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chapter 7 - Measuring Domestic Output and National Income 1...

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Measuring Domestic Output, and National Income 1. A nation's gross domestic product (GDP): A) is the dollar value of the total output produced within the borders of the nation. B) is the dollar value of the total output produced by its citizens, regardless of where they are living. C) can be found by summing C + I n + S + X n . D) is always some amount less than its C + I g + G + X n . 2. National income accountants can avoid multiple counting by: 3. Gross domestic product (GDP) measures and reports output: Page 1
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4. Final goods and services refer to: 5. If intermediate goods and services were included in GDP: A) the GDP would then have to be deflated for changes in the price level. B) nominal GDP would exceed real GDP. C) the GDP would be overstated. D) the GDP would be understated. 6. Tom Atoe grows tomatoes for home consumption. This activity is: C, I, G, and X n components
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