MACRO EXAM 2 pt. 1

Which of the following is a primary use for national income accounts?

GDP is the market value of:

To avoid multiple counting in national income accounts:

Adding the market value of all final and intermediate goods and services in an economy in a given year would result in:

An example of final goods in national income accounts would be:

The following are examples of final goods in national income accounting, except:

All of the following are examples of intermediate goods, except:

Value added by a firm is the market value of the firm's output minus the:

Subtracting the purchase of intermediate products and supplies from the market value of the sales of final products determines the amount of:

Which of the following is a private transfer payment?

Which of the following is included in the GDP?

The sale of a used automobile would not be included in GDP of the current year because it is a:

The two ways of looking at GDP are the:

Which of the following is included in the expenditures approach to GDP?

The largest expenditure component of GDP is:

Which of the following is not included in personal consumption expenditures?

Money spent on the purchase of a new house is included in the GDP as a part of:

The value of corporate stocks and bonds traded in a given year is:

Gross domestic private investment, as defined in national income accounts, would include the following, except:

Business inventories increase when firms produce:

If a car was made in 2009 and sold in 2010: how would the auto be counted as?

When gross private domestic investment exceeds depreciation, it can be concluded that:

The consumption of fixed capital in each year's production is called:

Government purchases in national income accounts would include payments for:

A distinguishing characteristic of public transfer payments is that:

Net exports is a positive number when

GDP=

Personal income (PI) refers to all income:

If the price index in year A is 130, this means that:

The GDP deflator or price index equals:

GDP measured using current prices is called

Nominal GDP differs from Real GDP because:

If the current prices rose 15% and the price index increased from 100 to 110, the GDP rose by:

GDP understates the amount of economic production in the United States because it excludes