Chapter 6 hw2

# Principles of Macroeconomics: A Study Guide

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Chapter 6: Measuring National Output and National Income Multiple Choice

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1. To arrive at GDP, the Bureau of Economic Analysis (BEA) counts: The value of total sales. The value of final sales. The value of intermediate goods and final goods. Total value added plus the value of sales at the retail level. Any of the above. 2. Which of the following is counted in GDP? The sale of a used car. The sale of an old house. The sale of stocks and bonds. The fee paid to a broker for selling a stock. None of the above. 3.
Which of the following is counted in GDP? The output produced by U.S. citizens abroad. The profits earned abroad by U.S. companies. The output produced by foreigners working in U.S. companies abroad. The profits earned in the Unites States by foreign-owned companies. All of the above. 4. Which statement(s) below is/are true about the difference(s) between GDP and GNP? GNP measures output produced by factors of production owned by U.S. citizens within the United States. There is a substantial difference between GDP and GNP for most countries. When a Japanese company earns profits in the United States, those profits are counted as part of Japanese GDP, but not as part of Japanese GNP. The wages paid to U.S. workers working in a Japanese factory in the United States are counted as part of U.S. GNP, but the profits from the factory are not. All of the above. 5. For the year 2000, the percentages of C , I , G , and ( EX - IM ) in U.S. aggregate expenditure are roughly as follows:

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68%, 15%, 18%, and -1%.
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• Fall '02
• Sosa
• Economics, Gdp, gross domestic product, aggregate price level

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