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5 Written questions

5 Matching questions

  1. Net Exports (NX)
  2. Nominal Variable
  3. Value Added
  4. Final Good
  5. Seasonal Adjustment
  1. a Adjusting an economic variable to remove the effects of changes predicted to occur at that time of year
  2. b A good sold to its final user
  3. c Total exports minus total imports
  4. d A variable measured without adjustment for the dollar's changing value
  5. e The revenue a firm receives minus the cost of intermediate goods it buys

5 Multiple choice questions

  1. Joblessness related to changes in weather, tourist patterns, or other seasonal factors
  2. Joblessness arising from changes in production over the business cycle
  3. individuals who would like a job, but have given up searching for one
  4. A variable adjusted for changes in the dollar's value
  5. Payments to the owners of resources that are used in production

5 True/False questions

  1. Intermediate GoodsGoods used up in producing final goods


  2. Transfer paymentAny payment that is not compensation for supplying goods, services, or resources


  3. Potential OutputA good sold to its final user


  4. Private Investment (I)The sum of a business plant, equipment, and software purchases, new-home construction, and inventory changes; often referred to as just investment


  5. Expenditure ApproachMeasuring GDP by summing the values added by all firms in the economy


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