Quiz 4

Question 1

The United States puts tariffs on both imports and exports to control trade.

Answer 1

False

Question 2

What happened to GATT?

Answer 2

it became the World Trade Organization

Question 3

Until the Civil War, the United States government funded itself primarily with tariffs.

Answer 3

True

Question 4

Income is a _____ of money over time.

Answer 4

flow

Question 5

Households
A. buy but don’t sell
B. sell but don’t buy

C.	buy more than they sell

D.	sell more than they buy

Answer 5

buy but don’t sell

Question 6

_______ GDP is adjusted for inflation

Answer 6

real

Question 7

[True or False] Illegal transactions will show up in GDP if they are done in cash.

Answer 7

False

Question 8

[True or False] Per capita GDP can be used to make good comparisons between countries, real GDP cannot.

Answer 8

False

Question 9

[True or False] In 2000, using standard calculations, Japan has a larger GDP than China. Today, China has a larger GDP than Japan.

Answer 9

True

Question 10

[True or False] Prior to World War II, the average expansion and contraction were about the same length. Since World War II, the expansions have averaged many times longer than the contractions.

Answer 10

True