Ch 5 Quiz Questions

To avoid counting the same output more than once, the calculation of GDP includes

Real GDP is more accurate than nominal GDP in making comparisons of output over time because

Real GDP is the

The components of GDP are

Goods and services purchased from international sources are

Net exports are

The economic definition of investment includes all of the following except

Which of the following is excluded from calculations of GDP?

Gross investment is the

National income accounting is defined as the

If depreciation is smaller than gross investment,

Disposable income is

Which of the following typically purchases the most goods and services in the U.S. economy?

Value added is the

The value of final output produced in a given period, measured in current prices, is

Net domestic product (NDP) is determined by

The GDP per capita is the most practical way to

The value of total output must equal the value of total income in an economy for all of the following reasons except

National income is a measure of

Inflation is