The GDP is the?
monetary value of all final goods and services produced within a nation in a particular year.
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.
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?
In calculating GDP, governmental transfer payments, such as social security or unemployment compensation, are?
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.
Which of the following best defines national income?
incomes earned by U.S. resource suppliers plus taxes on production and imports