Quiz chp. 6-7 - 1 A nation's gross domestic product (GDP):...

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1 . A nation's gross domestic product (GDP): can be found by summing C + I g + G + X n . ( 0 ) 2. The GDP is the:
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monetary value of all final goods and services produced within a nation in a particular year. ( 0 ) 3. If intermediate goods and services were included in GDP: the GDP would be overstated . ( 1 ) 4. GDP can be calculated by summing:
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investmen t, governme nt purchases , consumpt ion, and net exports. ( 1 ) 5. Net exports are: exports less imports. ( 1 ) 6. Net exports are negative when:
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a nation's imports exceed its exports. ( 1 ) 7. GDP is equal to: C + I g + G + X n . ( 1 ) 8. As defined in national income accounting, investment includes:
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business expenditu res on machiner y and equipmen t. ( 1 ) 9. The smallest component of aggregate spending in the United States is: net exports. ( 1 ) 10. In calculating GDP, governmental transfer payments, such as social security or unemployment compensation, are:
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not counted. ( 1 ) 11. The largest component of total expenditures in the United States is: consumpt ion. ( 1 ) 12. Government purchases include government spending on:
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governme nt consumpt ion goods and public capital goods. ( 1 ) 13. Transfer payments are:
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excluded when calculatin g GDP because they do not reflect current productio n. ( 1 ) 14. In the treatment of U.S. exports and imports, national income accountants: add exports, but subtract imports, in calculatin g GDP. ( 1 ) 15. GDP excludes:
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the market value of unpaid work in the home. ( 1 ) 16. Answer the next question(s) on the basis of the following data. All figures are in billions of dollars: Refer to the above data. GDP is: $121. ( 1 ) 17. Value added refers to:
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the difference between the value of a firm's output and the value of the inputs it has purchased from others. ( 1 ) 18. Nominal GDP is adjusted for price changes through the use of:
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the GDP price index. ( 1
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This note was uploaded on 10/19/2009 for the course ECON 2010 taught by Professor Staff during the Spring '08 term at Utah Valley University.

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Quiz chp. 6-7 - 1 A nation's gross domestic product (GDP):...

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