late-career paintings of roses and peonies. Classical Japanese art influenced these works; some are even inscribed with Japanese haiku poetry. Untitled (Roses), Cy Twombly (2008) at the Broadhurst Museum in Munich. Miguel Villagran / Getty Images One of Twomblys final works was the painting of the ceiling of a sculpture gallery at the Louvre museum in Paris, France. He died of cancer on July 5, 2011, in Rome, Italy. Twombly avoided the trappings of celebrity for most of his career. He chose to let his painting and sculpture speak for themselves. The Milwaukee Art Museum presented the first Twombly retrospective in 1968. Later major exhibitions included a 1979 retrospective at the Whitney Museum of American Art and the Museum of Modern Arts 1994 retrospective in New York City. Many see Twomblys work as a significant influence on important contemporary artists. Echoes of his approach to symbolism are seen in the work of Italian artist Francesco Clemente. Twomblys paintings also presaged the large-scale paintings by Julian Schnabel and the use of scribbling in the work of Jean-Michel Basquiat. Sources Rivkin, Joshua. Chalk: The Art and Erasure of Cy Twombly. Melville House, 2018.Storsve, Jonas. Cy Twombly. Sieveking, 2017.