TestBank 2.docx - CHAPTER 2 NATIONAL INCOME ACCOUNTING Difficulty Easy 1 In calculating this year's GDP national income accountants A include any

TestBank 2.docx - CHAPTER 2 NATIONAL INCOME ACCOUNTING...

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CHAPTER 2NATIONAL INCOME ACCOUNTINGDifficulty: Easy1. In calculating this year's GDP, national income accountantsA) include any increase in stock values B) include an estimate for income from illegal activities C) exclude Social Security payments to retireesD) exclude the value of any repairs made on existing propertyE) exclude the value of new pollution control equipment that is being installed Ans: CDifficulty: Medium2. Assume you built a new house, bought a used car, and bought some government bonds. Which of the following is true?Difficulty: Medium3. Which of the following is FALSE?1
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Difficulty: Easy4. Which of the following statements is true?Difficulty: Easy5. Increases in unwanted business inventories are counted asA) a decrease in the capital stockB) an increase in consumptionC) an increase in investmentD) an increase in depreciationE) none of the aboveAns: CDifficulty: Easy6. The difference between gross domestic investment and net domestic investment is equal toDifficulty: Medium
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