Economics

16 October 2022
4.7 (114 reviews)
16 test answers

Unlock all answers in this set

Unlock answers (12)
question
the market value of all final goods and services produced within the borders of a nation.
answer
Gross domestic product is officially measured by adding together the
question
None of the above would be included.
answer
Which of the following items is included in the calculation of GDP?
question
Used items are not included in GDP.
answer
. Which of the following expenditures would not be included in GDP?
question
only final goods and services
answer
Gross domestic product (GDP) includes
question
the cleaning-up expenses associated with pollution, which is a newly produced good.
answer
GDP includes
question
personal consumption expenditures
answer
The largest component of GDP is
question
flow of goods, resources, payments, and expenditures between the sectors of the economy.
answer
The circular flow of economic activity is a model of the
question
GDP = C + I + G + (X - M).
answer
All final goods and services that make up GDP can be expressed as
question
consumption, gross private domestic investment, government spending for goods and services, and net exports.
answer
The expenditure approach for the calculation of GDP includes spending on
question
GDP includes only market transactions.
answer
Which of the following is a shortcoming of GDP?
question
Depreciation
answer
National income (NI) is calculated by adjusting GDP for
question
Transfer payments are not included in national income.
answer
Which of the following is included in personal income but not in national income?
question
Disposable personal income (DI) subtracts taxes from personal income (PI).
answer
Which national income account should be examined to discover trends in the after-tax income that people have to save and spend?
question
nominal GDP for year X/ GDP chain price index for year X x 100.
answer
The equation for determining real GDP for year X is
question
GDP chain price index.
answer
The most broadly based price index is the
question
a piece of glass bought this year by a consumer to fix a broken window
answer
. Which of the following would be counted as a final good for inclusion in GDP?