QBCh15Engoutputrevised 02.docx
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QBCh15Engoutputrevised02
MultipleChoiceQuestions
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|EM41001|!
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WhichofthefollowingstatementsaboutGDPisCORRECT?
A.Undertheincomeapproach,GDPwillbeequaltothetotalincomeofalllocalworkers.
B.UsingthevalueaddedapproachtocalculateGDPcanavoidtheproblemofdoublecounting.
C.Everytransactionisrecordedatcost.
D.Ifthegovernmentimposesindirecttaxes,GDPatmarketpriceswillbesmallerthanGDPatfactorcost.
##
B
Inreality,itisdifficulttotellwhetheranoutputisafinalproductoranintermediateproduct.Byusingthevalueaddedapproach,GDPisequaltothesumofthevalueaddedofallproductsatdifferentstagesofproduction.Theproblemofdoublecountingcanthereforebeavoided.
OptionAisincorrect.Undertheincomeapproach,GDPismeasuredbysumminguptheincomethatfirmspayhouseholdsforfactorsofproduction.
OptionCisincorrect.GDPmeasuresthetotalmarketvalueoffinalgoodsandservicesofaneconomy.OnlygoodsandservicesprovidedbythegovernmentareincludedinGDPatgovernment’scostofprovidingthem.
OptionDisincorrect.
GDPatmarketprices=GDPatfactorcost+Indirecttaxes–Subsidies
Withoutthedataaboutsubsidies,wedonotknowifGDPatmarketpricesissmallerthanGDPatfactorcostornot.
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|EM41002|!
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WhichofthefollowingshouldbeincludedinHongKong’sGDPfor2010?
A.theoldageallowancepaidbythegovernmentin2010
B.thevalueofacomputerproducedin2009butsoldin2010
C.thevalueofagiftreceivedbyaHongKongresidentfromaMainlandresidentin2010
D.thesalaryofasalespersonfromworkinginashopsellingsecond-handgoodsin2010
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D
Thesalaryreflectsthevalueoftheserviceprovidedbythesalespersonin2010.
OptionsAandCareincorrect.Theydonotinvolveanyproduction.
OptionBisincorrect.Thecomputerisnotproducedin2010,soitisnotincludedintheGDPfor2010.
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|EM41003|!
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WhichofthefollowingshouldNOTbeincludedinthecalculationofthegrossdomesticproductofHongKong?
A.theincomeearnedbyaFilipinomaidfromprovidingservicestoherHongKongemployer
B.theexpensepaidbyaJapanesebusinessmanonasuitheboughtinHongKong
C.themoneyearnedbyahousewifefromspeculationinthestockmarket
D.thecommissionreceivedbyasalespersonfrompromotingbroadbandservice
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C
Thissumofmoneydoesnotinvolveanyproduction.
OptionsA,BandDareincorrect.TheyareallmarketvalueoffinalgoodsandservicesproducedbytheresidentproducingunitsofHongKong,andthusshouldbeincludedinthecalculationofthegrossdomesticproductofHongKong.
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|EM41004|!
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ThefollowingdescriptionsaboutGDParecorrectEXCEPTthat
A.changesininventoriesareincluded.
B.GDPatmarketpricesisalwaysgreaterthanGDPatfactorcost.
C.unemploymentassistanceisnotincludedintheGDPcalculation.
D.GDPmayoverestimateaneconomy’slivingstandard.
##
B
GDPatmarketprices=GDPatfactorcost+Indirecttaxes–Subsidies
Whensubsidiesaregreaterthanindirecttaxes,GDPatmarketpriceswillbesmallerthanGDPatfactorcost.
OptionAiscorrect.Changesininventoriesareincludedinthegrossinvestment,whichisacomponentofGDPundertheexpenditureapproach.
OptionCiscorrect.Unemploymentassistantdoesnotinvolveanyproduction,soitisnotincludedinGDP.
OptionDiscorrect.Forexample,ifthegrowthrateofpopulationsizeishigherthanthegrowthrateofGDP,percapitaGDPdecreases.Theeconomy’slivingstandardisthereforeoverestimated.
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|EM41005|!
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WhichofthefollowingshouldNOTbeincludedinthecalculationofGDP?
（1）incomeofunlicensedhawkers
（2）profitearnedfromsellingillegaldrugs
（3）moneyreceivedfromsmugglingchickensfromtheMainland
A.
（1）and
（2）only
B.
（1）and（3）only
C.
（1）,
（2）and（3）
D.Noneoftheabove.
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D
Althoughtheaboveproductionactivitiesareillegal,theoretically,theirvaluesshouldbeincludedinGDP.
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|EM41006|!
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Whichofthefollowingis/areincludedinthecalculationofthegrossdomesticproductofHongKong?
（1）anincreaseinthepriceofsharesofacommercialbankinHongKong
（2）acakebakedforcelebrationofafriend’sbirthday
（3）theestimatedrentalvalueofanowner-occupiedpropertyinHongKong
A.
（1）only
B.（3）only
C.
（2）and（3）only
D.Noneoftheabove.
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B
Theowner-occupiedpropertyisviewedasself-rentedandtheestimatedrentalvalueisincludedintheGDPofHongKong.
（1）doesnotinvolveanyproductionofgoodsandservices,while
（2）doesnothavemarketvalue,sotheyarenotincludedinthecalculationofGDP.
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|EM41007|!
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WhichofthefollowingshouldNOTbeincludedintheGDPcalculation?
A.thevalueofanincreaseintheinventoryofpaperheldbyapublisher
B.themarketvalueofanewflatpurchasedbyMr.Lee
C.$10,000worthofnewly-issuedsharessoldonthestockmarket
D.government’sexpenditureoninfrastructure
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C
Thevalueofsharesisnotincludedbecausethetransactiononlyrepresentsatransferofwealthandnoproductionisinvolved.
OptionsA,BandDareincorrect.TheyinvolvecurrentproductionandthusshouldbeincludedintheGDPcalculation.
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|EM41008|!
|（revised）
WhichofthefollowingitemsisincludedinthecalculationofHongKong’sGDP?
A.ascholarshipreceivedbyauniversitystudent
B.prizesfromtheMarkSix
C.governmentsubsidiestotertiaryeducation
D.thevalueofhouseworkdonebyahousewife
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C
Thisistheamountpaidfortheservicesprovidedbyuniversities.
OptionsAandBareincorrect.Theydonotinvolveanyproduction.
OptionDisincorrect.Thehouseworkdoesnothavemarketvalueastheproductionhasnotgonethroughthemarket.
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|EM41009|!
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WhichofthefollowingshouldbeincludedinthecalculationofHongKong’sGDP?
（1）therevenueofasubsidiaryofanAmericanfirminHongKong
（2）thesalesrevenueofashopinMongkokoperatedbyaCanadian
（3）therevenueofagiftshopintheUKthatisrunbyaHongKongresident
A.
（1）only
B.（3）only
C.
（1）and
（2）only
D.
（1）and（3）only
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C
For
（1）and
（2）,thesubsidiaryandtheshopareresidentproducingunitsofHongKong.TheirrevenueshouldbeincludedinHongKong’sGDP.
（3）isincorrect.TheshopisaresidentproducingunitoftheUK.
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|EM41010|!
|（revised）
Somesupermarketsofferfreedeliveryservicetocustomerswhohavepurchasedabovespecifiedamount.Customersthatdonotspendenoughcanalsoorderthedeliveryservice,butachargeisinvolved.Thevalueofthefreedeliveryservice
A.isincludedintheGDPbecauseitisaserviceprovidedbyaresidentproducingunit.
B.isincludedintheGDPbecausethedeliveryserviceisenjoyedbythelocalresidents.
C.isnotincludedintheGDPbecausetheproblemofdoublecountingwillarise.
D.isnotincludedintheGDPbecauseitisfreeofcharge.
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A
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|EM41011|!
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Firmsusuallyputlotsofresourcesintoadvertisementstopromotetheirnewproducts.ThemoneyspentonadvertisingisincludedinGDPcalculationbecause
A.itisregardedasanexpenditureoffirms.
B.advertisementsarefinalservices.
C.therearecorrespondingproductionactivitiesbyresidentproducingunits.
D.itincreasestheinventoriesofthecompanies.
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C
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|EM41012|!
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Moneywoninsoccerbettingis
A.includedinGDP,asitisamarkettransaction.
B.includedinGDP,asitisareturnoninvestment.
C.notincludedinGDP,asitisatransferofwealth.
D.notincludedinGDP,asitisillegal.
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C
Themoneydoesnotinvolveanyproduction.
OptionDisincorrect.Theoretically,thevalueofillegaltransactionsshouldbeincludedinGDPcalculation.
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|EM41013|!
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GovernmentexpenditureontheComprehensiveSocialSecurityAssistance（CSSA）topeopleinneedis
A.includedintheGDPbecauseitisakindofgovernmentexpenditure.
B.includedintheGDPbecauseitisspentbypeopleonbasicnecessities.
C.excludedfromtheGDPbecausethemoneymaynotbespentwithinagivenperiod.
D.excludedfromtheGDPbecausenocorrespondingproductionisinvolved.
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D
Theexpenditureisakindoftransferpayment.Itdoesnotinvolveanyproductionofgoodsandservices.
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|EM41014|!
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ABCCompanywaslistedin2005.InJune2008,PaulsoldoutallofABCCompany’ssharesthatheheldandearnedahugeprofit.Theprofitis
A.excludedfromtheGDPfor2008becausethesharesarenotissuedin2008.
B.excludedfromtheGDPfor2008becausethisisatransferofwealthonly.
C.includedintheGDPfor2008becausetheprofitisearnedin2008.
D.includedintheGDPfor2008becauseitisanincome.
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B
Transactionofsharesisexcludedbecauseitisonlyatransferofwealthanddoesnotinvolveanyproduction.ItshouldnotbecountedintheGDP.
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|EM41015|!
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Ajewelryproducerproduced$38millionofjewelryin2007.Unfortunately,adiamondringworth$2millionwasstolen.Theinsurancecompanythengaveareimbursementof$1.2million.HowwouldtheGDPfor2007beaffectedbytheaboveevents?
A.TheGDPfor2007wouldincreaseby$36million.
B.TheGDPfor2007wouldincreaseby$37.2million.
C.TheGDPfor2007wouldincreaseby$38million.
D.TheGDPfor2007wouldincreaseby$39.2million.
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C
The$38millionofjewelryiscountedintheGDP.The$2milliondiamondringbeingstolenandthereimbursementgivenbytheinsurancecompanywouldnotaffecttheGDPfor2007becausetheyrepresentedtransfersofwealthonly.
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|EM41016|!
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WhichofthefollowingisNOTaresidentproducingunitofHongKong?
A.aHongKongresidentwhohasbeenworkinginShenzhenfor3years
B.aHongKongresidentwhohasemployedaF
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