2012_hw3 - ECON 2012: Macroeconomics HW3 25 points Name_...

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HW3 25 points Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) 1) Total production in the economy is measured as the A) dollar value of all final goods and services produced in the economy. B) total number of goods produced in the economy. C) total number of services produced in the economy. D) total number of goods and services produced in the economy. 2) 2) A final good is one that A) is a natural resource used to produce a good. B) is used in the production of another good. C) is purchased as an input in the production process. D) is purchased by its final user. 3) 3) A transfer payment is a payment by the government to an individual A) for a service. B) for a consumption good. C) for an investment good. D) for a debt owed. E) for which the government does not receive a good or service in return. 4) 4) Which of the following transactions would be included in the official calculation of GDP? A) Firestone sells $2 million worth of tires to General Motors. B) A student buys a used text book at the bookstore. C) You illegally download music off the Internet to put on your new iPod. D) You buy a new iPod. E) You wash and wax your father's car as a favor to him. 5) 5) Investment spending includes spending on A) stocks B) changes in business inventories C) nondurable goods D) transfer payments 6) 6) Consumption expenditures do NOT include household purchases of A) durable goods. B) education. C) medical care. D) new houses. 1
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This note was uploaded on 06/27/2008 for the course ECON 2012 taught by Professor Kellogg during the Spring '08 term at University of Colorado Denver.

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2012_hw3 - ECON 2012: Macroeconomics HW3 25 points Name_...

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