Chapter_2

Chapter_2 - Macroeconomics Test Yourself Chapter2 1. Fill...

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Macroeconomics Test Yourself Chapter2 1. Fill in the blank: GDP is the value of all _____ produced in a given period. a. final goods and services b. final and intermediate goods and services c. final and intermediate goods and services, plus raw materials d. final and intermediate goods and services produced by the private sector only e. final goods and services purchased by households 2. Using the income approach, the largest share of GDP goes to a. capital income. b. labor income. c. indirect taxes. d. indirect income. e. intermediate income. 3. When nominal GDP increases during a given year, it is always true that a. real output has increased. b. the price level (GDP deflator) has increased. c. real output and the price level (GDP deflator) have both increased. d. either real output or the price level (GDP deflator) have increased. e. real output has decreased and the price level has increased. 4. In a given year, a company spends $100 million on intermediate goods and $200 million on wages, with no other expenses. It's total sales are $800 million. The value added by this company is a. $200 million. b. $300 million.
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This note was uploaded on 08/03/2008 for the course BUAD 350 taught by Professor Safarzadeh during the Summer '07 term at USC.

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Chapter_2 - Macroeconomics Test Yourself Chapter2 1. Fill...

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