Chapter 7 PQ

Chapter 7 PQ - Exam Name_ MULTIPLE CHOICE. Choose the one...

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Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 1) Which of the following goods is directly counted in GDP? A) the plastic bags that Subway purchases to wrap its sandwiches B) the bread that Subway purchases for its sandwiches C) a 12 inch Subway sandwich purchased by a student D) the lettuce that Subway purchases for its sandwiches 1) Table 7 - 2 Product Quantity Price Shoes 40 $50.00 DVDs 100 25.00 Tomatoes 2,000 1.00 Ketchup 300 5.00 2) Refer to Table 7 - 2. Suppose that a simple economy produces only four goods and services: shoes, DVDs, tomatoes, and catsup. Assume one half of the tomatoes are used in making the catsup and the other half of the tomatoes are purchased by households. Using the information in the above table, nominal GDP for this simple economy equals A) $7,000. B) $6,000. C) $8,000. D) 2,440 units. 2) 3) Investment, as defined by economists, would not include which of the following? General Motors A) buys U.S. government bonds.
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Chapter 7 PQ - Exam Name_ MULTIPLE CHOICE. Choose the one...

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