Quiz 7

Created by tootie_boo3 

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A nation's gross domestic product (GDP)?

can be found by summing C + Ig + G + Xn.

The GDP is the?

monetary value of all final goods and services produced within a nation in a particular year.

National income accountants can avoid multiple counting by?

only counting final goods.

If intermediate goods and services were included in GDP?

the GDP would be overstated.

Which of the following is a final good or service?

a haircut.

Tom Atoe grows tomatoes for home consumption. This activity is?

productive but is excluded from GDP because no market transaction occurs.

In national income accounting, consumption expenditures include?

consumer durable goods, consumer nondurable goods, and services.

Net exports are?

exports less imports.

Which of the following is not economic investment?

the purchase of 100 shares of AT&T by a retired business executive.

Suppose that GDP was $200 billion in year 1 and that all other components of expenditures remained the same in year 2 except that business inventories fell by $10 billion. GDP in year 2 is?

$210 billion.

In calculating GDP, governmental transfer payments, such as social security or unemployment compensation, are?

not counted.

In the treatment of U.S. exports and imports, national income accountants?

add exports, but subtract imports, in calculating GDP.

If depreciation (consumption of fixed capital) exceeds domestic investment, we can conclude that?

net investment is negative.

In 1933 net private domestic investment was a minus $6.0 billion. This means that?

the production of 1933's GDP used up more capital goods than were produced in that year.

Refer to the above data. GDP is?

$121.

Refer to the above data. NDP is?

$116.

Refer to the above data. Net domestic product is?

$580.

Refer to the above data. The national income is?

$580.

Refer to the above data. Disposable income?

cannot be determined from the data given.

Refer to the above data. The gross domestic product is?

$307.

Refer to the above data. The net domestic product is?

$255.

Refer to the above data. The national income is?

$265.

Refer to the above data. Personal income is?

$228.

Which of the following best defines national income?

incomes earned by U.S. resource suppliers plus taxes on production and imports

The largest component of national income is?

compensation of employees.

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