{"id":614,"date":"2024-05-30T03:15:22","date_gmt":"2024-05-30T03:15:22","guid":{"rendered":"https:\/\/course.oeru.org\/maec101\/?page_id=614"},"modified":"2024-05-30T03:15:22","modified_gmt":"2024-05-30T03:15:22","slug":"reading-quiz","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/maec101\/learning-pathways\/goals-measures-and-challenges\/reading-quiz\/","title":{"rendered":"Reading Quiz"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\"><div class=\"panel iDevice WEquizMultipleChoice WEquizMix\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"assessment\" src=\"https:\/\/course.oeru.org\/maec101\/wp-content\/themes\/oeru_course\/idevices\/Icon_qmark.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Rationale for GDP: A monetary measure<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<div class=\"thumb tright\">\n<div class=\"thumbinner thumbnail\" style=\"width:302px;\"><a href=\"https:\/\/wikieducator.org\/File:Coins-122873_1920.jpg\" class=\"image\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" src=\"\/\/wikieducator.org\/images\/thumb\/4\/4c\/Coins-122873_1920.jpg\/300px-Coins-122873_1920.jpg\" width=\"300\" height=\"225\" class=\"thumbimage img-responsive\"><\/a>  <\/p>\n<div class=\"thumbcaption\">Coins<\/div>\n<\/div>\n<\/div>\n<p>In this section we&#8217;d like you to read <a rel=\"nofollow\" class=\"external text\" href=\"https:\/\/saylordotorg.github.io\/text_principles-of-macroeconomics-v2.0\/s09-measuring-total-output-and-inc.html\">Principles of Macroeconomics: &#8220;Chapter 6: Measuring Total Output and Income&#8221;<\/a> and then do the short quiz below to test your understanding.\n<\/p>\n<p>In each case, the try to answer the following questions: What impact would each of the following have on real GDP? Would economic well-being increase or decrease as a result?\n<\/p>\n<ul>\n<li> On average, people in a country decide to increase the number of hours they work by 5%. In this case, real GDP would increase.\n<ul>\n<li> True\n<ul>\n<li> <b>Correct<\/b>.  Assuming the people chose to increase their work effort and forgo the extra leisure, economic well-being would increase as well.\n<\/li>\n<\/ul>\n<\/li>\n<li> False\n<ul>\n<li> <b>Incorrect<\/b>.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li> Spending on homeland security increases in response to a terrorist attack. GDP will increase, and economic well-being would likely rise.\n<ul>\n<li> True\n<ul>\n<li> <b>Incorrect<\/b>.\n<\/li>\n<\/ul>\n<\/li>\n<li> False\n<ul>\n<li> <b>Correct<\/b> Real GDP would increase, but the extra expenditure in the economy was due to an increase in something \u201cbad,\u201d so economic well-being would likely be lower..\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li> The price level and nominal GDP increase by 10%, so everyone in society is better off.\n<ul>\n<li> True\n<ul>\n<li> <b>Incorrect<\/b>.\n<\/li>\n<\/ul>\n<\/li>\n<li> False\n<ul>\n<li> <b>Correct<\/b>.  Because there was no change in real GDP, for some people, economic well-being might increase and for others it might decrease, since inflation does not affect each person in the same way. .\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\nDid you get the right answers? If not, perhaps you should revisit the readings again.\n<\/p>\n<p>(<a href=\"https:\/\/wikieducator.org\/File:Comment.gif\" class=\"image\"><img loading=\"lazy\" decoding=\"async\" alt=\"Comment.gif\" src=\"\/\/wikieducator.org\/images\/d\/db\/Comment.gif\" width=\"16\" height=\"16\" class=\"img-responsive\"><\/a>:<span style=\"color: green; background-color: #F6F9ED\"> There&#8217;s a problem with the bullet lists.<\/span>)<\/p>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/p>\n<p>\n<\/p>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.039 seconds\nReal time usage: 0.045 seconds\nPreprocessor visited node count: 131\/1000000\nPreprocessor generated node count: 1126\/1000000\nPost\u2010expand include size: 10132\/2097152 bytes\nTemplate argument size: 7651\/2097152 bytes\nHighest expansion depth: 9\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:182334-0!*!*!*!*!2!* and timestamp 20240530031522 and revision id 1034434\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"previous\">\n            <a href=\"\/maec101\/learning-pathways\/goals-measures-and-challenges\/video-signpost\">\u2190 Previous<\/a>\n          <\/li>\n<li class=\"next\">\n            <a href=\"\/maec101\/learning-pathways\/goals-measures-and-challenges\/avoidance-of-double-counting-video-discussion\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Introduction_to_principles_of_macroeconomics\/required_reading_measures\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"0f053cadad37b12ed715978832b76e27\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Introduction_to_principles_of_macroeconomics\/required_reading_measures\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"0f053cadad37b12ed715978832b76e27\" };\n<\/script><\/div>\n<\/div>\n<footer><\/footer>\n","protected":false},"excerpt":{"rendered":"<p>\u2190 Previous Next \u2192<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":608,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-614","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/maec101\/wp-json\/wp\/v2\/pages\/614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/maec101\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/maec101\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/maec101\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/maec101\/wp-json\/wp\/v2\/comments?post=614"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/maec101\/wp-json\/wp\/v2\/pages\/614\/revisions"}],"predecessor-version":[{"id":615,"href":"https:\/\/course.oeru.org\/maec101\/wp-json\/wp\/v2\/pages\/614\/revisions\/615"}],"up":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/maec101\/wp-json\/wp\/v2\/pages\/608"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/maec101\/wp-json\/wp\/v2\/media?parent=614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}