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answerstopracticequestions4fall2004

answerstopracticequestions4fall2004 - Econ 102 Fall 2004...

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Econ 102 Fall 2004 Practice Questions 4 – Answer Key I. Multiple Choices: 1) b 2) c 3) d 4) c 5) c 6) c 7) d 8) d II. Problems: 1) a) Does not affect GDP: Non-market activity. b) Does not affect GDP: Non-market activity. c) GDP increases. d) GDP increases. e) Does not affect GDP. f) GDP increases by $2,000. g) GDP in U.S. increases. h) Does not affect GDP. i) Does not affect GDP. j) GDP increases. 2) a) Not included: neither good nor service. b) Included. c) Included. d) Not included: not produced in this year. e) Not included: non-market activity. f) Not included: non-market activity. g) The air travel, if on a U.S. airline, would be included. If the travel is on a foreign carrier, it would not be included. The wine and cheese would not be included. h) All the 10,000 personal computers are included in GDP of 2004. i) The product is an intermediate good, so it is not included. The price that the restaurant charges to its customers is included. 3) The expenditure approach (Millions of dollars) Expenditure Specific Motors Super Duper Total Consumer (C) 4.8 14.0 18.8 Investment (I) 0.8 0 0.8
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